Vipshop (NYSE:VIPS) reported first-quarter results broadly in line with expectations, although its weaker-than-expected second-quarter revenue guidance disappointed investors.
The online discount retailer generated first-quarter net revenue of 26.57 billion yuan, representing growth of 1.2% compared with the same period last year and matching analyst expectations of 26.51 billion yuan.
Adjusted earnings per American depositary receipt reached 4.68 yuan, rising from 4.43 yuan a year earlier and exceeding analyst forecasts of 4.58 yuan.
Vipshop’s active customer base increased 1% year-on-year to 41.7 million users, slightly ahead of market expectations of 41.6 million.
Adjusted operating income rose 3.5% to 2.72 billion yuan, modestly above analyst estimates of 2.69 billion yuan.
The company processed 172.6 million orders during the quarter, up 3.2% from the prior year, although this fell short of analyst forecasts of 176.37 million orders.
Gross merchandise value climbed 8.6% year-on-year to 56.9 billion yuan, outperforming expectations of 54.64 billion yuan.
Eric Shen, Chairman and Chief Executive Officer of Vipshop, said the company’s quarterly performance benefited from strong apparel sales during the Chinese New Year holiday period, with consumers responding positively to seasonal value-focused product offerings.
Shen added that profitability remained stable due to a stronger contribution from higher-margin categories and disciplined operational management.
Chief Financial Officer Mark Wang described the quarter as broadly in line with expectations, noting that demand had been pulled forward into the first two months of the year around the Chinese New Year holiday period.
Wang also highlighted continued growth in the company’s SVIP customer programme, both in terms of membership numbers and contribution levels, reflecting stronger engagement from higher-value consumers.
For the second quarter of 2026, Vipshop forecast total net revenue of between 24.5 billion yuan and 25.8 billion yuan.
The guidance implies a year-on-year revenue change ranging from a 5% decline to flat growth and came in below the analyst consensus forecast of 26.3 billion yuan.