Kose, a prominent player in the realm of J-beauty, has unveiled its financial performance for the first quarter of fiscal 2024, showcasing robust growth in sales and profits. The manufacturer witnessed a remarkable surge in sales, marking a year-on-year (yoy) increase of 13.8 percent to ¥77.5 billion, with a notable uptick of 9.9 percent excluding foreign exchange fluctuations. Concurrently, operating profit witnessed a substantial leap of 33.5 percent yoy, reaching ¥7.9 billion.
A breakdown of sales by region reveals a mixed landscape. In Kose’s home market of Japan, net sales amounted to ¥48.8 billion, reflecting a noteworthy yoy growth of 18.2 percent. However, the Asian market experienced a downturn, with net sales plummeting by 23.7 percent yoy to ¥9.6 billion, primarily attributed to persisting challenges in mainland China’s market environment. On a brighter note, sales in Europe and North America surged by 34.6 percent yoy, reaching ¥19 billion.
Kose attributes the overall uptrend in sales and profits to robust performances from key brands such as Tarte, Albion, and Sekkisei. These brands have evidently resonated strongly with consumers, driving significant revenue growth for the J-beauty giant.
The impressive first-quarter results underscore Kose’s resilience and adaptability in navigating through dynamic market conditions, particularly amidst the persisting challenges in certain regions. As the company continues to leverage the popularity of its flagship brands and explore new avenues for growth, it remains poised for sustained success in the global beauty landscape.
