Shiseido Co Ltd Ord (SSDOF) Q1 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:02.977 I would like to present the first quarter results for 2025. 00:00:02.977 -- 00:00:04.977 First, 00:00:06.124 -- 00:00:09.852 please refer to page 3, key highlights of the financial results. 00:00:09.852 -- 00:00:14.321 Amid continued uncertainty in the business environment, our top priorities remain rigorous 00:00:14.321 -- 00:00:18.846 profit management and steady execution over action plans. 00:00:19.302 -- 00:00:24.167 Although first quarter net sales fell short of expectations, we secured core operating 00:00:24.167 -- 00:00:29.112 profit of 8.3 billion yen, an equivalent level with our plan thanks to the effects of 00:00:29.112 -- 00:00:33.154 the structural reforms and strengthened cost management. 00:00:33.176 -- 00:00:37.801 While maintaining our full-year forecast, we will continue to closely monitor the impact 00:00:37.801 -- 00:00:42.143 of tariffs and implement additional measures as necessary. 00:00:43.186 -- 00:00:46.289 Further details on this will be provided later by Mr. 00:00:46.289 -- 00:00:47.973 Fujiwara. 00:00:47.973 -- 00:00:52.721 Net sales declined by 9% versus last year on like-for-like basis. 00:00:52.721 -- 00:00:57.108 In our February disclosure, we had anticipated a decline in the low single digits for 00:00:57.108 -- 00:01:02.196 the first half. However, results in the first quarter were affected by high year-over-year 00:01:02.196 -- 00:01:07.224 comparisons in China and travel retail, as well as the assumption that Drunk Elephant 00:01:07.224 -- 00:01:10.266 would not see a full recovery. 00:01:13.994 -- 00:01:18.468 In such circumstances, China, travel retail, and the Americas performed with challenging 00:01:18.468 -- 00:01:23.344 results as expected. And on top of that, consumer purchases maintai...