Vipshop Shares Gain Premarket After Surpassing Q4 Consensus, Sharing Growth Outlook For Q1

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  • Vipshop Holdings Limited VIPS reported a fourth-quarter FY22 revenue decline of 7% year-on-year to $4.60 billion (RMB31.8 billion), marginally beating the consensus of $4.59 billion.
  • Drivers: Vipshop's GMV declined 4.6% Y/Y to RMB54.4 billion. The number of active customers decreased by 3% Y/Y to 47.7 million. Total orders increased by 0.7% Y/Y to 218.5 million.
  • Resilient Margins: The gross margin expanded by 200 bps to 21.7%. The non-GAAP operating margin increased by 260 bps to 8.7%.
  • Non-GAAP earnings per ADS of $0.53 beat the consensus of $0.47.
  • Vipshop held $3.3 billion in cash and equivalents. It generated $946.1 million in operating cash flow.
  • Chair and CEO Eric Shen stated, "We had another quarter of strong earnings to finish off an extremely challenging year. Our business fundamentals are now stronger with the capabilities that we have built in merchandising, operations, and technologies in the past year. We have gained momentum with brand partners, securing a consistent flow of quality merchandise at exceptional values to our platform. We have won loyalty from customers, growing the high-value customer base all year long."
  • Outlook: Vipshop sees Q1 revenue of RMB25.2 billion - RMB26.5 billion, representing a year-over-year increase rate of approximately 0% - 5%.
  • Price Action: VIPS shares traded higher by 6.04% at $14.39 in the premarket session on the last check Thursday.
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Posted In: EarningsNewsGuidanceBriefsEurasia
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