Sheins annual profit down by more than a third, FT reports

Online 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.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 finalized 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.Reuters this month reported that Shein was set to cut its valuation in the planned initial public offering (IPO) in London by almost a quarter to about $50 billion.Bloomberg reported last week that Shein was under pressure to cut its valuation as low as $30 billion.The Financial Times has also reported that the London listing could be postponed to the second half of the year after US President Donald Trump moved to end a tax exemption enjoyed by Shein, potentially denting profitability and pushing up its prices in the United States....