VIPSHOP's revenue in the third quarter was 21.6 billion yuan, down 13.3% from the same period last year.
According to the news on the evening of November 22, Beijing time, VIPSHOP (NYSE:VIPS) today released its results for the third quarter of 2022, which ended September 30. VIPSHOP's total net income in the third quarter was 21.6 billion yuan ($3 billion), compared with 24.9 billion yuan in the same period last year, according to the financial report. The net profit attributed to VIPSHOP's shareholders was 1.7 billion yuan ($237.1 million), up 168.4% from 628.4 million yuan in the same period last year. Excluding Non-GAAP, the net profit attributable to VIPSHOP shareholders was 1.6 billion yuan ($224.2 million), up 55.0 per cent from 1 billion yuan in the same period last year.
Third quarter results:
GMV was 37.6 billion yuan, compared with 40.2 billion yuan in the same period last year.
Total net revenue was 21.6 billion yuan ($3 billion), compared with 24.9 billion yuan in the same period last year.
Gross profit was 4.7 billion yuan ($658.3 million), compared with 4.8 billion yuan in the same period last year. The gross profit margin was 21.7%, compared with 19.4% in the same period last year.
Overall operating expenses were 3.7 billion yuan ($514.2 million), down 13.9% from 4.2 billion yuan in the same period last year.
The expenditure on implementation was 1.6 billion yuan ($227.5 million), which was basically the same as the same period last year.
Marketing spending was 572.4 million yuan ($80.5 million), down 53.9 percent from 1.2 billion yuan in the same period last year.
Spending on technology and content was 394.8 million yuan ($55.5 million), up 7.6 percent from 366.8 million yuan in the same period last year.
General and administrative expenses were 1.1 billion yuan ($150.7 million), compared with 1 billion yuan in the same period last year.
The net profit attributed to VIPSHOP's shareholders was 1.7 billion yuan ($237.1 million), up 168.4% from 628.4 million yuan in the same period last year.
Excluding Non-GAAP, the net profit attributable to VIPSHOP shareholders was 1.6 billion yuan ($224.2 million), up 55.0 per cent from 1 billion yuan in the same period last year.
As of September 30, 2022, VIPSHOP had cash, cash equivalents and restricted cash of 16.2 billion yuan ($2.3 billion) and short-term investment of 3.4 billion yuan ($478 million).
Performance outlook:
VIPSHOP expects total net revenue to reach 30.7 billion to 32.4 billion yuan in the fourth quarter of 2022, down about 10 to 5 per cent from a year earlier.
