Shein Returns to Profit, Europe Sales Down 14%
- Shein reported a return to profitability in the second quarter, posting $2.40 billion in net income and $11.08 billion in sales compared to a $99 million loss in the prior quarter.
- An increase in total orders fulfilled supported a more than 20% sequential jump in net revenue, though the Iran conflict continued to impact operations in the Middle East.
- Europe sales decreased by nearly 14% to $3,770 million, reflecting weaker volumes as the company anticipated the European Union imposing fees on low-value e-commerce parcels.
- Since the Sept 1 debut in Hong Kong, Shein shares have dropped 27.3% from the offer price, as investors fret about growth and European Union regulatory risks.
- These second-quarter results represent the first financial report for The Singapore-headquartered retailer as a public company, underscoring its initial public offering milestone.
42 Articles
42 Articles
Shein falls 14% to record low after profit misses in first results since IPO
Shares of Shein Global Holdings fell nearly 14 per cent to a record low in Hong Kong on Tuesday after the online fashion retailer posted a 67 per cent drop in second-quarter profit in its first earnings report since listing, warning that tariff headwinds and logistics cost volatility would persist for the rest of the year. The company said in an unaudited filing on Monday that profit for the June quarter slumped to US$228 million, while revenue …
The fast fashion giant Shein, who has been listed for just a month, saw his title unscrew on Tuesday at the Hong Kong Stock Exchange after the publication on the eve of morose financial results undermined by regulatory tightening, especially in Europe.
Shares of fast-fashion platform Shein fall 6% after quarterly profit slides 67%
HONG KONG, Sept 29 : Shares of fast-fashion retailer Shein dropped more than 6 per cent on Tuesday after it reported a 67 per cent fall in quarterly profit, fuelling investor concerns over margin pressure and slowing growth. Jefferies analysts estimated that earnings landed more than 10 per cent below the low
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