(Vip.com) Shares of Vipshop Holdings Limited traded 10% lower on Wednesday after it reported a revenue of RMB34.1 billion or US$5.4 billion in the fourth quarter of 2021. The revenue was below RMB35.8 billion in the prior year.
For FY21, Vipshop’s revenue was RMB117.1 billion or $18.4 billion, an increase of 14.9% from the prior year.
The company also said that its gross merchandise value in the fourth quarter slipped to RMB57.0 billion, compared to RMB59.2 billion in the previous year. FY21 GMV rose 16% from the prior year to RMB191.5 billion.
Net income in the fourth quarter was down to RMB1.4 billion or $222.0 million, below RMB2.4 billion in the previous year. FY21 net income was RMB4.7 billion or $734.6 million, below RMB5.9 billion in the previous year.
Vipshop’s number of active customers in the fourth quarter was 49.2 million, down from 53.0 million in the previous year. FY21 active customers grew 12% to 93.9 million.
The company now projects a net revenue ranging from RMB27.0 billion to RMB28.4 billion in the first quarter of 2022, a decline of 55 to 0% year-over-year.
VIPS: NYSE is down -10.16%.
