Vipshop Marginally Misses On Q1 Revenue, Issues Q2 Guidance

Vipshop Holdings Ltd VIPS reported first-quarter FY21 revenue growth of 51.1% year-on-year to $4.334 billion (RMB28.4 billion), marginally missing the analyst consensus of $4.34 billion.
GMV rose 59% Y/Y to RMB46.1 billion, and the number of active customers increased 54% Y/Y to 45.8 million.
Total orders rose 44% Y/Y to 175.5 million.
Gross profit rose 54.7% Y/Y to $853.9 million (RMB5.6 billion). The margin expanded 50 basis points to 19.7%.
Non-GAAP operating income increased 66% Y/Y to $265.2 million (RMB1.7 billion). The margin expanded 50 basis points to 6.1%.
Non-GAAP net income rose 73.7% Y/Y to $261.4 million (RMB1.7 billion). The margin expanded 80 basis points to 6%.
Non-GAAP EPS of $0.37 was at par with the consensus.
Vipshop held $2.3 billion (RMB15.1 billion) in cash and equivalents and used $67 million (RMB439.0 million) in operating cash flow.
Guidance: Vipshop sees Q2 revenue guidance between RMB28.9 billion - RMB30.1 billion.
Vipshop is keenly focused on strengthening leadership in China's discount retail market through the solid execution of merchandising strategy, Chair and CEO Eric Shen said.
Price action: VIPS shares traded lower by 5.99% at $23.21 in the premarket session on the last check Wednesday.

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