Shein returns to profit in Q2, warns of uncertain second half
The fast-fashion platform posted $11.08 billion in sales and $2.40 billion net income for the quarter ended June 30, after a $99 million loss in the previous quarter. It said Europe sales fell nearly 14% to $3,770 million and that Iran conflict continued to affect Middle East operations.
08 billion in sales, but warned about an uncertain second half as it unveiled its first results as a public company on Monday. An increase in total orders fulfilled supported a more than 20% sequential jump in Shein's second-quarter net revenue, although the Iran conflict continued to impact its Middle East operations. 40 billion for the quarter ended June 30, compared with a net loss of $99 million in the previous quarter.
Shein said its Europe sales decreased by nearly 14% to $3,770 million in the second quarter, reflecting weaker volumes due to higher prices and lower online advertising spending in anticipation of the European Union imposing fees on low-value e-commerce parcels from July 1. 28 before the results on Monday. 56 apiece. com; X: @thatstanishk;)