GUANGZHOU, China, May 14, 2014 /PRNewswire/ -- Vipshop Holdings
Limited (NYSE: VIPS), China's
leading online discount retailer for brands ("Vipshop" or the
"Company") today announced its unaudited financial results for the
quarter ended March 31, 2014.
First Quarter 2014 Highlights
- Total net revenues increased by 125.9% over the prior year
period to US$701.9 million, primarily
attributable to a 165.1% increase in the number of active
customers[1] to 7.4 million from 2.8 million and a 129.3% increase
in total orders[2] to 20.2 million from 8.8 million over the prior
year period.
- Gross margin increased to 24.9% from 23.4% in the prior year
period.
- Non-GAAP income from operations[3] increased by 394.3%
year-over-year to US$42.8 million
from US$8.7 million in the prior year
period. Non-GAAP operating income margin[4] increased to 6.1% from
2.8% in the prior year period.
- Net income attributable to Vipshop's shareholders increased by
355.3% to US$26.6 million from
US$5.8 million in the prior year
period. Net income margin increased to 3.8% from 1.9% in the prior
year period.
- Non-GAAP net income attributable to Vipshop's shareholders[5]
increased by 318.2% to US$37.7
million from US$9.0 million in
the prior year period. Non-GAAP net income margin increased to 5.4%
from 2.9% in the prior year period.
Mr. Eric Shen, Chairman and CEO
of Vipshop, stated, "We are very excited to report robust first
quarter 2014 financial results, which reflect our continued strong
growth momentum and increasing operational efficiencies, evidenced
by 125.9% year-over-year growth in net revenues and incremental
gross margin expansion to 24.9%. As the integration of our
strategic acquisition of Lefeng commences, we expect to benefit
from synergies associated with streamlining our comprehensive
cosmetics offerings and cross selling to our customer bases and
lowering our combined operating expenses. In addition, we aim to
further improve the customer experience for viewing and purchasing
products across both the PC and mobile platforms and evolve with
our customers' purchasing habits. We are confident that our
initiatives in 2014 of expanding our warehousing, merchandizing and
IT capabilities will help further enhance our ability to satisfy,
retain and attract customers, through delivering the best-in-class
customer experience and product selection, and drive long-term
value for our shareholders."
Mr. Donghao Yang, CFO of Vipshop,
commented, "We're proud of our first quarter financial performance
and initial results of our integration with Lefeng. We believe that
our on-going investments in warehousing expansion and management
will continue to help us improve sales capacity and reduce our
operating costs, providing a strong foundation for our continued
growth over the coming years. We are committed to further growing
our product portfolio both organically and through acquisitions
when appropriate."
First Quarter 2014 Financial Results
REVENUES
Total net revenues increased by 125.9% to US$701.9 million from US$310.7 million in the prior year period,
primarily driven by growth in the number of active customers and
total orders. Less than 5% of total net revenues during the first
quarter of 2014 were attributed to Lefeng.com Limited ("Lefeng"),
the online cosmetics and fashion products retailor that the Company
acquired in February 2014.
The number of active customers for the first quarter of 2014
increased by 165.1% to 7.4 million from approximately 2.8 million
in the prior year period. The number of total orders for the first
quarter of 2014 increased by 129.3% to 20.2 million from 8.8
million in the prior year period. This increase was primarily due
to increased brand recognition as well as the Company's continued
efforts to optimize and increase brand and product selections
available on its website. In addition, the Company has expanded its
warehouse capacity to streamline suppliers' operations and
effectively manage inventory, in order to facilitate and
accommodate increased demands from customers as well as accelerate
the delivery of purchased products.
GROSS PROFIT
Gross profit for the first quarter of 2014 increased by 140.3%
to US$174.8 million from US$72.8 million in the prior year period. This
reflects both the significant increase in total net revenues as
well as effective margin management. Gross margin increased to
24.9% in the first quarter of 2014 from 23.4% in the prior year
period. This increase is attributable to the Company's increased
bargaining power with its suppliers due to increased scale of the
Company's business and the growth of the Company's marketplace
business.
OPERATING INCOME AND EXPENSES
Total operating expenses for the first quarter of 2014 increased
by 115.0% to US$147.4 million from
US$68.6 million in the prior year
period. As a percentage of total net revenues, total operating
expenses decreased to 21.0% from 22.1% in the prior year
period.
- Fulfillment expenses increased by 97.8% to
US$74.6 million from US$37.7 million in the prior year period,
primarily reflecting the increase in sales volume and number of
orders fulfilled. As a percentage of total net revenues,
fulfillment expenses decreased to 10.6% from 12.1% in the prior
year period, which reflects the Company's continued efforts to
reduce warehousing and personnel costs, negotiate better courier
rates and leverage the increased order size.
- Marketing expenses increased by 129.0% to
US$30.1 million from US$13.1 million in the prior year period. As a
percentage of total net revenues, marketing expenses remained
stable at 4.3% compared to 4.2% in the prior year period,
reflecting the Company's continued efforts to control marketing
expenses by retaining repeat customers and achieving high growth of
new customers through word-of-mouth referrals.
- Technology and content expenses increased by
134.8% to US$18.7 million from
US$7.9 million in the prior year
period, primarily reflecting the Company's continued effort to
invest in its website and IT systems to better support future
growth. As a percentage of total net revenues, technology and
content expenses remained stable at 2.7% compared with 2.6% in the
prior year period.
- General and administrative expenses increased by
146.1% to US$24.1 million from
US$9.8 million in the prior year
period, primarily due to increased headcount and office rentals
associated with the growth in the Company's overall business. As a
percentage of total net revenues, general and administrative
expenses increased to 3.4% from 3.2% in the prior year period due
to the amortization of US$5.0 million
of intangible assets resulting from the acquisition of Lefeng.
Income from operations increased by 452.0% to US$30.2 million from US$5.5 million in the prior year period due to
the growing scale of the Company's operations, improved gross
margin and cost control. Operating income margin increased to 4.3%
from 1.8% in the prior year period.
Non-GAAP income from operations, which excludes US$7.6 million in share-based compensation
expenses and US$5.0 million in
amortization of intangible assets resulting from the business
acquisition, increased by 394.3% to US$42.8
million from US$8.7 million in
the prior year period.Non-GAAP operating income margin increased to
6.1% from 2.8% in the prior year period.
NET INCOME/LOSS
Net income attributable to Vipshop's shareholders increased by
355.3% to US$26.6 million from
US$5.8 million in the prior year
period. Net income margin increased to 3.8% from 1.9% in the prior
year period. Net income per diluted ADS[6] increased to
US$0.46 from US$0.11 in the prior year period.
Non-GAAP net income attributable to Vipshop's shareholders,
which excludes share-based compensation expenses and amortization
of intangible assets resulting from business acquisitions,
increased by 318.2% to US$37.7
million from US$9.0 million in
the prior year period. Non-GAAP net income margin increased to 5.4%
from 2.9% in the prior year period. Non-GAAP net income per diluted
ADS increased to US$0.63 from
US$0.17 in the prior year period.
For the quarter ended March 31,
2014, the Company's weighted average number of ADSs used in
computing diluted income per ADS was 59,580,486.
As of March 31, 2014, the Company
had cash and cash equivalents of US$871.8
million, restricted securities of US$179.1 million and held-to-maturity securities
of US$332.5 million.
For the first quarter of 2014, net cash from operating
activities was US$84.1 million.
Business Outlook
For the second quarter of 2014, the Company expects its total
net revenues to be between US$780 million
and US$790 million, representing a year-over-year growth
rate of approximately 122.0% to 124.9%. These forecasts reflect the
Company's current and preliminary view on the market and
operational conditions, which are subject to change.
Conference Call Information
The Company will hold a conference call on Thursday, May 15, 2014 at 8:00 AM U.S. Eastern Time or 8:00 pm Beijing Time to discuss its financial
results and operating performance for the first quarter 2014.
United
States:
|
+1-845-675-0438
|
International Toll
Free:
|
+1-855-500-8701
|
China
Domestic:
|
400-1200654
|
Hong Kong:
|
+852-3051-2745
|
Conference
ID:
|
#33943909
|
The replay will be accessible through May
22, 2014 by dialing the following numbers:
United States Toll
Free:
|
+1-855-452-5696
|
International:
|
+61 2 9003
4211
|
Conference
ID:
|
#33943909
|
A live and archived webcast of the conference call will also be
available at the Company's investor relations website at
http://ir.vip.com.
About Vipshop Holdings Limited
Vipshop Holdings Limited is China's leading online discount retailer for
brands. Vipshop offers high quality and popular branded products to
consumers throughout China at a
significant discount to retail prices. Since it was founded in
August 2008, the Company has rapidly
built a sizeable and growing base of customers and brand partners.
For more information, please visit http://www.vip.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
the business outlook and quotations from management in this
announcement, as well as Vipshop's strategic and operational plans,
contain forward-looking statements. Vipshop may also make written
or oral forward-looking statements in its periodic reports to the
U.S. Securities and Exchange Commission (the "SEC"), in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about Vipshop's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: Vipshop's goals and strategies; Vipshop's
future business development, results of operations and financial
condition; the expected growth of the online discount retail market
in China; Vipshop's ability to
attract customers and brand partners and further enhance its brand
recognition; Vipshop's expectations regarding demand for and market
acceptance of flash sales products and services; competition in the
discount retail industry; fluctuations in general economic and
business conditions in China and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in
Vipshop's filings with the SEC. All information provided in this
press release and in the attachments is as of the date of this
press release, and Vipshop does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
Use of Non-GAAP Financial Measures
The unaudited condensed consolidated financial information is
prepared in conformity with accounting principles generally
accepted in the United States of
America ("U.S. GAAP"), except that the consolidated
statement of shareholders' equity, consolidated statements of cash
flows, and the detailed notes required by Accounting Standards
Codification 270 Interim Reporting ("ASC270"), have not been
presented. Vipshop uses non-GAAP net income attributable to
Vipshop's shareholders, non-GAAP net income per diluted ADS,
non-GAAP income from operations, non-GAAP net income margin, and
non-GAAP operating income margin, each of which is a non-GAAP
financial measure. Non-GAAP net income attributable to Vipshop's
shareholders is net income attributable to Vipshop's shareholders
excluding share-based compensation expenses and amortization of
intangible assets. Non-GAAP net income per diluted ADS is non-GAAP
net income divided by weighted average number of diluted ADS.
Non-GAAP income from operations is income from operations excluding
share-based compensation expenses and amortization of intangible
assets. Non-GAAP operating income margin is non-GAAP income from
operations as a percentage of total net revenues. Non-GAAP net
income margin is non-GAAP net income as a percentage of total net
revenues. The Company believes that separate analysis and exclusion
of the non-cash impact of share-based compensation and amortization
of intangible assets adds clarity to the constituent parts of its
performance. The Company reviews these non-GAAP financial measures
together with GAAP financial measures to obtain a better
understanding of its operating performance. It uses these non-GAAP
financial measures for planning, forecasting and measuring results
against the forecast. The Company believes that non-GAAP financial
measures are useful supplemental information for investors and
analysts to assess its operating performance without the effect of
non-cash share-based compensation expenses and amortization of
intangible assets, which have been and will continue to be
significant recurring expenses in its business. However, the use of
non-GAAP financial measures has material limitations as an
analytical tool. One of the limitations of using non-GAAP financial
measures is that they do not include all items that impact the
Company's net income for the period. In addition, because non-GAAP
financial measures are not measured in the same manner by all
companies, they may not be comparable to other similar titled
measures used by other companies. In light of the foregoing
limitations, you should not consider non-GAAP financial measure in
isolation from or as an alternative to the financial measure
prepared in accordance with U.S. GAAP.
The presentation of these non-GAAP financial measures is not
intended to be considered in isolation from, or as a substitute
for, the financial information prepared and presented in accordance
with U.S. GAAP. For more information on these non-GAAP financial
measures, please see the table captioned "Vipshop Holdings Limited
Reconciliations of GAAP and Non-GAAP Results" at the end of this
release.
[1]
|
Active customers are
defined as any registered member who has purchased products from
the Company at least once during the period. The active customer
figure in 2014 includes active Lefeng customers after the Lefeng
acquisition was completed in February 2014.
|
[2]
|
Total orders are
defined as the total number of orders placed during the period. The
total order figure in 2014 includes orders attributable to Lefeng
after the Lefeng acquisition was completed in February
2014.
|
[3]
|
Non-GAAP income from
operations is a non-GAAP financial measure, which is defined as
income from operations excluding share-based compensation expenses
and amortization of intangible assets resulting from the Lefeng
acquisition.
|
[4]
|
Non-GAAP operating
income margin is a non-GAAP financial measure, which is defined as
non-GAAP income from operations as a percentage of total net
revenues.
|
[5]
|
Non-GAAP net income
attributable to Vipshop's shareholders is a non-GAAP financial
measure, which is defined as net income attributable to Vipshop's
shareholders excluding share-based compensation expenses and
amortization of intangible assets resulting from business
acquisitions.
|
[6]
|
"ADS" means American
Depositary Share. Each ADS represents two ordinary shares, par
value US$0.0001 per share, of the Company.
|
Vipshop Holdings
Limited
|
Condensed
Consolidated Statements of Income and Comprehensive
Income
|
(In US dollars,
except for share data)
|
|
Three Months
Ended
|
|
March 31,
2013
|
March 31,
2014
|
December 31,
2013
|
|
USD
|
USD
|
USD
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|
|
|
|
Product
revenues
|
306,522,548
|
691,379,609
|
641,801,263
|
Other revenues
(1)
|
4,136,133
|
10,548,373
|
9,215,025
|
Total net
revenues
|
310,658,681
|
701,927,982
|
651,016,288
|
Cost of goods
sold
|
(237,908,540)
|
(527,116,531)
|
(491,590,070)
|
Gross
profit
|
72,750,141
|
174,811,451
|
159,426,218
|
Operating
expenses
|
|
|
|
Fulfillment
expenses(2)
|
(37,699,224)
|
(74,586,133)
|
(73,203,384)
|
Marketing
expenses
|
(13,126,003)
|
(30,053,706)
|
(28,902,617)
|
Technology and
content expenses
|
(7,948,145)
|
(18,660,941)
|
(14,166,544)
|
General and
administrative expenses(3)
|
(9,804,914)
|
(24,132,185)
|
(17,466,907)
|
Total operating
expenses
|
(68,578,286)
|
(147,432,965)
|
(133,739,452)
|
Other
income
|
1,306,068
|
2,862,209
|
3,873,895
|
Income from
operations
|
5,477,923
|
30,240,695
|
29,560,661
|
Interest
expense
|
—
|
(1,628,282)
|
—
|
Interest
income
|
2,436,478
|
8,198,147
|
5,870,876
|
Exchange gain
(loss)
|
(222,618)
|
(1,057,905)
|
251,980
|
Share of loss of an
affiliate
|
—
|
(754,714)
|
—
|
Income before income
taxes
|
7,691,783
|
34,997,941
|
35,683,517
|
Income tax
expenses(4)
|
(1,850,610)
|
(10,323,486)
|
(10,284,887)
|
Net income
|
5,841,173
|
24,674,455
|
25,398,630
|
Net loss attributable
to noncontrolling interests
|
—
|
1,919,566
|
—
|
Net income
attributable to Vipshop's shareholders
|
5,841,173
|
26,594,021
|
25,398,630
|
|
|
|
|
Weighted average
numbers of shares used in calculating earnings per
share:
|
|
|
|
—Basic
|
103,004,723
|
111,919,288
|
111,366,346
|
—Diluted
|
109,132,970
|
119,160,971
|
117,668,616
|
|
|
|
|
Net earnings per
share
|
|
|
|
Net income
attributable to Vipshop's shareholders——Basic
|
0.06
|
0.24
|
0.23
|
Net income
attributable to Vipshop's shareholders——Diluted
|
0.05
|
0.23
|
0.22
|
|
|
|
|
Net earnings per ADS
(2 ordinary shares equal to 1 ADS)
|
|
|
|
Net income
attributable to Vipshop's shareholders——Basic
|
0.11
|
0.48
|
0.46
|
Net income
attributable to Vipshop's shareholders——Diluted
|
0.11
|
0.46
|
0.43
|
(1)Other revenues
primarily consist of revenues from product promotion and online
advertising, fees charged to third-party merchants which the
Company provides platform access for sales of their
product.
|
|
|
(2) Including
shipping and handling expenses, which amounted US$24 million,
US$45.8million and US$43 million in the three month periods ended
March 31, 2013, March 31, 2014 and December 31, 2013,
respectively.
|
|
|
(3)Including
amortization of intangible assets resulting from a business
acquisition, which amounted to US$5 million in the three months
period ended March 31, 2014.
|
|
|
(4)For the three
months period ended March 31, 2014, included income tax benefits of
US$1.3 million related to the reversal of deferred tax liabilities,
which was recognized on the businss acquisition of
Lefeng.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
5,841,173
|
24,674,455
|
25,398,630
|
Other comprehensive
income (loss), net of tax:
|
|
|
|
Foreign currency
translation adjustments
|
219,668
|
(5,193,583)
|
2,022,857
|
Comprehensive income
(loss)
|
6,060,841
|
19,480,872
|
27,421,487
|
Less: Comprehensive
income (loss) attributable to non-controlling interests
|
—
|
(1,898,431)
|
—
|
Comprehensive income
attributable to Vipshop's shareholders
|
6,060,841
|
21,379,303
|
27,421,487
|
|
|
|
|
|
Three Months
Ended
|
|
March 31,
2013
|
March 31,
2014
|
December 31,
2013
|
|
USD
|
USD
|
USD
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
Share-based
compensation charges included are follows
|
|
|
|
Fulfillment
expenses
|
77,771
|
332,925
|
246,858
|
Marketing
expenses
|
80,247
|
691,552
|
109,228
|
Technology and
content expenses
|
261,343
|
3,543,906
|
1,404,929
|
General and
administrative expenses
|
2,766,446
|
3,019,028
|
1,659,580
|
Total
|
3,185,807
|
7,587,411
|
3,420,595
|
|
|
|
|
|
|
|
|
|
|
|
|
Vipshop Holdings
Limited
|
|
Condensed
Consolidated Balance Sheets
|
|
(Amounts in US
dollars)
|
|
|
As of December 31,
2013
|
As of March 31,
2014
|
|
|
USD
|
USD
|
|
ASSETS
|
(Audited)
|
(Unaudited)
|
|
CURRENT
ASSETS
|
|
|
|
Cash and cash
equivalents
|
334,715,019
|
871,774,767
|
|
Restricted
securities(1)
|
—
|
179,077,703
|
|
Held-to-maturity
securities
|
385,841,626
|
332,491,166
|
|
Accounts
receivable
|
3,055,446
|
4,488,283
|
|
Amounts due from
related parties
|
—
|
—
|
|
Other
receivables
|
16,481,032
|
20,466,154
|
|
Inventories
|
270,126,305
|
306,087,577
|
|
Advance to
suppliers
|
13,216,869
|
12,477,722
|
|
Prepaid
expenses
|
2,384,801
|
1,661,113
|
|
Deferred tax
assets
|
11,126,647
|
10,364,395
|
|
Total current
assets
|
1,036,947,745
|
1,738,888,880
|
|
NON-CURRENT
ASSETS
|
|
|
|
Property and
equipment, net
|
24,299,418
|
34,699,771
|
|
Deposits for property
and equipment
|
5,518,404
|
20,280,365
|
|
Intangible
assets
|
5,294,375
|
214,961,169
|
|
Investment in an
affiliate
|
—
|
55,022,240
|
|
Other
investment
|
|
1,006,083
|
|
Goodwill
|
—
|
2,441,632
|
|
Total non-current
assets
|
35,112,197
|
328,411,260
|
|
TOTAL
ASSETS
|
1,072,059,942
|
2,067,300,140
|
|
|
|
|
|
LIABILTIES
AND EQUITY
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
Accounts payable
(Including accounts
payable of the VIE without recourse to the
Company of $ 70,026 and $ 75,074 as of
December 31, 2013 and March 31, 2014, respectively)
|
476,847,881
|
532,670,338
|
|
Advance from
customers (Including advance from customers of the VIE
without recourse to the Company of $131,781,751 and $114,488,013 as
of December 31, 2013 and March 31, 2014, respectively)
|
131,781,751
|
115,166,104
|
|
Accrued expenses and
other current liabilities(Including accrued expenses and other
current liabilities of the VIE without recourse to the Company of $
101,097,647 and $ 117,107,317 as of December 31, 2013 and March 31,
2014, respectively)
|
196,327,519
|
223,222,238
|
|
Amounts due to
related parties(Including amounts due to related parties of the VIE
without recourse to the Company of $1,369,767 and $ 1,090,308 as of
December 31, 2013 and March 31, 2014, respectively)
|
2,141,411
|
25,275,832
|
|
Deferred income
(Including deferred income of the VIE without recourse to the
Company of $ 20,592,249 and $ 24,768,610 as of December 31, 2013
and March 31, 2014, respectively)
|
21,705,981
|
26,072,502
|
|
Short-term
loans
|
—
|
170,299,980
|
|
Total current
liabilities
|
828,804,543
|
1,092,706,994
|
|
NON-CURRENT
LIABILITIES
|
|
|
|
Deferred tax
liabilities
|
—
|
48,726,060
|
|
Notes
payable
|
—
|
617,437,817
|
|
Total non-current
liabilities
|
—
|
666,163,877
|
|
Total
liabilities
|
828,804,543
|
1,758,870,871
|
|
|
|
|
|
EQUITY:
|
|
|
|
Ordinary shares
(US$0.0001 par value, 471,620,833 shares authorized, and
111,665,972 and 113,028,037 shares issued and outstanding as of
December 31, 2013 and March 31, 2014, respectively)
|
11,167
|
11,303
|
|
Additional paid-in
capital
|
363,221,310
|
371,414,172
|
|
Accumulated
losses
|
(123,725,472)
|
(97,131,451)
|
|
Accumulated other
comprehensive income
|
3,748,394
|
(1,445,189)
|
|
Non-controlling
interest
|
—
|
35,580,434
|
|
Total shareholders'
equity
|
243,255,399
|
308,429,269
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
1,072,059,942
|
2,067,300,140
|
|
(1)Restrited
securities consist of held-to-maturity securities pledged to banks
for the short term loans.
|
|
|
|
|
|
|
Vipshop Holdings
Limited
|
Reconciliations of
GAAP and Non-GAAP Results
|
|
|
|
|
|
Three Months
Ended
|
|
March 31,
2013
|
March 31,
2014
|
December 31,
2013
|
|
USD
|
USD
|
USD
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
Income from
operations
|
5,477,923
|
30,240,695
|
29,560,661
|
Share-based
compensation expenses
|
3,185,807
|
7,587,411
|
3,420,595
|
Amortization of
intangible assets resulting from business acquisition
|
—
|
4,997,545
|
—
|
Non-GAAP income from
operations
|
8,663,730
|
42,825,651
|
32,981,256
|
|
|
|
|
|
|
|
|
Net income
|
5,841,173
|
24,674,455
|
25,398,630
|
Share-based
compensation expenses
|
3,185,807
|
7,587,411
|
3,420,595
|
Amortization of
intangible assets resulting from business acquisition (net of
tax)
|
—
|
4,503,857
|
—
|
Non-GAAP net
income
|
9,026,980
|
36,765,723
|
28,819,225
|
|
|
|
|
|
|
|
|
Net income
attributable to Vipshop's shareholders
|
5,841,173
|
26,594,021
|
25,398,630
|
Share-based
compensation expenses
|
3,185,807
|
7,587,411
|
3,420,595
|
Amortization of
intangible assets resulting from business acquisition (exclude
non-controlling interests and net of tax)
|
—
|
3,566,817
|
—
|
Non-GAAP net income
attributable to Vipshop's shareholders
|
9,026,980
|
37,748,249
|
28,819,225
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP weighted
average numbers of shares used in calculating net income per
share:
|
|
|
|
—Basic
|
103,004,723
|
111,919,288
|
111,366,346
|
—Diluted
|
109,132,970
|
119,160,971
|
117,668,616
|
|
|
|
|
Non-GAAP net income
per share
|
|
|
|
Non-GAAP net income
attributable to Vipshop's shareholders——Basic
|
0.09
|
0.34
|
0.26
|
Non-GAAP net income
attributable to Vipshop's shareholders——Diluted
|
0.08
|
0.32
|
0.25
|
|
|
|
|
Non-GAAP net income
per ADS (2 ordinary shares equal to 1 ADS)
|
|
|
|
Non-GAAP net income
attributable to Vipshop's shareholders——Basic
|
0.18
|
0.67
|
0.52
|
Non-GAAP net income
attributable to Vipshop's shareholders——Diluted
|
0.17
|
0.63
|
0.49
|
SOURCE Vipshop Holdings Limited