Vipshop Holdings Q2 Profit Rises, Revenues Down; Sees Weak Revenues In Q3

Chinese online discount retailer Vipshop Holdings Ltd. (VIPS) reported Friday that its second-quarter net income attributable to shareholders increased 17.4 percent to RMB1.3 billion or $191.5 million from RMB1.1 billion in the prior year period.

Earnings per ADS increased to RMB1.97 or $0.29 from RMB1.56 a year ago.

Adjusted net income was RMB1.6 billion or $237.7 million, compared to RMB1.5 billion in the prior year. Adjusted earnings per share were RMB2.45 or $0.37, compared to last year's RMB2.10.

Total net revenues for the second quarter were RMB24.5 billion or $3.7 billion, down from RMB29.6 billion last year.

The decline primarily was attributable to soft consumer demand for discretionary categories amid a challenging macro environment with the COVID-19 resurgence in China.

Gross merchandise value or GMV for the second quarter was RMB40.6 billion, as compared with RMB48.1 billion in the prior year period.

Total orders were 186.3 million, down from 221.5 million last year.

Looking ahead, for the third quarter, the company expects its total net revenues to be between RMB21.2 billion and RMB22.4 billion, representing a year-over-year decrease rate of approximately 15 percent to 10 percent.

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