While Vipshop showed strong growth in its apparel category and Super VIP membership, it faced challenges with a decrease in total net revenues, increased operating expenses, and declining margins. The financial outlook for Q1 2025 suggests continued challenges with expected revenue declines.

Company Guidance

During the Vipshop Holdings Limited Fourth Quarter and Full Year 2024 Earnings Conference Call, the company provided guidance and insights into their performance and strategy. Vipshop reported total net revenues of RMB33.2 billion for Q4 2024, with a gross margin of 23.0%, slightly down from 23.7% in the prior year period. The apparel category showed a 2% year-over-year growth, accounting for 75% of the total GMV, contributing significantly to the RMB200 billion in total annual sales. The company's Super VIP membership saw a 50% increase in active members in Q4, contributing 51% of online spending. Despite a challenging year, Vipshop achieved a non-GAAP net profit attributable to shareholders of RMB9 billion for 2024, maintaining a solid margin of 8.3%. Looking forward, Vipshop anticipates net revenues for Q1 2025 to range between RMB26.3 billion and RMB27.6 billion, reflecting a potential year-over-year decrease of up to 5%. The company remains focused on expanding its merchandising capabilities and leveraging AI to enhance efficiency and customer experience.

Apparel Category Growth

Apparel categories were up 2% from the year ago, accounting for 75% of total GMV. This helped Vipshop achieve RMB200 billion in total annual sales.

Super VIP Membership Growth

Active Super VIP members increased by 50% in Q4 year over year, contributing to 51% of online spending.

Gross Margin Achievement

Gross margin for the full year reached an eight-year high of 23.5%, benefiting from a strong apparel business contribution.

Non-GAAP Net Profit

Vipshop recorded over RMB9 billion in full-year non-GAAP net profit, with a solid margin of 8.3%.

Capital Return to Shareholders

In 2024, approximately $770 million was returned to shareholders through annual dividends and buybacks.

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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
May 15, 2025	2025 (Q1)	0.62 / -	4.66	―	―	―
Feb 21, 2025	2024 (Q4)	0.70 / 0.79	0.798	-1.55% (-0.01)
Nov 19, 2024	2024 (Q3)	0.34 / 0.34	0.459	-25.83% (-0.12)	―
Aug 20, 2024	2024 (Q2)	0.54 / 0.54	0.593	-9.07% (-0.05)
May 22, 2024	2024 (Q1)	0.57 / 0.64	0.485	32.39% (+0.16)
Feb 28, 2024	2023 (Q4)	0.69 / 0.80	0.503	58.63% (+0.29)
Nov 14, 2023	2023 (Q3)	0.40 / 0.46	0.353	30.08% (+0.11)
Aug 18, 2023	2023 (Q2)	0.45 / 0.59	0.338	75.51% (+0.25)
May 23, 2023	2023 (Q1)	0.37 / 0.49	0.288	68.42% (+0.20)
Feb 23, 2023	2022 (Q4)	0.45 / 0.50	0.364	38.26% (+0.14)

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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VIPS Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 21, 2025	$14.53	$14.73	+1.38%
Nov 19, 2024	$13.88	$13.26	-4.47%
Aug 20, 2024	$14.02	$11.56	-17.55%
May 22, 2024	$16.45	$16.52	+0.43%

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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