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The online fashion retailer’s shares dropped after its first results as a listed company showed a sharp fall in gross profit.
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Shein made its Hong Kong stock-market debut on 1 September and released its first results as a listed company on Monday. Its shares fell 11% the following day, ANP/Bloomberg reported via Nieuws.nl. [1]
First-half revenue rose 1% to more than $20bn, but gross profit fell 50% to $538m. Higher transport costs contributed to the drop in gross profit, while sales in Europe and the United States also declined. [1]
The fall left Shein valued at $16.8bn, down from more than $26bn when it listed earlier in September, according to ANP/Bloomberg. [1]
1 listed sources · explore evidence, limitations and provenance.
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