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
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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| Comment!
Nov. 24, 2014, 5:30 PM
Aug. 14, 2014, 10:52 AM
- Though Dangdang (NYSE:DANG) beat Q2 estimates, it's guiding for Q3 revenue of RMB1.984B ($322.5M), below a $325.7M consensus. Marketplace GMV is expected to grow 80% Y/Y.
- Q2 media revenue +43.5% Y/Y to $218.6M, general merchandise +8.2% to $84.5M, other revenue +26.1% to $13M. Marketplace GMV +81.6% to $230.7M.
- Gross margin rose to 18.3% from 18.2% in Q1 and 17.1% a year ago. Fulfillment spend fell to 9.7% of revenue from 12% a year ago; marketing spend to 4.2% from 5.1%; tech/content spend to 2.4% from 3.1%; and G&A to 2.1% from 2.3%.
- Active customers totaled 8.5M, up 23% Y/Y but down slightly Q/Q. Total orders rose 10% Y/Y and slightly Q/Q to 16.5M. Mobile accounted for 17% of orders (22% in June).
- Peer Vipshop is selling off in spite of providing a Q2 beat and strong guidance. Online cosmetics retailer Jumei (JMEI -3.6%) is following Dangdang and Vipshop lower ahead of its Aug. 18 Q2 report.
- Q2 results, PR
Aug. 14, 2014, 6:01 AM| Comment!
Aug. 13, 2014, 5:30 PM
Aug. 7, 2014, 12:13 PM| Comment!
May 15, 2014, 10:53 AM
- In addition to missing Q1 revenue estimates, Dangdang (DANG -15.8%) is guiding for Q2 revenue of RMB1.942B ($312M), slightly below a $313.7M consensus.
- In spite of the revenue miss, Dangdang posted Q1 EPS of $0.01, beating consensus by $0.02. A 60 bps Q/Q and 100 bps Y/Y improvement in gross margin to 18.2% played a role, as did declines in fulfillment (9.8% of revenue vs 13.8% a year ago) and tech/content spend (2.5% vs. 3.7%) as a percentage of revenue. Marketing spend rose to 3.9% of revenue vs. 3.2%.
- Active customers totaled 8.6M, +16% Y/Y but down 3% from seasonally strong Q4. Total orders amounted to 16.4M, +11% Y/Y and -9% Q/Q.
- Shares were up AH yesterday after peer Vipshop blew away Q1 estimates and offered equally strong guidance.
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