{ETMM News, 29th} SHEIN-W (00625) is currently down 6%, trading at HK$33.16, with approximately 350,000 shares traded, involving HK$11.74 million.
Newly listed SHEIN released its first interim results since going public, reporting that adjusted net profit in the second quarter plunged 67% year-on-year to $228 million, accounting for only 2.1% of net revenue, down from 6.2% in the same period last year. Net revenue in the second quarter rose slightly by 0.9% year-on-year to $11.082 billion, while net profit surged 2.47 times year-on-year to approximately $2.4 billion.
SHEIN recorded a total of 549 million orders in the first half of the year, up 6.4% year-on-year. Revenue in the first half increased by 1%, net profit rose 1.11 times year-on-year to $2.299 billion; adjusted net profit in the first half fell 55.6% year-on-year to $499 million.
SHEIN stated that the decline in adjusted net profit was mainly dragged by surging oil prices and transportation costs driven by geopolitical tensions in the Middle East, coupled with consumers becoming more cautious amid inflationary pressures. The company expects the business environment to remain challenging in the near term. (am)
Newly listed SHEIN released its first interim results since going public, reporting that adjusted net profit in the second quarter plunged 67% year-on-year to $228 million, accounting for only 2.1% of net revenue, down from 6.2% in the same period last year. Net revenue in the second quarter rose slightly by 0.9% year-on-year to $11.082 billion, while net profit surged 2.47 times year-on-year to approximately $2.4 billion.
SHEIN recorded a total of 549 million orders in the first half of the year, up 6.4% year-on-year. Revenue in the first half increased by 1%, net profit rose 1.11 times year-on-year to $2.299 billion; adjusted net profit in the first half fell 55.6% year-on-year to $499 million.
SHEIN stated that the decline in adjusted net profit was mainly dragged by surging oil prices and transportation costs driven by geopolitical tensions in the Middle East, coupled with consumers becoming more cautious amid inflationary pressures. The company expects the business environment to remain challenging in the near term. (am)
