Vipshop (VIPS) has released an update.
Vipshop Holdings Limited reported a slight decrease in total net revenues for Q2 2024, down to RMB 26.9 billion from RMB 27.9 billion year over year, while gross profit saw a minor increase. The company’s net income dropped to RMB 1.9 billion compared with RMB 2.1 billion in the prior year, despite a stable gross merchandise value (GMV) and a reduction in active customers and total orders. Nevertheless, the leadership highlighted the company’s operational excellence, focus on core competitive edges, and a new share repurchase program signaling confidence in long-term growth.
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