Vipshop Holdings Limited released its unaudited financial results for the fourth quarter and full year ended December 31, 2024. For the fourth quarter, total net revenues were RMB33.2 billion (US$4.6 billion), a decrease from RMB34.7 billion in the prior year period. Gross margin for the quarter was 23.0%, down from 23.7%.
Non-GAAP net income attributable to shareholders for Q4 2024 was RMB3.0 billion (US$407.4 million), compared to RMB3.2 billion in the prior year. Non-GAAP net income per diluted ADS was RMB5.70 (US$0.78), a slight decrease from RMB5.79. Active customers for the quarter were 45.7 million, down from 48.5 million, and total orders decreased to 217.5 million from 234.3 million.
For the full year 2024, total net revenues were RMB108.4 billion (US$14.9 billion), a decrease from RMB112.9 billion in 2023. However, Gross Merchandise Value (GMV) for the full year increased by 0.6% year over year to RMB209.3 billion. Gross profit for the full year was RMB25.5 billion (US$3.5 billion), with the gross margin reaching an eight-year high of 23.5%.
Income from operations for the full year 2024 increased by 0.8% year over year to RMB9.2 billion, with the operating margin rising to 8.5% from 8.1%. Non-GAAP net profit attributable to shareholders for the full year was RMB9.0 billion (US$1.2 billion), compared to RMB9.5 billion in the prior year.
The company's board of directors approved an annual cash dividend for fiscal year 2024 in the amount of US$2.40 per ordinary share, or US$0.48 per ADS. The record date for this dividend is April 11, 2025, with an expected payment date of April 25, 2025. Vipshop also fully utilized its US$1.0 billion share repurchase program and plans to continue repurchases under a new US$1.0 billion program effective until February 2027.
Looking ahead to the first quarter of 2025, Vipshop expects total net revenues to be between RMB26.3 billion and RMB27.6 billion. This guidance represents a year-over-year decrease of approximately 5% to 0%, indicating continued revenue pressure.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.