Shein returns to profit in second quarter

Shein (0625) returned to profit in the second quarter and made US$11.08 billion (HK$86.42 billion) in sales, the fast-fashion platform reported on Monday in its first results as a public company.

Shein shares have sunk 28 percent since listing on September 1, as investors expect customs fees on ecommerce parcels in the European Union to dent its business in a market accounting for around a third of revenue.

The Singapore-headquartered online retailer posted a net income of US$2.40 billion for the quarter ended June 30, compared with a net loss of US$99 million for the quarter ended March 31.

Reuters

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