Q2 2024 Vipshop Holdings Ltd Earnings Call Transcript
Key Points
- Active SVIP members increased by 11% year-over-year, accounting for 40% of online spending.
- Gross margin improved to 23.6% from 22.2% in the prior year period.
- Non-GAAP operating margin increased to 9.5% from 8.2% in the prior year period.
- Steady progress in the 'Made for VIP' line, with GMV increasing by more than 140% year-over-year.
- The company has a strong cash position with RMB21.6 billion in cash and cash equivalents and RMB1.9 billion in short-term investments.
- Total net revenues decreased to RMB26.9 billion from RMB27.9 billion in the prior year period.
- Net income attributable to Vipshop's shareholders decreased to RMB1.9 billion from RMB2.1 billion in the prior year period.
- Return rates have increased, impacting revenue.
- Marketing expenses decreased by 17.0% year-over-year, indicating a cautious approach to customer acquisition.
- The company expects a year-over-year revenue decline of approximately 10% to 5% for the third quarter of 2024.
Ladies and gentlemen, good day, everyone. And welcome to Vipshop Holdings Limited second-quarter 2024 earnings conference call.
At this time, I would like to turn the call to Ms. Jessie Zheng, Vipshop's Head of Investor Relations. Please proceed.
Thank you, operator. Hello, everyone. And thank you for joining Vipshop's second-quarter 2024 earnings conference call. With us today are Eric Shen, our Co-Founder, Chairman, and CEO; and Mark Wang, our CFO.
Before management begins their prepared remarks, I would like to remind you that the discussion today will contain forward-looking statements made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. Potential risks and uncertainties include but are not limited to those outlined in our safe harbor statement in our earnings release and the public
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