Vipshop Reports Unaudited Third Quarter 2024 Financial Results

Core Viewpoint - Vipshop Holdings Limited reported a decline in financial performance for the third quarter of 2024, reflecting soft industry trends in discretionary categories, while maintaining profitability through disciplined financial management and strategic adjustments [2][3][4]. Financial Performance - Total net revenues for Q3 2024 were RMB20.7 billion (US$2.9 billion), down from RMB22.8 billion in the prior year [2][4]. - Gross profit for Q3 2024 was RMB5.0 billion (US$706.1 million), compared to RMB5.4 billion in the prior year [2][5]. - Net income attributable to shareholders for Q3 2024 was RMB1.0 billion (US$149.0 million), down from RMB1.2 billion in the prior year [2][11]. - Non-GAAP net income attributable to shareholders for Q3 2024 was RMB1.3 billion (US$186.8 million), compared to RMB1.8 billion in the prior year [2][12]. Customer Metrics - The number of active customers in Q3 2024 was 39.6 million, down from 42.3 million in the prior year [2]. - Total orders for Q3 2024 were 163.9 million, compared to 179.9 million in the prior year [2]. Operating Expenses - Total operating expenses for Q3 2024 decreased by 6.1% year over year to RMB3.8 billion (US$536.6 million) [6]. - Fulfillment expenses decreased by 2.0$247.3 million) [7]. - Marketing expenses decreased by 7.7% year over year to RMB617.8 million (US$88.0 million) [7]. Share Repurchase Program - The company repurchased US$275.0 million worth of shares during Q3 2024 and plans to initiate a new US$1.0 billion share repurchase program [3][16][17]. Business Outlook - For Q4 2024, the company expects total net revenues to be between RMB31.2 billion and RMB32.9 billion, representing a year-over-year decrease of approximately 10% to 5% [18].