Kicky : Vipshop Q1 Shows Triple-Digit Growth
China-based online discount retailer Vipshop Holdings (VIPS) reported first-quarter earnings after the market closed Wednesday that beat consensus estimates as it raised Q2 guidance.
Revenue rose 126% to $702 million in Q1 from the year-ago quarter, surpassing the consensus estimate of $652.2 million. Adjusted earnings per share of 63 cents rose 270%, beating the consensus estimates of 48 cents.
For Q2, Vipshop estimates revenue in the range of $780 million to $790 million, above the consensus view of $688 million, of analysts polled by Thomson Reuters.
Vipshop stock was up 2.5% to 150 in after-hours trading.
The company launched its IPO in March 2012. Priced at 6.50, the stock is up more than 2,100% since then.
Vipshop said active customers for the first quarter of 2014 rose 165% to 7.4 million from the prior year period. Total orders increased by 129% to 20 million.
First Quarter 2014 Highlights
Total net revenues increased by 125.9% over the prior year period to US$701.9 million, primarily attributable to a 165.1% increase in the number of active customers to 7.4 million from 2.8 million and a 129.3% increase in total orders to 20.2 million from 8.8 million over the prior year period.
Gross margin increased to 24.9% from 23.4% in the prior year period.
Non-GAAP income from operations increased by 394.3% year-over-year to US$42.8 million from US$8.7 million in the prior year period. Non-GAAP operating income margin increased to 6.1% from 2.8% in the prior year period.
Net income attributable to Vipshop's shareholders increased by 355.3% to US$26.6 million from US$5.8 million in the prior year period. Net income margin increased to 3.8% from 1.9% in the prior year period.
Non-GAAP net income attributable to Vipshop's shareholders increased by 318.2% to US$37.7 million from US$9.0 million in the prior year period. Non-GAAP net income margin increased to 5.4% from 2.9% in the prior year period.
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