Shein drops 14% to record low after profit misses in first results since Hong Kong IPO

Shares of Shein Global Holdings fell nearly 14 per cent to a record low in Hong Kong on Tuesday after the online fashion retailer posted a 67 per cent drop in second-quarter profit in its first earnings report since listing, warning that tariff headwinds and logistics cost volatility would persist for the rest of the year. The company said in an unaudited filing on Monday that profit for the June quarter slumped to US$228 million, while revenue edged up 1 per cent to US$11 billion. Revenues from...