Shiseido has hit the sales target that it set for 2020 early, reporting sales of ¥1 trillion for the financial year ended December, 2017, according to a report published by Asia Nikkei.
The Japanese cosmetics manufacturer saw operating profit hit a record ¥80.4 billion.
“When we worked out the plan three years ago, many employees wondered if we could complete it,” said Shiseido President and CEO Masahiko Uotani. “They are now confident with a ‘can do’ attitude.”
Sales growth was spurred on by the company’s luxury brands, with duty free sales particularly buoyant across Asia. However, analysts were quick to point out that the company’s North American and European businesses are ailing, reporting a combined loss of ¥13.4 billion.