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.
Mon, Feb. 16, 5:54 PM
Nov. 19, 2014, 1:29 PM
- Vipshop's (NYSE:VIPS) in-line Q4 guidance "may prove conservative," says JG Capital's Henry Guo, reiterating an Overweight. Barclays' Alicia Yap feels likewise.
- Morgan Stanley's Robert Lin is also staying bullish, but notes Vipshop's Q3's active customer count and orders were soft on a Q/Q basis - the former only rose by 200K, and the latter fell by 800K (its first-ever Q/Q drop). He suspects Vipshop's acquisition of online beauty/fashion product retailer Lefeng took a toll, as did tough comps caused by a successful Q2 promotion.
- Shares still +169% YTD.
- Q3 results, guidance/details
Nov. 18, 2014, 4:22 PM
- Vipshop (NYSE:VIPS) expects Q4 revenue of $1.2B-$1.22B, +84%-87% Y/Y and in-line with a $1.21B consensus.
- Q3 gross margin was 24.9%, +10 bps Q/Q and +70 bps Y/Y. However, opex rose 147.7% Y/Y to $205.6M, growing to 23.3% of revenue from 21.6% a year ago. Fulfillment spend +91.5% to $84.4M; marketing +170.8% to $47.1M; tech/content +225.4% to $31.3M; G&A +259.4% to $42.8M.
- Active customers rose to 9.5M from 9.3M in Q2 and 4M a year ago. Total orders amounted to 25.5M, up from 11.7M a year ago but down from 26.3M in Q2. 57% of GMV stemmed from mobile orders.
- VIPS +0.3% AH. Q3 results, PR.
Nov. 18, 2014, 4:03 PM
Nov. 17, 2014, 5:35 PM
Nov. 17, 2014, 2:16 PM
- JD.com's (NASDAQ:JD) Q3 revenue of $4.73B beat a $4.67B consensus, while EPS of $0.04 beat a -$0.01 consensus.
- Q4 guidance is for revenue of RMB32B-RMB33B ($5.22B-$5.38B), good for 59%-64% Y/Y growth and in-line with a $5.28B consensus.
- Spending was aggressive: Fulfillment spend +105% Y/Y to $345M; marketing +134% to $143M; tech/content +104% to $83.4M; G&A +126% to $71.6M.
- GMV rose 111% Y/Y in Q3 (slightly better than Q2's 107% growth) to $11B; for reference, Alibaba's GMV rose 49% in calendar Q3. Active customer accounts +109% to 46.1M; fulfilled orders +119% to 178.2M.
- Direct sales rose 57% Y/Y, and revenue from services/others 184% (marketplace and ad growth). 29.6% of fulfilled orders were placed through mobile devices, up from 24% in Q2.
- Gross margin rose to 12.2% from 11% in Q2 and 9.8% a year ago.
- Rival Vipshop (NYSE:VIPS) is selling off ahead of Wednesday's Q3 report.
- Q3 results, PR
Aug. 13, 2014, 4:26 PM
- Vipshop (NYSE:VIPS) expects Q3 revenue of $850M-$860M, above an $824.9M consensus.
- Q2 gross margin was 24.8%, -10 bps Q/Q and +130 bps Y/Y. Fulfillment spend fell to 10.1% of revenue from 12.2% a year ago; marketing spend rose to 5.4% from 4.3%; G&A rose to 4.4% from 3.1%; tech/content rose to 2.6% from 2.5%.
- Active customers rose to 9.3M from 7.4M in Q1 and just 3.5M a year ago. Total orders rose to 26.3M from 20.2M in Q1 and 11M a year ago.
- Expectations are a lot higher than they were a few months ago.
- Q2 results, PR
Aug. 13, 2014, 4:04 PM
Aug. 12, 2014, 5:35 PM
May. 14, 2014, 4:05 PM
May. 13, 2014, 5:35 PM
Mar. 3, 2014, 4:20 PM
- 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
Mar. 3, 2014, 4:07 PM
Mar. 3, 2014, 12:10 AM
Mar. 2, 2014, 5:35 PM
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