"Shein has reported a 20% rise in global revenues to $37bn (27.7bn) but profits have fallen as the fast-fashion retailer faced increased costs, even before it felt the impact of recent changes to US tax laws. The Singaporean parent company of the rapidly growing retailer said pre-tax profits had fallen by 13% to $1.5bn last year from $1.3bn in 2023 after an increase in selling and marketing costs, according to new accounts."
"The China-founded online seller warned that changes to US tariff policies since April this year and their frequent evolution had increased the level of uncertainties in the global economy. The ongoing evolution of trade policies continues to introduce complexities for businesses that may affect the group's and the company's future financial condition and operations, it warned."
"Income tax paid by the group remained steady at about $188m although that included $6.1m deferred and adjusted tax relating to prior years. Shein's UK arm has been accused of transferring the vast bulk of income to its Singaporean parentto cut its British tax bill. The company paid 9.6m in corporation tax in the UK despite making 2bn in sales last year."
Shein reported a 20% rise in global revenues to $37bn and reported pre-tax profits fell by 13% to $1.5bn after increased selling and marketing costs. The Singaporean parent is pursuing a Hong Kong listing after attempts to list in the US and UK faltered. The company cited changes to US tariff policies, including the closure of a de minimis loophole, as increasing uncertainty and harming US trade. Income tax paid remained about $188m including deferred adjustments. Shein's UK arm faces accusations of shifting income to its Singaporean parent while paying 9.6m in UK corporation tax on 2bn sales.
Read at www.theguardian.com
Unable to calculate read time
Collection
[
|
...
]