Vipshop drops on weak Q3 sales outlook

Vipshop Holdings

18/08/2023 19:00

** U.S.-listed shares  VIPS.N  in China-based online
discount retailer Vipshop Holdings fall as much as 10.8% to an
over two-month low of $14.47
    ** Stock last down ~7% in afternoon trade; set for biggest
one-day pct decline in three months
    ** VIPS forecasts Q3 sales below estimates in a sign that
demand slowed amid choppy recovery in China
    ** Sees total net revenues between 21.6 bln yuan ($2.97 bln)
and 22.7 bln yuan, compared with estimates of 23.3 bln yuan
    ** Co's Q2 revenue of 27.88 bln yuan in line with estimates
    ** YTD, stock had risen ~11% 

($1 = 7.2800 Chinese yuan renminbi)

 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com))