The following is a summary of the Vipshop Holdings Limited (VIPS) Q1 2024 Earnings Call Transcript:
Financial Performance:
Vipshop's Q1 2024 net revenues were RMB27.6 billion, marking a 0.4% year-on-year growth.
Gross profit rose by 10.9% to RMB6.5 billion, mainly due to high margin from apparel sales.
Net income attributable to Vipshop's shareholders increased by 24.6% to RMB2.3 billion, and non-GAAP net income saw an increase of 24.8% to RMB2.6 billion.
For Q2 2024, Vipshop forecasts total net revenues between RMB26.5 billion and RMB27.9 billion.
Business Progress:
Despite a slowdown in business momentum, Vipshop maintained operational flexibility and focused on enhancing long-term strength in Q1 2024.
There was a slow growth in sales due to softer-than-expected demand for spring clothing.
Despite challenges, the apparel category recorded strong performance with double-digit GMV growth.
Active Super VIP membership grew by 11% and contributed to 45% of their online spending.
Vipshop expanded its merchandise portfolio with a wider selection of national and global brands and leveraged AI to optimize marketing and enhance customer engagement.
More details: Vipshop IR
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