— Chinese online discount retailer Vipshop Holdings Limited (NYSE: VIPS) reported its third-quarter 2019 adjusted earnings of 25 cents per American Depository Shares versus 17 cents per ADS expected.
— Total net revenues increased by 10% to RMB19.6 billion or $2.7 billion. This is compared to the consensus estimates of $2.61 billion.
— The number of active customers increased by 21% year-over-year to 32.0 million. This demonstrated its healthy growth momentum backed by the successful execution of merchandising strategy.
— Total orders increased by 33% year-over-year to 127.6 million from 95.7 million in the prior-year period.
— As a percentage of total net revenue, total operating expenses decreased to 17.3% from 19.4% in the prior-year period, primarily attributable to more effective cost control.
— Looking ahead into the fourth quarter, the company expects total net revenues in the range of RMB26.1 billion to RMB27.4 billion. This represents a year-over-year growth rate of about 0% to 5%.
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The restaurant and food service industry is struggling to regain momentum after being hit hard by the pandemic. Restauranteurs are currently busy adapting to the changed operating conditions, shifting focus