Baozun Shares Drop Premarket As It Clocks 8% Revenue Decline In Q2; Applies For Primary Listing In Hong Kong

  • Baozun Inc (NASDAQBZUN) reported a second-quarter FY22 revenue decline of 7.9% year-on-year to $316.8 million, beating the consensus of $310 million.
  • Drivers: Gross Merchandise Volume (GMV) rose 46.8% Y/Y to RMB23.1 billion. Distribution GMV decreased 28.8% Y/Y to RMB778.5 million. The non-distribution GMV climbed 52.4% Y/Y to RMB22.3 billion.
  • Segments: Product sales revenue declined 28.6% Y/Y to $103.6 million. Services revenue rose 7.2% Y/Y to $213.2 million.
  • The non-GAAP operating margin was 2.2%, down from 7% a year ago. Non-GAAP income from operations was RMB47.3 million ($7.1 million), compared to RMB161.6 million a year ago.
  • Non-GAAP earnings per ADS of $0.00 missed the consensus of $0.09.
  • Baozun held $468.3 million in cash and equivalents.
  • Baozun also applied for a voluntary conversion of its secondary listing status to a primary listing status on the Main Board of The Stock Exchange of Hong Kong Limited, shortly after Alibaba Group Holding Limited BABA did the same.
  • Price Action: BZUN shares traded lower by 2.73% at $8.20 in the premarket on the last check Tuesday.
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