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Vipshop Reports Unaudited First Quarter 2017 Financial Results
First Quarter 2017 Highlights
- Total net revenue for the first quarter of 2017 increased by 31.1% to
RMB15.95 billion (US$2.32 billion ) fromRMB12.17 billion in the prior year period. - The number of active customers[1] for the first quarter of 2017 increased by 32% year over year to 26.0 million.
- Total orders[2] for the first quarter of 2017 increased by 23% year over year to 72.1 million.
- Gross profit for the first quarter of 2017 increased by 25.0% to
RMB3.69 billion (US$536.7 million ) fromRMB2.96 billion in the prior year period. - Net income attributable to
Vipshop's shareholders for the first quarter of 2017 increased by 16.3% toRMB551.9 million (US$80.2 million ) fromRMB474.6 million in the prior year period. - Non-GAAP net income attributable to
Vipshop's shareholders[3] for the first quarter of 2017 increased by 28.2% toRMB799.4 million (US$116.1 million ) fromRMB623.4 million in the prior year period.
"We are pleased to have reported continued robust operational results with solid customer gains in the first quarter of 2017, starting the year on a strong note," said Mr.
Mr.
Recent Business Highlights
- On
May 11, 2017 ,Vipshop's Board of Directors authorized the Company to explore a proposed spin-off of its Internet finance business into a dedicated entity. The objective of the proposed spin-off is to alleviate the Internet finance business' financial impact on the Company's core e-commerce business and shift any associated incentives and risks to this dedicated entity. Additionally, it may enable the Internet finance business to accelerate its growth as an independent entity going forward. It has been proposed thatVipshop will inject all of its Internet finance business and related assets into the dedicated entity and restructure the existing variable interest entity arrangement with that dedicated entity. Certain key management personnel of the Internet finance business may acquire minority equity interests in the dedicated entity.Vipshop's Board of Directors has authorized the directors and officers of the Company to further explore, negotiate and finalize the terms and arrangements of the proposed spin-off for its final approval. - On
May 11, 2017 ,Vipshop's Board of Directors authorized the formation of a new entity dedicated to the Company's logistics business, aiming to open upVipshop's logistics services to a broader market to lower costs for bothVipshop and its business partners, to explore a new initiative of online and offline retail integration, as well as to provide consistent delivery services with its more comprehensive nationwide network coverage. - During the first quarter of 2017, the Company duly notified all holders of its 1.50% convertible senior notes due 2019 (of which
US$632.5 million aggregate principal amount was outstanding at the time of such notification) of their one-time put right under the terms of the indenture for the notes. ApproximatelyUS$3.1 million aggregate principal amount of the notes were validly and timely surrendered and not withdrawn and the Company accepted all of these notes for repurchase. The Company believes the result of the put right exercise of its notes, together with its BBB+ rating by Fitch, Baa1 rating byMoody's , and BBB rating byStandard & Poor's , reflectedVipshop's financial strength and high credit quality. Further, the Company believes it is also a vote of confidence from the capital markets for its future growth prospects and market potential. - In the first quarter of 2017, the Company's CRM team began to experiment with a new Super VIP paid membership program, which offers many features including early and exclusive access to selective sales events, privileged discounts, and free shipping and returns. Trial program members who enrolled as Super VIPs showed significant improvements in average order frequency and average revenue per user.
Vipshop is in the process of developing a new generation of intelligent customer service chatbots that provide shopping guides prior to purchases and after-sales services. Through this initiative, the Company will be able to substantially enhance user experience, improve administrative efficiency, and reduce costs.- In the first quarter of 2017,
Vipshop added approximately 160,000 square meters of warehouse space in Jianyang,China and currently has approximately 2.1 million square meters of warehouse capacity nationwide. In order to be closer to its customers, shorten delivery time, and improve the efficiency of its distribution, in addition to its five regional and centralized warehouses, the Company added two local warehouses inGuiyang, China andKunming, China during the quarter, increasing the total number of local warehouses to seven as ofMarch 31, 2017 . Vipshop scaled up the application of intelligent transportation robot system in its southern warehouse and rolled out its proprietary Warehouse Control System (WCS) in its southern and central warehouses. The Company also introduced automated systems in its central and southern warehouse facilities during the first quarter, which include conveyor belts and automatic systems for product sorting and storage, aiming to ultimately improve the Company's logistics efficiency and reduce costs.- The Company added approximately 3,000 last mile delivery staff in the first quarter of 2017 and now has a total of more than 23,000 last mile delivery staff nationwide. It now has approximately 2,800 self-operated delivery stations and is able to deliver 93% of its orders through its last mile network as compared with 83% in the same period last year, covering all provinces in
China . In addition,Vipshop further strengthened its logistics services by having its own delivery staff collect returns from customers directly, which currently covers 67% of the Company's total returns, up from 30% from the same period in the prior year. - In the first quarter of 2017,
Vipshop added a number of popular international brands and now works directly withGiorgio Armani , Guess, Versace, and many others. - At the
February 28 Beauty and Cosmetics Festival,Vipshop collaborated with over 300 international and domestic beauty brands. Orders for the event exceeded one million in just 1.5 hours. At the same time,Vipshop executed joint marketing with 70 major beauty and cosmetics brands on social media. At theMarch 8 Spring New Collection Event,Vipshop partnered with eight major apparel brands and published eight fashionable trends for 2017 spring and summer collections. - In the first quarter of 2017, BrandZ ranked
Vipshop as number 40 on the list of "Top 100 Most Valuable Chinese Brands 2017." In addition, the Company was ranked number 15 on the list of "Top 50 Chinese Listed Private Companies by Brand Value 2017," jointly published byTsinghua University's China Enterprise Research Center and theDaily Economic News . These third party endorsements demonstrate the influence ofVipshop's growing brand and the power of theVipshop platform.
First Quarter 2017 Financial Results
REVENUE
Total net revenue for the first quarter of 2017 increased by 31.1% to
The number of active customers for the first quarter of 2017 increased by 32% to 26.0 million from 19.7 million in the prior year period. The number of total orders for the first quarter of 2017 increased by 23% to 72.1 million from 58.7 million in the prior year period.
GROSS PROFIT
Gross profit for the first quarter of 2017 increased by 25.0% to
OPERATING INCOME AND EXPENSES
Total operating expenses for the first quarter of 2017 were
- Fulfillment expenses for the first quarter of 2017 were
RMB1.44 billion (US$208.7 million ), as compared withRMB1.08 billion in the prior year period, primarily reflecting an increase in sales volume and number of orders fulfilled. As a percentage of total net revenue, fulfillment expenses were 9.0% as compared with 8.9% in the prior year period, primarily attributable to the Company's expansion to support an increase in the last mile business outside of theVipshop platform. - Marketing expenses for the first quarter of 2017 were
RMB729.5 million (US$106.0 million ), as compared withRMB603.8 million in the prior year period, reflecting the Company's strategy to drive long-term growth through sustainable investments to strengthen its brand awareness, attract new users and expand market share. As a percentage of total net revenue, marketing expenses decreased to 4.6% from 5.0% in the prior year period, primarily attributable to the Company's strategic balance between promotional activities and sales with its broader marketing efforts. - Technology and content expenses for the first quarter of 2017 were
RMB419.5 million (US$61.0 million ), as compared withRMB326.7 million in the prior year period, reflecting the Company's continuing efforts to invest in human capital, advanced technologies such as data analytics as well as new business opportunities including the Internet finance business. As a percentage of total net revenue, technology and content expenses decreased to 2.6% from 2.7% in the prior year period. - General and administrative expenses for the first quarter of 2017 were
RMB542.2 million (US$78.8 million ), as compared withRMB382.3 million in the prior year period. As a percentage of total net revenue, general and administrative expenses were 3.4% as compared with 3.1% in the prior year period, primarily attributable to an increase in share based compensation as well as the impact from building out the Internet finance business.
Income from operations for the first quarter of 2017 increased by 23.6% to
Non-GAAP income from operations[4], which excludes share-based compensation expenses and amortization of intangible assets resulting from business acquisitions, increased by 31.2% to
NET INCOME
Net income attributable to
Non-GAAP net income attributable to
For the quarter ended
BALANCE SHEET AND CASH FLOW
As of
For the quarter ended
For the three months ended |
||||
Mar 31, 2016
RMB'000 |
Mar 31, 2017
RMB'000 |
Mar 31, 2017
US$'000 |
||
Net cash from operating activities |
153,211 |
736,744 |
107,035 |
|
Add: Impact from Internet financing activities[9] |
309,209 |
277,524 |
40,319 |
|
Less: Capital expenditures |
(660,594) |
(585,462) |
(85,057) |
|
Free cash flow (out) in |
(198,174) |
428,806 |
62,297 |
|
Free cash flow trailing twelve months ended |
||||
Mar 31, 2016
RMB'000 |
Mar 31, 2017
RMB'000 |
Mar 31, 2017
US$'000 |
||
Net cash from operating activities |
1,575,008 |
3,414,946 |
496,128 |
|
Add: Impact from Internet financing activities[9] |
881,925 |
2,557,169 |
371,509 |
|
Less: Capital expenditures |
(4,388,147) |
(2,715,495) |
(394,510) |
|
Free cash flow (out) in |
(1,931,214) |
3,256,620 |
473,127 |
Business Outlook
For the second quarter of 2017, the Company expects its total net revenue to be between
Exchange Rate
This announcement contains currency conversions of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars are made at a rate of
Conference Call Information
The Company will hold a conference call on
United States: +1-845-675-0438
International Toll Free: +1-855-500-8701
China Domestic: 400-1200-654
Conference ID: #17647828
The replay will be accessible through
United States Toll Free: +1-855-452-5696
International: +61-2-9003-4211
Conference ID: #17647828
A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.vip.com.
About
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as
Use of Non-GAAP Financial Measures
The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in
The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Vipshop Holdings Limited Reconciliations of GAAP and Non-GAAP Results" at the end of this release.
Investor Relations Contact
Tel: +86 (20) 2233-0732
Email: IR@vipshop.com
ICR, Inc.
Tel: +1 (646) 405-4866
Email: IR@vipshop.com
[1] "Active customers" are defined as registered members who have purchased from the Company or the Company's online marketplace platforms at least once during the relevant period. |
[2] "Total orders" are defined as the total number of orders placed during the relevant period, including the orders for products and services sold in the Company's online sales business and on the Company's online marketplace platforms, net of orders returned. |
[3] Non-GAAP net income attributable to Vipshop's shareholders is a non-GAAP financial measure, which is defined as net income attributable to Vipshop's shareholders excluding share-based compensation expenses, impairment loss of investments, and amortization of intangible assets resulting from business acquisitions and equity method investments. |
[4] Non-GAAP income from operations is a non-GAAP financial measure, which is defined as income from operations excluding share-based compensation expenses and amortization of intangible assets resulting from business acquisitions. |
[5] Non-GAAP operating income margin is a non-GAAP financial measure, which is defined as non-GAAP income from operations as a percentage of total net revenues. |
[6] "ADS" means American depositary share, each of which represents 0.2 Class A ordinary share. |
[7] Non-GAAP net margin attributable to Vipshop's shareholders is a non-GAAP financial measure, which is defined as non-GAAP net income attributable to Vipshop's shareholders, as a percentage of total net revenues. |
[8] Non-GAAP net income attributable to Vipshop's shareholders per diluted ADS is a non-GAAP financial measure, which is defined as non-GAAP net income attributable to Vipshop's shareholders |
[9]Free cash flow is a non-GAAP financial measure, which means the operating cash flow adding back the impact from Internet financing activities and less capital expenditures, which include purchase of property and equipment, purchase and deposits of land use rights, and purchase of other assets. |
Vipshop Holdings Limited |
|||
Condensed Consolidated Statements of Income and Comprehensive Income |
|||
(In thousands, except per share data) |
|||
Three Months Ended |
|||
March 31,2016 |
March 31,2017 |
March 31,2017 |
|
RMB'000 |
RMB'000 |
USD'000 |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Product revenues |
11,924,439 |
15,606,804 |
2,267,376 |
Other revenues (1) |
244,655 |
346,141 |
50,288 |
Total net revenues |
12,169,094 |
15,952,945 |
2,317,664 |
Cost of goods sold |
(9,213,001) |
(12,258,473) |
(1,780,926) |
Gross profit |
2,956,093 |
3,694,472 |
536,738 |
Operating expenses |
|||
Fulfillment expenses(2) |
(1,079,428) |
(1,436,200) |
(208,653) |
Marketing expenses |
(603,812) |
(729,549) |
(105,990) |
Technology and content expenses |
(326,674) |
(419,533) |
(60,950) |
General and administrative expenses(3) |
(382,288) |
(542,172) |
(78,767) |
Total operating expenses |
(2,392,202) |
(3,127,454) |
(454,360) |
Other income |
32,175 |
169,578 |
24,637 |
Income from operations |
596,066 |
736,596 |
107,015 |
Interest expenses |
(22,417) |
(25,113) |
(3,648) |
Interest income |
27,757 |
25,860 |
3,757 |
Exchange loss |
(6,845) |
(10,437) |
(1,516) |
Income before income taxes and share of loss of affiliates |
594,561 |
726,906 |
105,608 |
Income tax expense(4) |
(131,029) |
(165,911) |
(24,104) |
Share of loss of affiliates |
(16,849) |
(17,686) |
(2,569) |
Net income |
446,683 |
543,309 |
78,935 |
Net loss attributable to noncontrolling interests |
27,885 |
8,608 |
1,251 |
Net income attributable to Vipshop's shareholders |
474,568 |
551,917 |
80,186 |
Shares used in calculating earnings per share(5): |
|||
Class A and Class B ordinary shares: |
|||
—Basic |
115,241,944 |
116,819,173 |
116,819,173 |
—Diluted |
124,277,310 |
125,067,816 |
125,067,816 |
Net earnings per Class A and Class B share |
|||
Net income attributable to Vipshop's shareholders——Basic |
4.12 |
4.72 |
0.69 |
Net income attributable to Vipshop's shareholders——Diluted |
3.99 |
4.59 |
0.67 |
Net earnings per ADS (1 ordinary share equals to 5 ADSs) |
|||
Net income attributable to Vipshop's shareholders——Basic |
0.82 |
0.94 |
0.14 |
Net income attributable to Vipshop's shareholders——Diluted |
0.80 |
0.92 |
0.13 |
(1) Other revenues primarily consist of revenues from third-party logistics services, product promotion and online advertising, fees charged to third-party merchants which the Company provides platform access for sales of their products,and inventory and warehouse management services to certain suppliers. |
|||
(2) Including shipping and handling expenses, which amounted RMB 562million and RMB 771 million in the three month periods ended March 31, 2016 and March 31, 2017, respectively. |
|||
(3)Including amortization of intangible assets resulting from business acquisitions, which amounted to RMB 77 million and RMB 87 million in the three months period ended March 31, 2016 and March 31, 2017, respectively. |
|||
(4)Included income tax benefits of RMB 20 million and RMB 22 million related to the reversal of deferred tax liabilities, which was recognized on business acquisitions for the three months period ended March 31, 2016 and March 31, 2017, respectively. |
|||
(5) Authorized share capital are re-classified and re-designated into Class A ordinary shares and Class B ordinary shares, with each Class A ordinary share being entitled to one vote and each Class B ordinary share being entitled to ten votes on all matters that are subject to shareholder vote. |
|||
Net income |
446,683 |
543,309 |
78,935 |
Other comprehensive (loss) income, net of tax: |
|||
Foreign currency translation adjustments |
(4,850) |
25,243 |
3,667 |
Unrealized (loss) gain from available-for-sale securities |
(29,078) |
22,451 |
3,262 |
Comprehensive income |
412,755 |
591,003 |
85,864 |
Less: Comprehensive loss attributable to noncontrolling interests |
(26,434) |
(8,608) |
(1,251) |
Comprehensive income attributable to Vipshop's shareholders |
439,189 |
599,611 |
87,115 |
Three Months Ended |
|||
March 31,2016 |
March 31,2017 |
March 31,2017 |
|
RMB'000 |
RMB'000 |
USD'000 |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Share-based compensation charges included are as follows |
|||
Fulfillment expenses |
7,125 |
18,096 |
2,629 |
Marketing expenses |
9,325 |
10,298 |
1,496 |
Technology and content expenses |
35,768 |
51,832 |
7,530 |
General and administrative expenses |
39,809 |
100,147 |
14,549 |
Total |
92,027 |
180,373 |
26,204 |
Vipshop Holdings Limited |
|||
Condensed Consolidated Balance Sheets |
|||
(In thousands, except per share data) |
|||
December 31,2016 |
March 31,2017 |
March 31,2017 |
|
RMB'000 |
RMB'000 |
USD'000 |
|
ASSETS |
(Unaudited) |
(Unaudited) |
(Unaudited) |
CURRENT ASSETS |
|||
Cash and cash equivalents |
4,109,577 |
4,434,837 |
644,299 |
Held-to-maturity securities |
671,776 |
746,241 |
108,415 |
Accounts receivable, net |
2,333,918 |
2,726,474 |
396,106 |
Amounts due from related parties |
8,352 |
5,727 |
832 |
Other receivables and prepayments,net |
2,293,825 |
2,209,877 |
321,054 |
Inventories |
4,948,609 |
3,616,175 |
525,362 |
Deferred tax assets |
214,815 |
- |
- |
Total current assets |
14,580,872 |
13,739,331 |
1,996,068 |
NON-CURRENT ASSETS |
|||
Property and equipment, net |
4,467,451 |
4,613,568 |
670,265 |
Deposits for property and equipment |
1,039,793 |
978,628 |
142,176 |
Land use rights, net |
2,399,058 |
2,993,787 |
434,941 |
Intangible assets, net |
725,147 |
653,764 |
94,980 |
Investment in affiliates |
93,144 |
77,224 |
11,219 |
Other investments |
503,117 |
507,718 |
73,762 |
Available-for-sale securities investments |
407,944 |
428,578 |
62,264 |
Other long-term assets |
510,821 |
72,438 |
10,524 |
Goodwill |
367,106 |
367,106 |
53,334 |
Deferred tax assets |
- |
274,959 |
39,946 |
Total non-current assets |
10,513,581 |
10,967,770 |
1,593,411 |
TOTAL ASSETS |
25,094,453 |
24,707,101 |
3,589,479 |
LIABILTIES AND EQUITY |
|||
CURRENT LIABILITIES |
|||
Accounts payable (Including accounts payable of the VIE without recourse to the Company of RMB 22,471 and RMB 34,088 as of December 31, 2016 and March 31, 2017, respectively) |
8,333,610 |
7,835,445 |
1,138,343 |
Advance from customers (Including advance from customers of the VIE without recourse to the Company of RMB 1,211,643 and RMB 1,038,913 as of December 31, 2016 and March 31, 2017, respectively) |
2,699,981 |
1,912,760 |
277,888 |
Accrued expenses and other current liabilities(Including accrued expenses and other current liabilities of the VIE without recourse to the Company of RMB 1,257,667 and RMB 1,302,147 as of December 31, 2016 and March 31, 2017, respectively) |
3,322,599 |
3,273,506 |
475,580 |
Amounts due to related parties(Including amounts due to related parties of the VIE without recourse to the Company of RMB 591 and RMB 243 as of December 31, 2016 and March 31, 2017, respectively) |
52,729 |
27,303 |
3,967 |
Deferred income (Including deferred income of the VIE without recourse to the Company of RMB 16,222 and RMB6,435 as of December 31, 2016 and March 31, 2017, respectively) |
174,547 |
140,108 |
20,355 |
Securitization debt |
- |
285,000 |
41,405 |
Total current liabilities |
14,583,466 |
13,474,122 |
1,957,538 |
NON-CURRENT LIABILITIES |
|||
Deferred tax liability(Including deferred tax of the VIE without recourse to the Company of RMB 4,904 and RMB 4,477 as of December 31, 2016 and March 31, 2017, respectively) |
100,583 |
78,786 |
11,446 |
Deferred income-non current (Including deferred income-non current of the VIE without recourse to the Company of RMB 1,928 and RMB 1,565 as of December 31, 2016 and March 31, 2017, respectively) |
246,902 |
254,919 |
37,035 |
Convertible senior notes |
4,381,698 |
4,342,314 |
630,857 |
Total non-current liabilities |
4,729,183 |
4,676,019 |
679,338 |
Total liabilities |
19,312,649 |
18,150,141 |
2,636,876 |
EQUITY: |
|||
Class A ordinary shares (US$0.0001 par value, 483,489,642 shares authorized, and 101,508,264 and 101,508,264 shares issued and outstanding as of December 31, 2016 and March 31, 2017, respectively) |
66 |
66 |
10 |
Class B ordinary shares (US$0.0001 par value, 16,510,358 shares authorized, and 16,510,358 and 16,510,358 shares issued and outstanding as of December 31, 2016 and March 31, 2017, respectively) |
11 |
11 |
2 |
Treasury shares, at cost - 1,356,918 shares and - 983,683 shares as of December 31, 2016 and March 31, 2017 |
(707,441) |
(508,255) |
(73,840) |
Additional paid-in capital |
3,130,126 |
3,115,090 |
452,564 |
Retained earnings |
3,653,026 |
4,204,943 |
610,899 |
Accumulated other comprehensive loss |
(343,608) |
(295,911) |
(42,991) |
Noncontrolling interests |
49,624 |
41,016 |
5,959 |
Total shareholders' equity |
5,781,804 |
6,556,960 |
952,603 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
25,094,453 |
24,707,101 |
3,589,479 |
- |
- |
- |
|
Vipshop Holdings Limited |
|||
Reconciliations of GAAP and Non-GAAP Results |
|||
Three Months Ended |
|||
March 31,2016 |
March 31,2017 |
March 31,2017 |
|
RMB'000 |
RMB'000 |
USD'000 |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Income from operations |
596,066 |
736,596 |
107,015 |
Share-based compensation expenses |
92,027 |
180,373 |
26,204 |
Amortization of intangible assets resulting from business acquisitions |
77,093 |
87,186 |
12,667 |
Non-GAAP income from operations |
765,186 |
1,004,155 |
145,886 |
Net income |
446,683 |
543,309 |
78,935 |
Share-based compensation expenses |
92,027 |
180,373 |
26,204 |
Amortization of intangible assets resulting from business acquisitions and equity method investments |
90,952 |
101,615 |
14,763 |
Tax effect of amortization of intangible assets resulting from business acquisitions |
(19,887) |
(21,797) |
(3,167) |
Non-GAAP net income |
609,775 |
803,500 |
116,735 |
Net income attributable to Vipshop's shareholders |
474,568 |
551,917 |
80,186 |
Share-based compensation expenses |
92,027 |
180,373 |
26,204 |
Amortization of intangible assets resulting from business acquisitions and equity method investments |
71,679 |
84,721 |
12,309 |
Tax effect of amortization of intangible assets resulting from business acquisitions |
(14,915) |
(17,573) |
(2,553) |
Non-GAAP net income attributable to Vipshop's shareholders |
623,359 |
799,438 |
116,146 |
Shares used in calculating earnings per share: |
|||
Basic ordinary shares: |
|||
Class A and Class B ordinary shares: |
|||
—Basic |
115,241,944 |
116,819,173 |
116,819,173 |
—Diluted |
124,277,310 |
125,067,816 |
125,067,816 |
Non-GAAP net income per Class A and Class B share |
|||
Non-GAAP net income attributable to Vipshop's shareholders——Basic |
5.41 |
6.84 |
0.99 |
Non-GAAP net income attributable to Vipshop's shareholders——Diluted |
5.19 |
6.57 |
0.95 |
Non-GAAP net income per ADS (1 ordinary share equal to 5 ADSs) |
|||
Non-GAAP net income attributable to Vipshop's shareholders——Basic |
1.08 |
1.37 |
0.20 |
Non-GAAP net income attributable to Vipshop's shareholders——Diluted |
1.04 |
1.31 |
0.19 |
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