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China's leading online discount retailer Vipshop stock up 12% within two days
The epidemic did not stop the continuous profitability of Vipshop.
On May 27th, Beijing time, the discount retailer e-commerce Vipshop released the first quarter 2020 financial report. According to Non-GAAP standards, Vipshop Q1's net profit attributable to shareholders was 986.1 million yuan (about 139.3 million US dollars), a year-on-year increase of 20.8%, exceeding market expectations. It is also Vipshop's 30 consecutive quarterly profit. And the record is again set.
During the financial reporting season, some companies rejoiced and some were distressed due to the "house economy".
For Vipshop, the bad condition of the apparel industry in the first quarter also affected its operations. According to data from the National Bureau of Statistics, retail sales of clothing, shoes, hats, needles, and textiles above the designated size in the first quarter declined by 32.2% due to reduced demand and supply-side impact. Retail sales of cosmetics decreased by 13.2% year-on-year.