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Operating profit at Chinese etailer increased 324% year on year in the second quarter, up from a loss of $147.4m (£122m) in 2018 to a profit of $330.2m (£273.4m).

For the three months to 30 June, net revenue rose 22.9% year on year to $21.9bn (£18.1bn), up from $17.4bn (£14.4bn) in 2018.

The group credits its anniversary Sales event in June for the growth, along with investment in technology and user experience.

Profit before tax was up from a loss of $301.3m (£249.4m) in 2018 to a profit of $143.44m (£118.7m).

Chief financial officer Sidney Huang said: “ delivered robust growth in the second quarter across our key metrics of revenue, profitability, cash flow and customer base.

“Looking ahead, we will continue to invest in user experience and our workforce to further grow the business.”

Chairman and CEO Richard Liu added: “We will remain focused on leveraging technology and innovation to enhance our offerings, increase efficiency and drive shareholder value for the long term.”

More than 20 fashion brands joined over the three months, including French brands Sandro and Maje, luxury British label Mulberry and Italian footwear company Giuseppe Zanotti.

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