Alibaba Doesn't Disclose Singles' Day Sales For First Time

Alibaba Group Holding Limited BABA decided not to disclose full sales results for its signature Singles' Day shopping festival for the first time after forecasting an unprecedented decline in the event's 14-year history.
Alibaba said gross merchandise value was "in line with last year's GMV performance despite macro challenges and Covid-related impact," Bloomberg reported.
The FY21 sales reached 540.3 billion yuan ($76.1 billion). Some 290,000 brands participated in 2022, the same as in 2021.
Alibaba reaped $84.5 billion in the total value of merchandise sold across its platforms in FY21, up 8.5% from 2020, the slowest increase since the company started the festival, the Wall Street Journal reported.
Alibaba trumpeted record-breaking sales each year after the shopping festival for over a decade.
In addition to its comments regarding results being in line with last year, Alibaba disclosed upbeat data showing sales expansion from international brands and agricultural products.
Rival JD.Com, Inc JD also did not reveal total sales numbers, saying that sales set a new high and that growth was faster than the industry average.
As per Syntun, online sales in China on Thursday and Friday totaled $43.3 billion across significant retailers, based on transactions on dozens of platforms.
Alibaba dumped its gala celebration this year due to Covid lockdowns and a sweeping regulatory crackdown on the private sector that began with Alibaba and co-founder Jack Ma.
Syntun attributed 61% of the total sales to Alibaba's flagship platform, Tmall, and 27% to JD.com. Apart from rising rivalries, China's slow economic expansion weighed down this year's Singles' Day.
"Weak buying sentiment among mainland Chinese shoppers and logistical disruptions will persist amid ongoing mobility curbs under China's Covid-Zero policy," wrote Bloomberg Intelligence analysts.
Price Action: BABA shares are trading higher by 4.34% at $74.31 premarket on the last check Monday.

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