Vipshop (VIPS.US) Q4 performance exceeds expectations, pre-market trading up over 6%

On February 28, Vipshop Holdings Limited (VIPS.US) announced its fourth quarter 2023 financial results. The financial report showed that the company's Q4 total net revenue was 34.674 billion yuan, compared to 31.758 billion yuan in the same period last year, a year-on-year increase of 9.2%, exceeding market expectations; net profit was 2.98 billion yuan, compared to 2.24 billion yuan in the same period last year, a year-on-year increase of 33%; diluted earnings per ADS were 5.35 yuan, compared to 3.66 yuan in the same period last year. After the performance announcement, Vipshop's stock price rose more than 6% in pre-market trading, rising 6.69% to $18.30 at the time of writing. The number of active customers in the fourth quarter of 2023 increased by 2.3% year-on-year, from 47.5 million in the same period last year to 48.5 million. The number of active customers for the full year of 2023 increased by 3.9% year-on-year, from 84.1 million in the previous year to 87.4 million. Total order volume in the fourth quarter increased by 7.2% year-on-year, from 218.5 million in the same period last year to 234.3 million. The total order volume for the full year of 2023 increased by 9.8% year-on-year, from 739.5 million in the previous year to 812.3 million. Vipshop's GMV in the fourth quarter of 2023 increased by 21.9% year-on-year, from 54.4 billion yuan in the same period last year to 66.4 billion yuan. The full year GMV for 2023 increased from 175.2 billion yuan in the previous year to 208 billion yuan, a year-on-year increase of 18.7%. As of December 31, 2023, Vipshop had cash and cash equivalents including restricted cash of 26.3 billion yuan (approximately $3.7 billion) and short-term investments of 2 billion yuan (approximately $279.3 million). Performance Guidance For the first quarter of 2024, Vipshop expects its total net revenue to be between 27.5 billion and 28.9 billion yuan, a year-on-year increase of approximately 0% to 5%.