Summary by Moomoo AI
Vipshop reported Q2 2024 total net revenues of RMB26.9 billion ($3.7 billion), down from RMB27.9 billion year-over-year, while gross profit increased 2.2% to RMB6.3 billion. The company maintained stable profitability with a non-GAAP net margin of 8.1% and non-GAAP net income of RMB2.2 billion ($298.0 million).Operating metrics showed some pressure with active customers declining to 44.3 million from 45.6 million YoY, and total orders decreasing to 197.8 million from 213.8 million. However, the company demonstrated operational efficiency with operating margin improving to 8.3% from 6.9% YoY.Looking ahead, Vipshop expects Q3 2024 revenues between RMB20.5-21.6 billion, representing a YoY decrease of 5-10%. The company accelerated shareholder returns with over $200 million in share buybacks during Q2 and authorized a new $1 billion repurchase program upon completion of the existing one.
