Shein returns to profit in second quarter
Shein returns to profit in second quarter Sept 28 (Reuters) - Shein 0625.HK returned to profit in the second quarter and made $11.08 billion in sales, the fast-fashion platform reported on Monday in its first results as a public company.
Shein shares have sunk 28% 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 $2.40 billion for the quarter ended June 30, compared with a net loss of $99 million for the quarter ended March 31.
(Reporting by Sneha Kumar, Shivangi Lahiri, Kumar Tanishk in Bengaluru, Helen Reid in London; Editing by Shinjini Ganguli)
((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk;))
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