On November 14th, China’s online Outlets Vipshop released its financial report for the third quarter of 2023. The report revealed that in the third quarter, Vipshop’s revenue was 22.766 billion yuan ($3.15 billion), representing a growth of 5.3% compared to the same period last year (21.6 billion yuan) ($2.99 billion), but a decrease of 18% compared to the previous quarter (27.88 billion yuan) ($3.85 billion).
Vipshop’s operating profit for the third quarter of 2023 was 1.533 billion yuan ($211.9 million), a 34.8% increase from the same period in 2022 (1.1 billion yuan) ($152 million). The net profit, not in accordance with the US Generally Accepted Accounting Principles, was 1.8 billion yuan ($248.8 million), a year-on-year increase of 15.5%. Additionally, the Gross Merchandise Volume (GMV) for the third quarter was 42.5 billion yuan ($5.87 billion), a year-on-year increase of 13.1%. The number of active users reached 42.5 million, a 3.5% increase compared to the same period last year, and the number of orders reached 179.9 million, a year-on-year increase of 6.9%.
Vipshop’s Chairman and CEO, Shen Ya, stated, “In the third quarter, we took a series of measures to enhance user value perception and elevate user experience to new heights. Looking ahead, we are confident in achieving steady and sustainable growth.”
According to Vipshop’s earlier release of data related to the “Double 11” (November 11th) shopping festival, well-known domestic brands such as Bananain, Proya, and Snow Flying saw a multiple-fold increase in sales. Beauty, skincare, cosmetics, and perfumes were among the highest-grossing categories during the shopping event. The data showed that sales of setting sprays increased by 76% compared to the previous year, while sales of foundation, facial oils, and other products increased by over 50%. Sales of bare-faced creams, sunscreens, and other products also saw a growth of over 40% compared to the previous year.