×
64 451
Fashion Jobs
BLOOMINGDALE'S
Manager, Sales - Mens And Young World
Permanent · Boca Raton
OLD NAVY
General Manager - Nashville West
Permanent · Nashville
OLD NAVY
Asset Protection Service Representative - Gosford Village
Permanent · Bakersfield
ULTA BEAUTY, INC.
CO - Sales Manager
Permanent · Springfield
ULTA BEAUTY, INC.
Retail Operations Manager
Permanent · Redmond
LULULEMON
Assistant Manager, Operations | Legacy West
Permanent · Plano
LULULEMON
Assistant Manager, Operations | Clackamas
Permanent · Happy Valley
LULULEMON
Assistant Manager, Operations (Permanent) | San Luis Obispo
Permanent · San Luis Obispo
LULULEMON
Assistant Manager, Operations | Maryland Plaza
Permanent · St. Louis
LULULEMON
Assistant Manager, Operations | Lincoln ne
Permanent · Lincoln
LEVI'S
Warehouse Supervisor
Permanent · Canton
ESTEE LAUDER
Manager, Internal Operations, HR Services
Permanent · New York
ESTEE LAUDER
Product Manager, Digital Technology & Innovation Group
Permanent · New York
ABERCROMBIE AND FITCH STORES
Abercrombie & Fitch - Manager in Training, Freehold Raceway
Permanent · Freehold Township
ABERCROMBIE KIDS STORES
Abercrombie Kids - Manager in Training, Brea
Permanent · Brea
ABERCROMBIE KIDS STORES
Abercrombie Kids - Manager in Training, Oakbrook
Permanent · Oak Brook
ABERCROMBIE KIDS STORES
Abercrombie Kids - Manager in Training, Northshore
Permanent · Peabody
ABERCROMBIE KIDS STORES
Abercrombie Kids - Manager in Training, Mall at Millenia
Permanent · Orlando
ABERCROMBIE KIDS STORES
Abercrombie Kids - Manager in Training, Deerbrook
Permanent · Humble
ABERCROMBIE KIDS STORES
Abercrombie Kids - Manager in Training, Cielo Vista
Permanent · El Paso
ABERCROMBIE KIDS STORES
Abercrombie Kids - Manager in Training, Fashion Square
Permanent · Scottsdale
ABERCROMBIE KIDS STORES
Abercrombie Kids - Manager in Training, Bridgewater Commons
Permanent · Bridgewater Township
By
Reuters
Published
May 19, 2022
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

JD.com beats revenue estimates but CEO cautious over Covid outbreaks

By
Reuters
Published
May 19, 2022

E-commerce group JD.com Inc beat estimates for quarterly revenue as more people shopped on its platform following Covid lockdowns in China, but its CEO was cautious on the outlook due to logistical disruptions and sluggish consumption.

JD.com


The resurgence of Covid-19 in the world's second-largest economy in March and the strict lockdowns it has taken since to curb its spread, including in its most populous city Shanghai, have heavily disrupted normal life and business activity.

JD.com CEO Xu Lei told analysts on a post-earnings call on Tuesday that the situation was far different to what China experienced in the past two years when outbreaks were limited to smaller areas of the country and boosted online shopping.

This time, the spread of infections to major centres such as Beijing, Shanghai, Guangzhou and Shenzhen, and lockdowns were affecting both online and offline commerce.

"In April, the order cancellation rate was significantly higher than last year due to logistical disruptions. There was an improvement in May, but it was still higher than a year earlier," he said.
"Consumers are facing loss in income and confidence, and overall consumption is sluggish," Xu added.

Shares in the Chinese company initially surged as much as 9% higher in pre-market trading but were flat when the market opened and after Xu's comments.

Analysts at Nomura estimated in mid-April that 45 cities in China, representing 40% of its GDP, were under full or partial lockdowns.

Shanghai's lockdown has been particularly strict with residents unable to shop for much more than daily necessities due to logistics bottlenecks and a shortage of couriers. The capital Beijing has also been tightening restrictions as it tries to stave off an outbreak.

Underlining the impact of such measures, China's retail sales fell 11.1% last month in their biggest contraction since March 2020.

Still, investor sentiment towards JD.com and its peers on Tuesday was helped by comments Chinese Vice Premier Liu He at meeting with tech executives, which fanned hopes that a long-running regulatory crackdown on the sector is easing.

U.S.-listed shares of Chinese firms rose after Liu said the government supported the development of the sector and public listings for technology companies.

E-commerce rival Alibaba Group also surged 7% and Pinduoduo climbed more than 8% before the market opened.

JD.com reported revenue of 239.66 billion yuan ($35.6 billion) for the quarter ended March 31, compared to Wall Street analysts' estimates of 236.66 billion yuan, according to IBES data from Refinitiv.

Excluding items, JD.com posted a profit of 2.53 yuan per American depository share (ADS), compared with analysts' expectations of 1.62 yuan.

The net loss attributable to ordinary shareholders stood at 2.99 billion yuan, compared with a profit of 3.62 billion yuan a year earlier.

© Thomson Reuters 2022 All rights reserved.