China’s JD.com’s first quarter revenue beat Wall Street estimates as growth remained robust in the domestic e-commerce sector following the Covid-19 pandemic.
The Beijing-based company has joined rivals Pinduoduo and Alibaba Group in racking up double-digit sales growth during the pandemic, as people flocked to e-commerce websites to shop for everything from groceries to luxury goods.
Net revenue at JD.com, China’s largest e-commerce company by revenue, rose 39 per cent to US$31.57bn in the quarter ended 31 March, topping analysts’ average estimate of $29.8bn, according to IBES data from Refinitiv. Sales in its product segment, which includes online retail sales, rose nearly 35 per cent to $27.2 billion in the quarter.
Popular brands like Starbucks and sports-retailer Decathlon, along with luxury fashion brands such as Marni and John Lobb, launched flagship stores in the quarter on JD.com’s e-commerce platform, which, along with those of rivals, has seen strong demand during and after the pandemic.
