Yatsen Q2 2023: Net revenue drops 9.8 percent

Yatsen Q2 2023: Net revenue drops 9.8 percent

THE WHAT? Yatsen has announced its unaudited financial results for the second quarter of fiscal 2023. The Chinese beauty manufacturer saw net revenues drop 9.8 percent versus the prior-year period to RMB858.6 million.

THE DETAILS Net loss for the three months to June 30, 2023 decreased by 59 percent to RMB108.5 million from RMB264.3 million in the year-ago quarter.

THE WHY? The decrease in revenue was attributed to the color cosmetics category with skin care delivering a modest 2.3 percent increase.

Jinfeng Huang, Founder, Chairman and Chief Executive Officer of Yatsen, stated, “The beauty industry experienced a modest post-COVID recovery during the second quarter of 2023. While uncertainty in consumer demand persisted, we continued to focus on fine-tuning our business model and investing in brand building and R&D. Along with improvements in certain of our key financial and operating metrics, our strategic transformation plan remained largely on track.”

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