Shares of SHEIN, the China-founded fast-fashion online retail giant, fell more than 6% on the Hong Kong stock market on the 29th. Investors were discouraged by the company's first earnings report since going public, released the previous day, which showed a sharp profit decline and lower sales in Europe. Adjusted net profit for the second quarter, from April to June, fell 67% year on year to 228 million dollars, and its profit margin narrowed to 2.1% from 6.2% a year earlier. Investor concerns over margin pressure and slowing growth are intensifying further.
SHEIN Global Holdings LimitedFirst post-IPO earnings showed Q2 adjusted net profit down 67% year on year and margin narrowing to 2.1% from 6.2%.
