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Mar 31
Vipshop Q1 2025 Earnings Report
Vipshop reported steady profitability amid lower revenue and order volume in Q1 2025.
Key Takeaways
Vipshop delivered $3.6B in revenue and $267.7M in net income in Q1 2025, maintaining solid profitability despite a year-over-year revenue decline and fewer active customers.
Revenue reached $3.62 billion, down from $3.81 billion YoY.
Net income was $267.7 million, with adjusted EPS at $0.61.
Active customers dropped to 41.3 million from 43.1 million last year.
The company continued buybacks, repurchasing $16.9 million in ADSs.
Vipshop
Vipshop
Vipshop Revenue by Geographic Location
Forward Guidance
Vipshop forecasts Q2 2025 revenue between $3.51 billion and $3.71 billion, implying a year-over-year decline of up to 5%.
Positive Outlook
- Maintained strong net income amid revenue pressures.
- Expanded Super VIP customer base with double-digit growth.
- Continued execution on long-term strategic initiatives.
- Disciplined investment and improved operational efficiency.
- Shareholder returns enhanced through buybacks.
Challenges Ahead
- Revenue outlook indicates up to 5% decline YoY.
- Lower order volumes and customer engagement.
- Decreased gross and operating margins YoY.
- Free cash outflow of $246 million in Q1.
- Rising marketing and administrative expenses.