Vipshop falls after downbeat Q2 revenue forecast

Vipshop Holdings

22/05/2024 12:00

** U.S.-listed shares of Vipshop Holdings  VIPS.N  fall 2.8%
to $15.99 premarket
    ** China-based online discount retailer forecasts Q2 revenue
in the range of RMB26.5 bln-RMB27.9 bln, below analysts' average
estimate of RMB29.3 bln - LSEG data 
    ** Q1 revenue of RMB27.6 bln ($3.8 bln) narrowly misses
estimates of RMB27.9 bln 
    ** Q1 saw slow business momentum due to softer-than-expected
seasonal demand - CEO Eric Shen
    ** Brokerage Jefferies also highlights a decrease in co's
orders, which slipped to 178.5 mln from 184.4 mln last year
    ** Twenty brokerages maintain a "buy" or higher rating on
co, while five maintain "hold"; median PT at $22.99 - LSEG data
    ** Stock has moved marginally lower YTD, after a 30% gain in
2023 

    ($1 = 7.2396 Chinese yuan renminbi)

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))