The beauty company reported on Friday that full-year sales grew by 5.7 percent for the fiscal year ended Dec. 31, to approximately 1.07 trillion yen, or $8.1 billion. Net profit dropped by 27.1 percent to 34.2 billion yen, or $260.6 million. Operating profit for the year was down by 53.7 percent.

Shiseido also announced a new growth strategy for 2023-2025 called “Shift 2025 and Beyond.” This follows a previous plan called “Win 2023 and Beyond,” which was first announced in 2021. Within its updated strategy, Shiseido hopes to regain growth of its Japanese business, which was not achieved during the prior business plan. Shiseido says it will prioritise brand, innovation and people to achieve a core operating margin of 12% by 2025 and 15% in 2027. The company’s hero lines Shiseido and Cle de Eau Beauté, as well as fragrances, will be used as growth drivers.

For its current fiscal year, Shiseido expects net profit to decrease by 18.1 percent to 28 billion yen and predicting net sales will fall to 6.3 percent to 1 trillion yen.