China's Vipshop Q1 revenue rises on apparel sales & holiday demand

Vipshop Holdings

21/05/2026 10:09

Overview

China off-price retailer's Q1 revenue rose 1.2% yr/yr, adjusted net income was flat

Company says Q1 results driven by strong apparel sales and Chinese New Year demand

Vipshop forecasts Q2 revenue to decline up to 5% yr/yr

Outlook

Vipshop expects Q2 2026 net revenues between RMB24.5 bln and RMB25.8 bln

Company forecasts Q2 2026 revenue to decline by about 5% to remain flat year-over-year

Vipshop says Q2 outlook reflects current market and operational conditions, subject to change

Result Drivers

APPAREL SALES & HOLIDAY DEMAND - Co said strong apparel sales and Chinese New Year demand drove Q1 performance

SVIP CUSTOMER GROWTH - Growth in high-value SVIP customer base contributed to results, per CEO Eric Shen

CATEGORY MIX & COST CONTROL - Margins supported by stronger mix of higher-margin categories and disciplined operations, per CFO Mark Wang

Company press release: ID:nPn8jkksFa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
RMB 26.60 bln
Q1 Adjusted Income Per ADS
RMB 4.68
Q1 Adjusted Net Income
RMB 2.31 bln
Q1 GMV
RMB 56.90 bln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", 10 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the online services peer group is "buy"

Wall Street's median 12-month price target for Vipshop Holdings Ltd is $20.00, about 40.6% above its May 20 closing price of $14.22

The stock recently traded at 5 times the next 12-month earnings vs. a P/E of 7 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)