VIPS - Vipshop under pressure on lower GMV customers orders in Q4

Vipshop (NYSE:VIPS) trades 12% down after its Q4 earnings and revenue missed estimates and also reported a Y/Y drop. Margins, GMV, total orders and active customers were also down for the quarter; operating expenses dropped to RMB5B from RMB5.4B. Net income attributable to Vipshop's shareholders stood at RMB1.4B compared to RMB2.4B in year ago quarter; non-GAAP net income stood at RMB1.8B compared to RMB2.6B in prior year period. However, GMV for FY21 increased by 16% Y/Y to RMB191.5B while gross profit increased by 8.6% and active customers increased by 14% Y/Y. The company reported highly engaged and loyal customers with strong purchasing power: As of Dec.31, 2021, cash and equivalents and restricted cash of RMB17.2B and short term investments of RMB5.4B. Outlook: For 1Q22, the company expects its total net revenue to be between RMB27.0 and RMB28.4B which represents a Y/Y drop of ~5% to 0%. SA Contributor XSTAR Fund Management recently wrote, "Vipshop: A

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Vipshop under pressure on lower GMV, customers, orders in Q4