Shein's annual profit down by more than a third: report
fast-fashion retailer Shein's profit dropped by more than a third last year, adding to its challenges ahead of a planned listing on the London Stock Exchange, the Financial Times reported on Sunday.
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Net profit was down almost 40% at $1 billion in 2024, the report said, citing two people with knowledge of the matter.
Shein's sales for the full year rose by 19% to $38 billion, the report said, adding that the figures were from internal projections ahead of finalised accounts.
The company does not publish profit guidance but the 2024 figures were far lower than the $4.8 billion in net profit and $45 billion in sales it had projected for 2024, the report added, citing a presentation seen by the newspaper.
Shein did not immediately respond to a request for comment.
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