(Vipshop) Shares of Vipshop fell more than 6% in premarket on Thursday after reporting revenues of RMB25.2 billion or US$4.0 billion in the first quarter of 2022. The revenue was lower than RMB28.4 billion in the prior year.
Vipshop said that its Gross Merchandise Value was RMB42.6 billion, which was also a drop from RMB46.1 billion in the prior year.
The company said it ended the first quarter with 42.2 million customers, a decline from 45.8 million customers in the prior year. Total orders in the quarter were 166.4 million, down from 175.5 million in the prior year.
The online discount retailer also reported a lower net income attributed to its shareholders of RMB1.1 billion or $172.8 million, below RMB1.5 billion in the prior year.
Vipshop is now expecting its net revenue to range between RMB22.2 billion and RMB23.7 billion in the second quarter, representing a 25% to 20% decline from the prior year.
VIPS: NYSE is down -6.67% in premarket.
