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

As a private company, Shein does not publish profit guidance but the 2024 figures were far lower than the $4.8bn in net profit and $45bn in sales the company had projected for 2024 in a presentation to investors in early 2023, which was seen by the FT. Shein did not respond to a request for comment.

Shein and rival Temu together probably accounted for more than 30% of all packages shipped to the U.S. each day under the de minimis provision, the U.S. congressional committee on China said in a 2023 report. The measure exempted shipments of less than $800 from import duties.