Vipshop Reports Unaudited First Quarter 2023 Financial Results.

GUANGZHOU, China: Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China ("Vipshop" or the "Company"), today announced its unaudited financial results for the quarter ended March 31, 2023.

First Quarter 2023 Highlights

Total net revenues for the first quarter of 2023 increased by 9.1% year over year to RMB27.5 billion (US$4.0 billion) from RMB25.2 billion in the prior year period.

GMV[1] for the first quarter of 2023 increased by 14.0% year over year to RMB48.5 billion from RMB42.6 billion in the prior year period.

Gross profit for the first quarter of 2023 increased by 17.9% year over year to RMB5.9 billion (US$859.8 million) from RMB5.0 billion in the prior year period.

Net income attributable to Vipshop's shareholders for the first quarter of 2023 increased by 69.6% year over year to RMB1.9 billion (US$270.7 million) from RMB1.1 billion in the prior year period.

Non-GAAP net income attributable to Vipshop's shareholders[2] for the first quarter of 2023 increased by 45.8% year over year to RMB2.1 billion (US$301.3 million) from RMB1.4 billion in the prior year period.

The number of active customers[3] for the first quarter of 2023 increased by 4.0% year over year to 43.8 million from 42.2 million in the prior year period.

Total orders[4] for the first quarter of 2023 increased by 10.8% year over year to 184.4 million from 166.4 million in the prior year period.

Mr. Eric Shen, Chairman and Chief Executive Officer of Vipshop, stated, "We started 2023 with solid business momentum as we continued to execute our merchandising strategy diligently and effectively. Our abundant and diverse assortments at great value caters well to consumer appetite for discretionary spending along with a rebound in social activities post the pandemic. In the first quarter, we focused more on building our strategic and long-term capabilities in merchandise expansion, customer engagement and service excellence that truly differentiate us. We are reinforcing our value-for-money perception across our merchandise offerings to keep Vipshop top-of-mind among customers. In addition, we are positioned to expand the base of high-value customers and Super VIP members. We are confident about our goal to stay on quality and consistent growth path for the long term."

Mr. David Cui, Chief Financial Officer of Vipshop, further commented, "We are pleased to deliver a strong set of first quarter results. The revenue rise was driven by healthy customer growth with increased spending. Profitabiliy was exceptionally strong because of sales increase and efficiency gains. In addition, we continued to proactively return value to shareholders, with a new share repurchase program in place after we fully utilized the remaining amount under the previous US$1 billion program during the...