JD.com Anticipates Sales Rebound With $1.4 Billion in Consumer Deals

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Chinese retail sales grew 12.7% in May but was down from April and less than projected. Photo: Bloomberg

(Bloomberg) — JD.com Inc. is on track to emerge from a record sales funk as a bounce-back in parts of China’s consumer economy and a $1.4 billion discounting program help revive its online commerce business, a top executive said.

Retail chief Xin Lijun expects JD.com’s core e-commerce business to accelerate this quarter after the company posted its lowest-ever pace of overall revenue expansion during the January to March period. JD Retail’s sales should return to growth, he said, after declining 2.4% last quarter. All that reflects a gradual, if uneven, rebound in consumer sentiment following China’s “zero-Covid” policy years that should underpin a broader recovery in 2023’s back half.