Chinese online discount retailer Vipshop Holdings (NYSE: VIPS) beat first quarter 2019 estimates. Non-GAAP net income attributable to Vipshop’s shareholders per ADS increased to RMB1.19 ($0.18). Revenue rose 7.3% year-over-year to RMB21.3 billion ($3.2 billion), primarily driven by the growth in the number of total active customers. Analysts had estimated Vipshop to earn 15 cents per share on revenue of $2.97 billion.
Vipshop stock, which was down 5.09% at $7.27, surged about 6% in the external trading hours.
For the fourth quarter ended December 31, 2018, non-GAAP net income attributable to Vipshop’s shareholders increased by 2.9% year-over-year to RMB913.6 million (US$132.9 million). Revenue rose 8% annually to RMB26.1 billion (US$3.8 billion).
Gross merchandise volume grew by 11% to RMB33.8 billion in Q4 2018, while the number of active customers increased 14% to 29.7 million. Total orders surged 29% to 116.5 million from 90.2 million in the prior year period.
For the second quarter of 2019, Vipshop expects its revenue to be between RMB20.7 billion and RMB21.7 billion, representing a year-over-year growth rate of approximately 0% to 5%.
“During this quarter, our total active customers grew by 14% year over year, which was the result of enhanced loyalty from existing customers and accelerated growth in the number of new customers. Going forward, we will continue to expand our market share in the discount apparel segment, further strengthening our leading position in China,” said CEO Eric Shen.
Shares of the Chinese e-commerce company have gained 34% since the beginning of 2019 and slided 40% in the past 12 months.
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