China-based Baozun reported third-quarter results early Tuesday that slightly beat expectations. BZUN stock dropped.
The company reported adjusted earnings of 3 cents a share on revenue of $244.8 million. Analysts expected Baozun to report earnings of 2 cents a share on revenue of $244 million.
Revenue fell 8.3% from the year-ago period.
Baozun stock, which was up in premarket action, fell 3.6% to close at 4.01 on the stock market today.
"Throughout this year, we prioritized cost optimization and working capital efficiency, and our efforts are bearing fruits in terms of higher product sales gross margin, lower operating expenses, and better operating cash flows," Chief Financial officer Arthur Yu said in written remarks with the Baozun earnings release. "We are confident that our cash position provides us with a solid foundation for future expansion."
BZUN stock is down 71% this year.
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