Vip.com released Q1 earnings: net revenue exceeded 21 billion 300 million yuan, exceeding market expectations
Beijing time on the morning of May 23rd, vip.com disclosed the unaudited 2019 first quarter financial report. Vip.com's Q1 net revenue in 2019 was 21 billion 300 million yuan (US $3 billion 200 million), an increase of 7.3% over the same period last year. Following the first disclosure of GMV data in the last quarter, the first quarter of vip.com's earnings report GMV reached 33 billion 800 million yuan. Net revenue exceeded the market forecast of $2 billion 970 million, after a surge of 8%.
Focusing on brand sales, vip.com's profitability has been strong, achieving twenty-sixth consecutive quarters of profit and net profit growth. According to the financial data, according to general accounting standards, vip.com's net profit attributable to shareholders was 872 million 300 thousand yuan (US $130 million), an increase of 64.7% over the same period last year, and gross profit of 4 billion 400 million yuan (US $649 million 100 thousand), an increase of 8.7% over the same period last year.
"During the quarter, the number of active customers increased by 14% year-on-year, which is the result of increased customer loyalty and the rapid growth of new customers." vip.com chairman and chief executive Shen Ya said, "we have achieved these solid results by focusing on discount retail channels and successfully implementing marketing strategies. In the future, we will continue to expand the market share of discounted clothing and further consolidate its leading position in China. "