On February 28th, Vipshop Holdings Limited (Vipshop) released its financial report for the fourth quarter and full year of 2023. According to the report, in the fourth quarter of 2023, Vipshop achieved a net revenue of 34.7 billion yuan ($4.82 billion), representing a year-on-year increase of 9.2%. The net profit attributable to shareholders was 3 billion yuan ($417.1 million), a year-on-year increase of 32.2%. The non-GAAP net profit was 3.2 billion yuan ($444.9 million), a year-on-year increase of 43.4%. The GMV (Gross Merchandise Volume) for the fourth quarter was 66.4 billion yuan ($9.23 billion), a year-on-year increase of 21.9%.
For the full year of 2023, Vipshop achieved a net revenue of 112.9 billion yuan ($15.7 billion), a year-on-year increase of 9.4%. The net profit attributable to shareholders for the full year was 8.1 billion yuan ($1.13 billion), a year-on-year increase of 28.9%. The non-GAAP net profit was 9.5 billion yuan ($1.32 billion), a year-on-year increase of 39.1%. Furthermore, the GMV for the full year reached 208 billion yuan ($28.92 billion), a year-on-year increase of 18.7%. The number of active users was 87.4 million ($12.15 million), a year-on-year increase of 3.9%. The number of orders was 812.3 million ($112.92 million), a year-on-year increase of 9.8%.
Shen Ya, Chairman and CEO of Vipshop, stated, “We have achieved better-than-expected performance in 2023 due to the successful execution of our sales strategies and capturing value-based spending opportunities during strong seasonal demand. The apparel category continued to drive our growth, outperforming the industry average throughout the year, which helped the company achieve a total annual GMV of 200 billion yuan ($27.8 billion) for the first time.”
Looking at the full year, the number of active users for Vipshop’s Super VIP (SVIP) program increased by 13% to 7.6 million ($1.06 million), contributing to 45% of online consumption. Over the past few years, the proportion of consumption contributed by Super VIP has been continuously increasing. In 2022, the consumption contributed by Super VIP accounted for 41% of the total transaction volume. Following the release of the financial report, Vipshop’s stock price in the U.S. market rose by 7.32% to $18.61, reaching its highest point in six months.
