Online retail giant Alibaba has posted a 59 per cent increase in first-quarter sales to £3.7 billion, making it its highest quarterly sales growth on record since its flotation in 2014.
The Chinese company‘s stellar growth for the quarter to June 30 was bolstered by a 49 per cent spike in sales across all of its retail marketplaces, with mobile shoppers outnumbering desktop consumers.
Adjusted EBITA during the quarter also went up by 61 per cent to £1.9bn.
In addition, over 8700 new retail stores were opened on Alibaba‘s Tmall platform — with Sainsbury‘s being one of the most recent additions.
Chief executive Daniel Zhang said his company has had an “outstanding” quarter.
“The acceleration of our revenue growth reflects the deep value propositions that we bring to our customers,” he said.
“We are changing the way our 434 million active buyers engage with our platform, as we introduce social, community and personalization driven by smart data into our e-commerce marketplaces.
“We are poised for strong profitable growth into the future.”
In October last year, Alibaba hired former Staples executive Amee Chande as the first managing director of its UK division.