21 Hrs
Source:
معلومات مباشر
SHEIN stock falls 14% amid profit decline
Fast fashion company "Shein" reported a 67% decline in its quarterly profits, leading to a drop in its stock by as much as 14% and a decrease in its market value to approximately $17 billion, down from $26 billion at the time of its listing on the Hong Kong Stock Exchange. This decline has cast a shadow over growth expectations, with pressures mounting on profit margins and sales performance in Europe due to rising costs and reduced advertising spending, in addition to the impact of European customs duties imposed on electronic parcels. The company plans to focus on increasing inventory in Europe and expanding into higher-priced clothing to improve profitability, despite the earnings results being significantly below expectations, with the profit margin falling to 2.1% in the second quarter.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)