Vipshop net profit surges by 282.7% in Q3
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E-mail Xinhua, November 14, 2019
China's major online discount retailer Vipshop Holdings Limited said that its net profit attributable to shareholders surged 282.7 percent year on year to 875.5 million yuan (about 124.7 million U.S. dollars) in the third quarter of this year.
Total net revenue rose by 10 percent for Q3 to 19.6 billion yuan, gaining for 28 consecutive quarters, Vipshop said in an unaudited financial statement Wednesday.
The NYSE-listed company also saw a 16.6 percent year-on-year increase to 4.2 billion yuan in gross profit in the third quarter.
Total orders in Q3 reached 127.6 million, increasing 33 percent from the same period last year, and the number of active customers grew by 21 percent year on year to hit 32 million, the report said.
Net revenue and profit growth are mostly attributable to the company's focus on the highly profitable apparel category, with its gross merchandise volume (GMV) up 29 percent year on year, said Yang Donghao, the chief financial officer of Vipshop.
Launched in 2008 as Vipshop.com, the company was listed on the New York Stock Exchange in 2012, and a year later launched Vip.com.
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