Vipshop Holdings Ltd (NYSE:VIPS) reported first-quarter revenue growth of 51.1% year-on-year to $4.334 billion (RMB28.4 billion), marginally missing the analyst consensus of $4.34 billion.
Vipshop sees Q2 revenue guidance between RMB28.9 billion – RMB30.1 billion.
Total net revenue for the first quarter of 2021 increased by 51.1% year over year to RMB28.4 billion ($4.3 billion U.S) from RMB18.8 billion in the prior year period.
Gross Merchandise Value for the first quarter of 2021 increased by 59% year over year to RMB46.1 billion from RMB28.9 billion in the prior year period.
Gross profit for the first quarter of 2021 increased by 54.7% year over year to RMB5.6 billion ($853.9 million U.S.) from RMB3.6 billion in the prior-year period.
Net income attributable to Vipshop’s shareholders for the first quarter of 2021 increased by 125.7% year over year to RMB1.5 billion ($235.9 million U.S.) from RMB684.8 million in the prior-year period.
Non-GAAP net income attributable to Vipshop’s shareholders for the first quarter of 2021 increased by 73.7% year over year to RMB1.7 billion ($261.4 million U.S.) from RMB986.1 million in the prior year period.
CEO Eric Shen said, “We are glad to have delivered another quarter of strong financial and operational results in the first quarter of 2021. Our number of active customers for the quarter grew by 54% year over year to 45.8 million from 29.6 million in the same period last year, demonstrating continued robust customer acquisition trends.”
VIPS shares traded lower $1.69 or 6.8% at $23.02 early Wednesday.