PARIS — Shiseido stock closed down at a 16-year low in Tokyo on Monday after the corporate reduced its profit guidance for 2023 on the back of a weakness in China and travel retail within the third quarter.

The Japanese beauty giant’s stock ended the day Monday at minus 14.3 percent, at 4,185 yen, or $27.57.

The corporate on Friday released third-quarter results, citing negative growth within the three months to Sept. 30. That was especially as a consequence of consumer pullback on Japanese products in China and travel retail due to Japan’s release of treated water into the Pacific Ocean.

This summer, Japan began a controversial discharge of treated waste water from the disabled Fukushima Daiichi Nuclear Power Station. Japan has maintained the treated water is secure, and the United Nation’s nuclear watchdog, the International Atomic Energy Agency, confirmed the plan.

Shiseido’s net profit within the third quarter declined 29.4 percent to twenty.5 billion yen. The corporate’s sales were down 5.3 percent to 722.4 billion yen.

Within the period, Shiseido’s sales in China retreated 9 percent on a like-for-like basis versus third-quarter 2022.

The group noted restricted marketing activities overall, similar to the suspension of streaming on KOLs and recent product campaigns, after the treated water was released in late August.

Shiseido also said negative growth widened within the travel retail channel, with sales down 25 percent in like-for-like terms, within the third quarter partially as Chinese consumers distanced themselves from Japanese products in light of the wastewater issue.

On account of the changing market environment in China and travel retail, Shiseido revised its outlook for full-year 2023. The corporate now expects net profit to be down 47.4 percent to 18 billion yen, whereas it had in February given guidance of 28 billion yen. Sales are expected to achieve 980 billion yen, representing an 8.2 percent decline, versus the previously outlined 1 trillion yen.