Baozun Reports Mixed Q1 Earnings, Clocks Solid GMV Growth, Announces $125M Stock Buyback

Baozun Inc BZUN reported first-quarter FY21 net revenue growth of 32.6% year-on-year to $308.4 million (RMB2 billion), missing the analyst consensus of $313.4 million.
Total Gross Merchandise Volume (GMV) rose 43.8% Y/Y to RMB13.2 billion, Distribution GMV rose 37.2% Y/Y to RMB1.1 billion, and Non-distribution GMV rose 44.4% Y/Y to RMB12.2 billion.
The number of brand partners rose 17.6% Y/Y to 281, while the number of GMV brand partners rose 19.3% Y/Y to 272.
Product sales revenue rose 38.6% Y/Y to $148.3 million (RMB971.8 million) from the acquisition of new brand partners, higher popularity of the company's brand partners' products, partially offset by slower growth in personal-care products in the appliances category.
Services revenue rose 27.5% Y/Y to $160.1 million (RMB1,048.7 million) due to the rapid growth of the company's consignment model and service fee model.
Non-GAAP operating income increased 105.9% Y/Y to $11.6 million (RMB75.8 million), with the margin expanding 130 basis points to 3.7%.
Non-GAAP net income rose 135.5% Y/Y to $9.3 million (RMB61.2 million), and the margin expanding 130 basis points to 3%.
Non-GAAP EPS of $0.13 beat the analyst consensus of $0.09.
Baozun held $680.9 million (RMB4.5 billion) in cash and equivalents.
Baozun also announced a $125M stock buyback program.
Price action: BZUN shares traded higher by 4.46% at $33.5 in the premarket session on the last check Tuesday.

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