Revenues and profits at Chinese ecommerce giant Alibaba soared in the three months to 30 September 2017, up 61% and 58% respectively, as the retailer gears up for a further boost from Singles’ Day on 11 November.
Revenues for the group as a whole were RMB55.1bn (£6.4bn). Revenue from commerce (including Tmall) was up 63% year on year to RMB46.6bn(£5.4bn).
Adjusted EBITDA for the period rose 58% to RMB25bn (£2.9bn). Alibaba attributed the growth to its increasing integration between store and online, which included the opening of “smart stores” and rural services to widen its reach.
The site also registered a 22 million jump in active users, to bring the total to 488 million.
Chief executive Daniel Zhang commented: “We are seeing the early results from our efforts to integrate online and offline with our new retail strategy, and consumers have benefited from access to high-quality products, improved customer experience and the tremendous convenience of shopping any time, any where.”
These results come as the business gears up for a surge in sales on the Singles’ Day shopping event on 11 November, when 140,000 brands will participate in offers. For the first time this year Singles’ Day will reach into other markets, as 100 Chinese brands extend their promotions throughout Asia.