The Chinese manufacturing and retail giant’s net income attributable to shareholders was more than halved to $134,004,000 from $278,717,000 for the first nine months of 2026, on 2% lower revenues of $5,889,248,000 from $6,017,405,000, in line with previous guidance. Weak demand, as well as tariffs and inflation, battered the top and bottom line. Gross margin narrowed 200 basis points to 20.8%, while YY tightly managed expenses this year, reducing total SG&A by 1% in dollars, but still deleveraging 20 b.p. to 16.9% of sales. Selling and distribution expenses, along with ... Log in to view full article.