- Jumei's (NYSE:JMEI) GMV rose 31.4% Y/Y in Q3 to $273M, a much slower growth rate than Q2's 64.3%. The company says it's "working to eventually move most of our beauty product marketplace sales to merchandise sales," a transition that began in September and is expected to finish by year's end.
- Gross margin fell to 38% from 46.3% in Q2 and 43.7% a year ago. "Promotional marketing activities" took a toll on gross profit, as did a VAT increase caused by the shift from marketplace to merchandise sales.
- Opex rose 28% Y/Y to $42.7M, even with revenue growth. Fulfillment spend totaled $16.6M, marketing $16M, tech/content $6M, and G&A $4.1M.
- Active customers rose by 200K Q/Q and 1M Y/Y to 5.2M. Orders totaled 10.5M, up 1.3M Y/Y but down 500K Q/Q.
- In spite of the Q3 miss, full-year net income guidance of $81M-$87M has been reiterated.
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Q3 results, PR