The earnings call reflects a mixed performance for Vipshop in Q3 2024. While there are encouraging signs such as strong SVIP membership growth, improved gross margins, and successful promotional events, these are offset by declines in sales and revenue, challenges in certain product categories, and a cautious outlook due to uncertain consumer sentiment. The company's strategic initiatives and financial discipline are notable positives, but the challenging economic environment poses significant hurdles.

Company Guidance

During the Vipshop Holdings Limited Third Quarter 2024 earnings call, the company provided guidance for the fourth quarter of 2024, forecasting total net revenues to be between RMB 31.2 billion and RMB 32.9 billion, indicating a year-over-year decrease of approximately 10% to 5%. This outlook reflects Vipshop's cautious approach to the current market and operational conditions, acknowledging uncertainties in consumer sentiment and macroeconomic recovery. The company reported a third-quarter gross margin of 24.0%, driven by a higher contribution from apparel categories and other revenues, while maintaining disciplined financial management. Despite challenges, Vipshop's SVIP membership saw an 11% year-over-year increase in active customers, contributing to 49% of online spending, demonstrating strong customer loyalty. The company remains focused on enhancing merchandising capabilities and leveraging technology to drive growth and efficiency.

SVIP Membership Growth

Active SVIP customers grew 11% year-over-year, resulting in 49% of online spending, indicating strong membership growth and customer loyalty.

Improved Gross Margin

Gross margin increased to 24.0% from 23.6% in the prior year period, driven by higher-margin apparel categories and cost-saving initiatives.

Strong Singles Day Performance

During the full 28-day promotional cycle, GMV grew over 20%, with customer and revenue metrics exceeding expectations.

Share Repurchase Program

In the first 9 months of 2024, USD 500 million worth of shares were repurchased, with a new 2-year buyback program of up to USD 1 billion in place.

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Vipshop (DE:1VPA) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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DE:1VPA Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Aug 13, 2018	2018 (Q2)	- / 0.12	0.151	-21.08% (-0.03)	―	―
Nov 14, 2018	2018 (Q3)	- / 0.10	0.124	-17.87% (-0.02)	―	―
Feb 20, 2019	2018 (Q4)	- / 0.17	0.186	-8.67% (-0.02)	―	―
May 22, 2019	2019 (Q1)	- / 0.16	0.144	10.19% (+0.01)	―	―
Aug 14, 2019	2019 (Q2)	- / 0.22	0.119	80.67% (+0.10)	―	―
Nov 13, 2019	2019 (Q3)	- / 0.23	0.102	129.88% (+0.13)	―	―
Mar 05, 2020	2019 (Q4)	- / 0.38	0.17	122.75% (+0.21)	―	―
May 27, 2020	2020 (Q1)	- / 0.19	0.158	21.01% (+0.03)	―	―
Aug 19, 2020	2020 (Q2)	- / 0.26	0.215	18.74% (+0.04)	―	―
Nov 13, 2020	2020 (Q3)	- / 0.27	0.234	14.60% (+0.03)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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DE:1VPA Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 19, 2024	€13.00	€12.90	-0.77%
Aug 20, 2024	€12.60	€11.00	-12.70%
May 22, 2024	€14.60	€14.40	-1.37%
Feb 28, 2024	€15.31	€17.95	+17.20%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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