Vipshop Q1 Net Income Attributable to Shareholders Up 70% to $271 Million

Vipshop announced its unaudited financial results for the quarter ended March 31, 2023. The company’s total net revenues for 2023 Q1 increased by 9.1% to 27.5 billion yuan (US$4.0 billion). The company’s net income attributable to shareholders reached 1.9 billion yuan(US$270.7 million) and saw growth of 69.6% compared to 2022.

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Vipshop has released its unaudited financial results for the first quarter ended March 31, 2023. The company's total net revenues for Q1 2023 increased by 9.1% to 27.5 billion yuan (US$4.0 billion). Additionally, the company's net income attributable to shareholders grew by 69.6% compared to 2022, reaching 1.9 billion yuan (US$270.7 million).

In the first quarter of 2023, Vipshop's GMV increased by 14.0% year over year to 48.5 billion yuan ($6.87 billion) from 42.6 billion yuan ($6.04 billion) in the same period of the previous year. The gross profit for the first quarter of 2023 increased by 17.9% year over year to 5.9 billion yuan ($859.8 million) from 5.0 billion ($709.68 million) in the same period of the previous year.

Non-GAAP net income attributable to Vipshop's shareholders also increased by 45.8% year over year to 2.1 billion yuan ($301.3 million) in the first quarter of 2023, compared to the same period of the previous year. Furthermore, the number of active customers in the first quarter of 2023 increased by 4.0% year over year to 43.8 million from 42.2 million in the same period of the previous year.

Vipshop anticipates that its total net revenues for the second quarter of 2023 will range between 27.0 billion yuan and 28.2 billion yuan, indicating an increase of approximately 10% to 15% compared to the same period of the previous year.

It is reported that to enrich its differentiated product offerings, Vipshop has launched Vipshop customized cooperation with selected key brands this year to provide users with exclusive and cost-effective goods. For example, during the Chinese New Year period, more than ten beauty brands, including Clarins, Winona, and CHANDO, collaborated with Vipshop's IP for the first time to launch co-branded custom sets, and the sales of related products saw rapid growth.

Mr. Eric Shen, Chairman, and Chief Executive Officer of Vipshop, stated, “We started 2023 with solid business momentum as we continued to execute our merchandising strategy diligently and effectively. Our abundant and diverse assortments at great value cater well to consumer appetite for discretionary spending along with a rebound in social activities post the pandemic.”

Mr. David Cui, Chief Financial Officer of Vipshop, added, “We are pleased to deliver a strong set of first-quarter results. The revenue rise was driven by healthy customer growth with increased spending. Profitability was exceptionally strong because of sales increase and efficiency gains.”