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Shiseido says results on track
TOKYO, Japan (Reuters) -- Japanese cosmetics giant Shiseido Co Ltd said on Tuesday it was on track to meet its forecast for record profits and sales in the current business year, leaving behind two years of red ink. he company, which has undergone drastic restructuring aimed at improving efficiency and reducing costs, said in November that it expected a group net profit of 25 billion yen ($207.1 million) on revenue of 625 billion yen in the year to March 31. "Sales and profits for the current business year are likely to match our estimates," President Morio Ikeda told reporters. "There are some tough areas, but we hope to get through them one way or another," he said, without elaborating. Officials at Shiseido, the world's fourth-largest cosmetics maker, said the war in Iraq would have little direct impact on its earnings, but they were concerned about its impact on the global economy. Looking ahead, Ikeda said the firm hopes to post another record profit in 2003-04, driven by growing overseas sales. The 130-year-old firm already leads the Chinese market for prestige cosmetics which it attributes to the success of Aupres, a luxury brand developed exclusively for China and made in Beijing. Ikeda said the company was looking for ways to expand its sales channel in China to speciality stores from the existing department store network. Shiseido was considering a break into China's mass cosmetics market by launching products in the low-to-middle price range, he added. Shares in Shiseido closed down 0.85 percent at 1,280 yen, compared with a 2.33 percent drop in the benchmark Nikkei 225 average. Copyright 2003 Reuters. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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