The earnings call presented a mixed picture. While there is positive momentum in customer growth and strategic initiatives in merchandising and brand expansion, financial metrics such as net revenue and income have declined compared to the previous year. The company is making efforts to stabilize and return to growth through customer engagement and shareholder returns, but challenges remain in reversing the decline in financial performance.

Company Guidance

During Vipshop Holdings Limited's Second Quarter 2025 Earnings Conference Call, the company provided guidance that reflects a cautious yet optimistic outlook. They anticipate third-quarter 2025 total net revenues to range between RMB 20.7 billion to RMB 21.7 billion, marking a potential year-over-year growth of 0% to 5%. The guidance is based on observed recovery in total active customers, particularly with new customer growth, and improvements in merchandising strategies. In the second quarter, Vipshop reported total net revenues of RMB 25.8 billion, down from RMB 26.9 billion the previous year. Gross profit was RMB 6.1 billion, and the gross margin was slightly down at 23.5% compared to 23.6% a year earlier. Operating expenses rose by 6.3% to RMB 4.6 billion, while fulfillment and marketing expenses saw slight declines. Despite these challenges, the company is committed to returning no less than 75% of its full-year 2024 non-GAAP net income to shareholders, reflecting confidence in its growth prospects and fundamental value.

Growth in Active Customers and Super VIP Membership

Total active customers showed clear signs of recovery, with Super VIP membership sustaining double-digit growth. Active SVIP customers increased by 15% year-over-year, contributing 52% of online spending.

Merchandising Strategy and Brand Expansion

The company added close to 500 brands to its platform, with the 'Made for Vipshop' line contributing significantly to apparel sales. Customized products accounted for more than 20% of sales for many brands.

Financial Health and Shareholder Returns

The company distributed over USD 640 million in shareholder returns through dividends and share buybacks, and is on track to deliver no less than 75% of RMB 9 billion in full-year 2024 non-GAAP net income.

Vipshop (VIPS) 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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VIPS Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 13, 2025	2025 (Q3)	0.40 / -	0.344	―	―	―
Aug 14, 2025	2025 (Q2)	0.55 / 0.57	0.544	3.84% (+0.02)
May 20, 2025	2025 (Q1)	0.61 / 0.62	0.649	-4.94% (-0.03)
Feb 21, 2025	2024 (Q4)	0.70 / 0.79	0.806	-1.55% (-0.01)
Nov 19, 2024	2024 (Q3)	0.35 / 0.34	0.464	-25.83% (-0.12)	―
Aug 20, 2024	2024 (Q2)	0.55 / 0.54	0.599	-9.07% (-0.05)
May 22, 2024	2024 (Q1)	0.57 / 0.65	0.49	32.39% (+0.16)
Feb 28, 2024	2023 (Q4)	0.70 / 0.81	0.508	58.63% (+0.30)
Nov 14, 2023	2023 (Q3)	0.40 / 0.46	0.356	30.08% (+0.11)
Aug 18, 2023	2023 (Q2)	0.45 / 0.60	0.341	75.51% (+0.26)

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

VIPS Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 14, 2025	$16.36	$17.33	+5.93%
May 20, 2025	$15.47	$14.36	-7.18%
Feb 21, 2025	$14.02	$14.21	+1.36%
Nov 19, 2024	$13.39	$12.80	-4.41%

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.