Freshippo achieves four months of profitability after major restructuring: report

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Freshippo, Alibaba’s supermarket chain, has reportedly achieved four consecutive months of profit for the first time after a major restructuring of its operations. According to Alibaba’s annual report, Freshippo exceeded RMB 59 billion ($8.2 billion) in total GMV in the fiscal year ending March 31, 2024, RMB 4 billion more than the previous year. A Wednesday LatePost report cited Yan as saying that the company aims to reach an annual GMV of RMB 100 billion in three years. The LatePost report mentioned that Freshippo is planning to open 300 new discount stores before next March as it seeks expansion in lower-tier markets. Context: Freshippo was one of three businesses originally planned to be the first to go public under Alibaba’s massive restructuring that split the tech giant into six units.