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Shares of Vipshop sank 6% after reporting first-quarter earnings that missed analysts’ estimates and revenue that fell short of estimates.
Source: Vipshop
VIPS down -6.44%, BABA down -2.87%, Pre-market trading
The online discount retailer’s first-quarter revenue was RMB 25.2 billion compared to RMB 28.4 billion in the prior-year period due to lower demand for discretionary categories.
Vipshop reported Q1 earnings per share of 0.33 on revenue of RMB 25.2 billion, against an estimate of EPS of 1.91 on revenue of RMB 25.81B.
The company’s Q1 net income attributable to the shareholders dropped to RMB 1.4 billion from RMB 1.5 billion in the prior-year period.
The number of active customers for Q1 was 42.2 million compared with 45.8 million in the prior-year period.
In the upcoming second-quarter, the company anticipates its total net revenues to be around RMB 22.2 billion and RMB 23.7 billion, accounting for a year-over-year decline of nearly 25% to 20%.
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