Dangdang +11.7% premarket on Q4 beat, guidance

Dangdang (DANG) expects Q1 revenue of RMB1.734B ($282.8M), well above a $256.6M consensus.

Active customers rose 18% Y/Y in Q4 to 8.9M, and total orders 13% to 18.1M. Marketplace gross merchandise value (GMV) soared 154.2% to $230.3M.

Media product sales +27.9% Y/Y to $197.4M, general merchandise +12.8% to $111.9M, other revenue (inc. 3rd-party merchants) +24.9% to $16.4M.

Margin improvements and cost controls allowed the company to turn profitable sooner than expected. Gross margin rose 420 bps Y/Y to 17.6%, fulfillment spend fell to 9.4% of revenue from 12% a year ago, marketing spend to 4.2% of revenue from 5.2%, tech/content spend to 2% from 2.6%, and G&A to 2.3% from 2.9%.

Total revenue growth accelerated to 22.1% from a Q3 level of 19%.

Q4 results, PR

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