Vipshop, China's leading online brand discount retailer, will release its first quarter financial report in 2024. The financial report shows that Vipshop achieved a net revenue of 27.6 billion yuan (RMB, the same below) in the first quarter, up 0.4% year on year; Non GAAP's net profit was 2.6 billion yuan, up 25% year on year. Meanwhile, GMV in the first quarter was 52.4 billion yuan, up 8% year on year; The number of SVIP active users increased by 11% year on year.
At the same time, Vipshop said that, according to the existing stock repurchase plan, the company will repurchase 500 million dollars of shares by the end of 2024. According to statistics, since April 2021, Vipshop has returned more than $2.2 billion to shareholders through stock buybacks and dividends.
Shen Ya, Chairman and CEO of Vipshop, said: "In the first quarter, we promoted service and technological innovation, continued to introduce high-quality brands and deep discount products at home and abroad, and provided users with a richer treasure hunting shopping experience. With the company's unique value orientation and solid business foundation, we are confident of achieving long-term steady development."
Double digit growth of GMV of wearing goods, strengthening the advantages of quality and price
The White Paper on the Spring and Summer Trends of the Fashion Industry of Vipshop 2024 shows that the number of users of the platform wearing consumer has been expanding in the past three years, and the number of "high quality", "outdoor sports" and "fashion" groups has increased significantly. Driven by consumer demand, in the first quarter of this year, the GMV of wearing goods of Vipshop achieved a double-digit growth year on year, and the sales of trend goods such as poncho, frock skirt, and Bucken shoes all grew at a high multiple year on year.
At the same time, Vipshop will continue to strengthen the brand's special selling mentality, deepen cooperation with the brand, and leverage business growth with high quality and price power. Core programs such as Super Brand Day achieved a year-on-year sales growth of 37% in the first quarter. Focusing on the trend of crowd, category and popular style, the platform continued to carry out refined scene operations. In the first quarter, the performance of the "New Fashion Category Day" activity launched on the Super Category Day hit a new record in the history of the program.
As consumer demand becomes more subdivided, the platform and core brands continue to expand the breadth and depth of cooperation in customized goods. As of the first quarter of this year, Vipshop has cooperated with 180 well-known brands to develop customized goods. The number of customized goods has increased significantly, and the proportion of brand performance has gradually increased. The platform data also shows that the number of high-value users attracted by customized goods is on the rise.
Continuously promote service and technological innovation, and the number of active SVIP users increased by 11% year on year
In the first quarter of this year, Vipshop will continue to carry out SVIP service innovation. It has successively launched super V heart selection and private sales. Online and offline activities are linked to increase the membership rights, so that SVIP can enjoy more selected goods and private prices. In the first quarter, the number of active users of SVIP increased by 11% year on year, contributing about 45% to online consumption, and the scale of high-value users continued to expand.
In terms of technological innovation, Vipshop will build a self researched "Chaoche" model, help brand operation improve efficiency and improve user shopping experience by widely applying high-quality graphic content generated by AI. At the same time, the "Chaoche" model is piloting the function of conversational shopping guide, and further optimizing the intelligent customer service experience to provide users with more high-quality and efficient services.
As the domestic consumer market continues to improve, Vipshop will steadily expand its offline outlets business. As a wholly-owned subsidiary of Vipshop, Shanshan Commercial Group focuses on the development, construction, operation and management of high-end outlets business complex. As of the first quarter of this year, 16 Shanshan outlets have opened nationwide. According to the plan, this year, Shanshan Commerce will also promote new Aolai projects in Chengdu, Dalian, Zhengzhou Erdian, Hefei, etc.
Improve the utilization level of clean energy and unlock the new path of rural assistance
Vipshop will continue to improve the level of clean energy utilization and promote green and low-carbon development. In the first quarter of this year, the total PV power generation of Vipshop exceeded 10000 MWh, and nearly 6500 MWh of green power was used.
In the field of social responsibility, Vipshop continues to focus on women's empowerment, rural revitalization, Internet public welfare innovation and other sectors, and has created a series of public welfare projects, such as Loving Mothers, Loving Public Welfare Plan, and Langtou Rural Revitalization. By the first quarter of this year, Vipshop had invested 741 million yuan in public welfare.
At the same time, since last year, Vipshop's logistics operation centers in many places across the country have taken advantage of their own warehousing location to help surrounding villages one-on-one and build a "one warehouse one village" project. As of the first quarter of this year, the project has helped 12 villages and carried out 111 support activities, covering more than 2000 people.
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