{"id":455380,"date":"2021-03-10T18:03:19","date_gmt":"2021-03-10T23:03:19","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=455380"},"modified":"2021-03-10T18:03:19","modified_gmt":"2021-03-10T23:03:19","slug":"best-inc-announces-unaudited-fourth-quarter-and-fiscal-year-2020-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/best-inc-announces-unaudited-fourth-quarter-and-fiscal-year-2020-financial-results\/","title":{"rendered":"BEST Inc. Announces Unaudited Fourth Quarter and Fiscal Year 2020 Financial Results"},"content":{"rendered":"
\n

Strategic Refocusing Plan Delivered Positive Results<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n HANGZHOU, China<\/span>, March 10, 2021<\/span> \/PRNewswire\/ — BEST Inc. (NYSE: BEST) (“BEST” or the “Company”), a leading integrated smart supply chain solutions and logistics services provider in China<\/span>, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2020<\/span>. <\/p>\n

\n

\n
\n \"BEST
\n <\/a>\n <\/p>\n<\/p><\/div>\n

Following the Company’s previously announced decision to wind down its Store+<\/sup> business by the end of 2020, starting with this announcement for the fourth quarter ended December 31, 2020<\/span>, Store+<\/sup>‘s historical financial results for the periods prior to the wind-down will be reflected in the Company’s consolidated financial statements as discontinued operations.\u00a0\u00a0<\/p>\n

\n Johnny Chou<\/span>, Founder, Chairman and Chief Executive Officer of BEST, commented, “In the fourth quarter of 2020, we executed our strategic refocusing plan and turned our business around amid strong industry competition, attesting to our ability to make quick and decisive changes in our strategies and operational practices. We continued to make improvements to all of our business segments and reduced losses, which put us back on the path to strong growth and profitability. Our Express segment under new management focused on strengthening network stability, optimizing product and cost structure, as well as enhancing service quality. In December 2020<\/span>, despite a net loss for the quarter, net profit for Express turned positive for the first time since the second quarter of 2020. Our Freight segment continued to strengthen its industry leadership, demonstrating 25.1% year-over-year volume growth while returning to profitability. We also took initiatives to improve our Supply Chain Management performance as we focused on higher-margin customers.\u00a0Our Global business continued its growth momentum by gaining more cross-border and Southeast Asia<\/span> businesses, achieving over 400% parcel volume growth year-over-year.”\u00a0\u00a0<\/p>\n

“While the Company suffered major setbacks due to the pandemic in 2020, we have taken decisive actions to steer the Company back to the path of growth and profitability. We firmly believe the worst is behind us and the future is bright. We entered 2021 with optimism and strong momentum, and anticipate strong growth for our business as the year progresses.\u00a0We are determined to strengthen our market share, optimize cost structure, improve service quality and customer experience, and\u00a0build out a leading integrated smart supply chain and logistics company to deliver sustainable and powerful future growth,” concluded Mr. Chou.<\/p>\n

\n Gloria Fan<\/span>, BEST’s Chief Financial Officer, commented, “We concluded a challenging 2020 with a fourth quarter focusing on strategic initiatives. We took decisive actions to realign our businesses to adapt to the evolving competitive market conditions as well as set a solid foundation for future growth. Our revenue, affected by the challenging pricing environment and reduced by the wind-down of Store+<\/sup> during the quarter, was RMB9.3 billion<\/span>. As part of our refocusing strategy, we identified and executed additional measures to manage our costs, expenses and liquidity. In the fourth quarter, we generated net operating cash flow of RMB347 million<\/span> while maintaining a healthy combined balance of cash and cash equivalents, restricted cash and short-term investments of RMB4.5 billion<\/span>. As we progress into 2021, we will remain focused on improving our capital structure as well as enhancing our balance sheet and cash flow to support the Company’s future growth. Based on current market conditions and current operations, we expect the Company’s revenue for the full fiscal year of 2021 to be between RMB34 billion<\/span> and RMB36 billion<\/span>. This forecast reflects management’s current and preliminary expectation, which is subject to change.”<\/p>\n

\n FINANCIAL HIGHLIGHTS<\/b>
\n [1]<\/sup>\u00a0<\/p>\n

\n
\n For the Fourth Quarter Ended December 31, 2020<\/span>:<\/u>
\n <\/b>\n <\/p>\n

\n Results presented herein exclude Store+-related discontinued operations<\/i>\n <\/p>\n