Vipshop Holdings Limited (NYSE:VIPS) reported first-quarter sales of $3.83 billion, which missed the Wall Street view of $3.93 billion.
Total orders for the quarter were 178.5 million, compared with 184.4 million in the prior year period.
Gross margin for the first quarter increased to 23.7% from 21.4% in the prior year period. Gross profit jumped 10.9% year over year to RMB6.5 billion ($906.5 million).
GMV for the first quarter increased by 8% year over year to RMB52.4 billion from RMB48.5 billion in the prior year period.
Vipshop Holdings registered adjusted earnings per ADS of 65 cents, which beat the analyst consensus of 39 cents.
As of March-end, the company had cash and cash equivalents and restricted cash of $3.4 billion, and short term investments of $402.9 million.
Share Repurchase Program: During the quarter, the company repurchased $11.9 million of its ADSs under its current $1 billion share repurchase program, which is effective through March 2025.
The company is committed to repurchasing approximately $500 million of its ADSs by December 2024-end.
Outlook: For the second quarter of 2024, the company expects its total net revenues to be between RMB26.5 billion and RMB27.9 billion, representing a year-over-year decrease of approximately 5% to 0% (estimate: RMB29.3 billion).
Price Action: VIPS shares are trading higher by 4.5% to $17.19 at last check Wednesday.