Tue, Nov. 24, 7:02 AM
Tue, Sep. 1, 1:28 PM
- Though the Nasdaq is off 2.4% on a day in which Chinese macro concerns are running high, Dangdang (DANG +2.5%) is higher after beating Q2 EPS estimates (while missing on revenue) against a backdrop of low expectations. No guidance has been provided.
- Lifting EPS: Fulfillment spend fell to 8.9% of revenue from 10.7% a year ago, marketing spend fell to 3.2% from 4.6%, and G&A spend to 2.1% from 2.3%. Tech/content spend remained at 2.6% of revenue. Gross margin fell to 14.8% from 15.2% in Q1 and 20.1% a year ago.
- GMV rose 32.1% Y/Y to $304.9M, active customers 15% to 9.7M, and orders 19% to 19.5M. Mobile accounted for 40% of orders vs. 41% in Q1 and 17% a year ago. Media revenue rose 18.3% Y/Y to $224.5M; general merchandise revenue rose 61.7% to $136.7M.
- Dangdang still hasn't made a decision on the $7.81/share going-private offer it received in early July.
- Q2 results, PR
Mon, Aug. 31, 10:34 PM
Sun, Aug. 30, 5:30 PM
Thu, Jul. 9, 9:18 AM
- Dangdang (NYSE:DANG) has received a non-binding going-private proposal from chairwoman Peggy Yu Yu and CEO Guoqing Li to acquire the company for $7.812 per ADS - a 20% premium to Wednesday's close.
- The would-be acquirers currently have a 35.9% stake, and 835% voting power. They intend to finance the acquisition with "a combination of debt and/or equity capital, and rollover equity in the Company."
- Dangdang has jumped to $7.32 premarket. Plenty of other Chinese companies have received going-private offers over the last two months. Dangdang's offer follows a Chinese market plunge.
Thu, May 28, 12:26 PM
- Though Dangdang (NYSE:DANG) beat Q1 revenue estimates, EPS of -$0.12 was well below a $0.04 consensus. In addition, the Chinese online retailer has guided for Q2 revenue of RMB2.3B ($371M), below a $378.6M consensus.
- Hurting Q1 EPS: Gross margin fell to 15.2% from Q4's 17.1% and Q1 2014's 18.2%. Dangdang blames "a larger contribution of general merchandise sales as a percentage of total net revenues and a decline in logistics revenue from third-party merchants." Fulfillment was 9.1% of revenue, marketing 4.3%, tech/content 2.8%, and G&A 2.3%.
- Business performance: Media revenue +9.5% Y/Y to $203.4M; general merchandise +71.8% to $143.2M; other revenue +1.9% to $11.1M. Active customers +46% Y/Y to 10.2M; total orders +29% to 21.3M (41% via mobile).
- Shares are less than $1.50 removed from a 52-week low of $7.49. The company's Q1-ending cash balance of $267.1M is equal to 32% of its $843M market cap.
- Q1 results, PR
Thu, May 28, 7:07 AM
Wed, May 27, 5:30 PM
Tue, Mar. 31, 2:20 PM
- In addition to beating Q4 estimates, Dangdang (NYSE:DANG) is guiding for Q1 revenue of RMB2.2B ($354.8M), +28% Y/Y and above a $353.5M consensus. Marketplace GMV is expected to rise 49% to RMB1.77B ($285.8M).
- Active customers +10% Y/Y in Q4 to 9.8M; new customers +20% to 3.7M. Total orders +13% to 20.4M, with mobile accounting for 31%. Media revenue +21.8% to $234.5M; general merchandise +41.7% to $154.7M; Other revenue -9.7% to $14.5M. Marketplace GMV +61.2% to $362.2M.
- Thanks to a mix shift towards general merchandise sales, gross margin fell to 17.1% from 17.6% in Q4 2013. Fulfillment spend fell to 8.8% of revenue from 9.4%, and G&A to 1.7% from 0.6% (depressed last year by VAT refunds). Tech/content spend rose to 2.6% of revenue from 2%, and marketing to 4.8% from 4.2%.
- With Dangdang having gone into earnings down nearly 50% from a 52-week high of $16.42, expectations were fairly low.
- Q4 results, PR
Tue, Mar. 31, 8:09 AM
Mon, Mar. 30, 5:30 PM
Wed, Mar. 25, 5:30 PM
Wed, Mar. 11, 1:44 PM| Wed, Mar. 11, 1:44 PM | 12 Comments
Tue, Feb. 17, 2:46 PM
- Vipshop (VIPS +14.4%) has surged to new 52-week highs after trouncing Q4 revenue estimates (and posting a more moderate EPS beat) and guiding for Q1 revenue of $1.25B-$1.3B (above a consensus of $1.22B and good for 78%-85% Y/Y growth). Given the company's history, the guidance might be conservative.
- Vipshop's active customers rose 114.2% Y/Y in Q4 to 12.2M, and its orders rose 99.6% to 35.3M. Mobile made up a whopping 66% of GMV, up from Q3's 57% and above Alibaba's 42%.
- Gross margin rose 40 bps Y/Y to 24.9%, and operating expenses grew 115% to $287.5M (exceeded revenue growth of 108.9%). Fulfillment spend +73.9%; marketing +135.5%; tech/content +168.9%; G&A +209.2%.
- Chinese e-commerce peers JD.com (JD +2.4%), Dangdang (DANG +5.8%), and LightInTheBox (LITB +3.4%) are following Vipshop higher. Vipshop and JD.com have both argued their internal logistics/fulfillment investments give them an edge over many of the sellers relying on Alibaba's platforms.
Nov. 25, 2014, 5:44 AM
Nov. 24, 2014, 5:30 PM
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