May 17, 2024 02:24 PM
BUSINESS
JD.com Sales Quicken After Dangling Perks to Woo China Shoppers
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Employees sort customer's orders at JD.com Inc.'s Asia No. 1 Kunshan Logistics Park in Kunshan, Jiangsu province. Photo: Bloomberg
(Bloomberg) — JD.com Inc. reported a better-than-anticipated 7% rise in revenue, after it slashed prices and ramped up shopper perks to counter fierce competition during a Chinese downturn.
The Beijing-based retailer’s sales climbed to about 260.1 billion yuan ($36 billion) in the March quarter, versus the average projection for about 258.4 billion yuan. That topline growth accelerated from 3.6% in the previous quarter. Net income rose a stronger-than-expected 13.9% to 7.1 billion yuan. Its shares rose about 4% in pre-market trading in New York.
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