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In case you missed it, Alibaba.com, one of the world’s largest B2B marketplaces, issued a profit warning last night despite 158% profit growth in the quarter. The reason?

Per the CEO,

1) "The economic winter is making it difficult for some of our customers to conduct business and, as a result, we have seen a slowdown in the addition of Gold Supplier members (61% of revs), which may continue until next year.

2) “We see difficulties in four out of the 40 sectors we have: textile, metal, garment and construction services," said Mr Wei.

3) "It will be even worse in the second half."

I couldn’t have said it better myself. Margin expectations in apparel remain too high for the next 12 months.