Vipshop +15.4% AH on blowout Q4, very strong Q1 guidance

Vipshop (VIPS) expects Q1 revenue of $640M-$650M, far above a $554.5M consensus.

Active customers grew by 1.7M Q/Q and 3.1M Y/Y in seasonally strong Q4 to 5.7M. Total orders surged 51% Q/Q and 102% Y/Y to 17.7M. With revenue up 117% Y/Y, Vipshop's order data suggests average order size rose.

Q4 gross margin was 24.5%, +20 bps Q/Q and +160 bps Y/Y. Fulfillment spend fell to 11.2% of revenue from 12.5% a year ago; marketing spend rose to 4.4% from 4.2%; tech/content spend rose to 2.2% from 2.1%; and G&A rose to 2.7% from 2.6%.

Shares are now up nearly 6x over the last 12 months.

Q4 results, PR

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