Fast-fashion retailer Shein’s profit slumped by almost 40 percent last year, putting further pressure on a potential initial public offering in the UK, the Financial Times reported, citing people it didn’t identify.

Net income fell to US$1 billion (HK$7.8 billion) even as sales jumped 19 percent to US$38 billion, according to the report. The figures are internal projections before accounts are finalized, one of the people told the newspaper.

Shein doesn’t publish profit guidance, but a 2023 presentation to investors forecast us$4.8 billion profit and US$45 billion sales for last year, according to the FT. The retailer didn’t respond to a request for comment from the newspaper.

The company, which was valued at US$66 billion in a funding round in 2023 and as high as US$100 billion in 2022, confidentially filed papers in June for a London IPO. Bloomberg News reported earlier this month that the firm was under pressure to cut its valuation to about US$30 billion.