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Jumei down 4.4% in spite of Q2 beat; guidance in-line

  • Jumei (NYSE:JMEI) is guiding for Q3 revenue of $287M-$291.8M, up 82%-85% Y/Y and in-line with a $288M consensus.
  • Net GMV (covers both direct and marketplace sales) rose 30% Y/Y in Q2 to $376.2M, active customers rose 28% to 6.4M, and orders 58.2% to 17.4M. "Customer purchase frequency" is said to be up 34% since Q3, thanks partly to Jumei's expansion into the baby/maternity and health/wellness product categories. Jumei Global (offers international products) was a key growth driver.
  • Possibly putting investors on edge: Gross margin remained under pressure in spite of huge top-line growth, falling to 30% from Q1's 31.4% and Q2 2014's 46.3%. Jumei blames a mix shift from beauty product marketplace sales to merchandise sales. Operating expenses rose 55.4% Y/Y to $78.3M (compares with 99.5% revenue growth).
  • Shares have fallen to $16.00 after hours.
  • Q2 results, PR

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Jumei International Holding Limited