Vipshop Results Top Estimates

(RTTNews) - Chinese online discount retailer Vipshop Holdings Ltd (VIPS) on Wednesday reported first-quarter net profit of RMB 367.5 million ($59.3), or RMB 0.61 ($0.10) per American depositary share. This compares with a profit of RMB 163.2 million, or RMB 0.27 per ADS last year.

Excluding items, adjusted earnings for the quarter were RMB 0.80 ($0.13) per ADS, compared with RMB 0.39 per ADS a year ago.

Revenues for the quarter surged to RMB 8.61 billion ($1.39 billion) from RMB 4.31 billion last year.

Analysts polled by Thomson Reuters estimated earnings of $0.10 per ADS on revenues of $1.29 billion for the quarter. Analysts' estimates typically exclude special items.

The company said the revenue growth was driven by an increase in number of active and customers, improved orders, as well as the contribution from the mobile platform.

For the second quarter, the company expects revenues of RMB 8.7 billion to RMB 8.9 billion, representing a year-over-year growth rate of about 71% to 75%.

Analysts expect revenues of $1.45 billion for the quarter, representing a growth of 75.1%.