Vipshop Holdings (NYSE: VIPS) reported Q4 EPS of $0.85. Revenue for the quarter came in at $4.2 billion.

Fourth Quarter and Full Year 2019 Highlights

• Total net revenue for the fourth quarter of 2019 increased by 12.4% year over year to RMB29.3 billion (US$4.2 billion) from RMB26.1 billion in the prior year period. Total net revenue for the full year of 2019 increased by 10.0% year over year to RMB93.0 billion (US$13.4 billion) from RMB84.5 billion in the prior year.
• GMV[1] for the fourth quarter of 2019 increased by 14% year over year to RMB47.6 billion from RMB41.8 billion in the prior year period. GMV for the full year of 2019 increased by 13% year over year to RMB148.2 billion from RMB131.0 billion in the prior year[2].
• Gross profit for the fourth quarter of 2019 increased by 30.0% year over year to RMB7.0 billion (US$1.0 billion) from RMB5.4 billion in the prior year period. Gross profit for the full year of 2019 increased by 21.2% year over year to RMB20.7 billion (US$3.0 billion) from RMB17.1 billion in the prior year.
• Net income attributable to Vipshop's shareholders for the fourth quarter of 2019 increased by 111.4% year over year to RMB1.5 billion (US$209.1 million) from RMB688.7 million in the prior year period. Net income attributable to Vipshop's shareholders for the full year of 2019 increased by 88.7% year over year to RMB4.0 billion (US$577.0 million) from RMB2.1 billion in the prior year.
• Non-GAAP net income attributable to Vipshop's shareholders[3] for the fourth quarter of 2019 increased by 111.4% year over year to RMB1.9 billion (US$277.4 million) from RMB913.6 million in the prior year period. Non-GAAP net income attributable to Vipshop's shareholders for the full year of 2019 increased by 84.4% year over year to RMB5.0 billion (US$720.1 million) from RMB2.7 billion in the prior year.
• The number of active customers[4] for the fourth quarter of 2019 increased by 19% year over year to 38.6 million from 32.4 million in the prior year period. The number of active customers for the full year of 2019 increased by 14% year over year to 69.0 million from 60.5 million in the prior year.
• Total orders[5] for the fourth quarter of 2019 increased by 24% year over year to 174.6 million from 140.3 million in the prior year period. Total orders for the full year of 2019 increased by 29% year over year to 566.3 million from 437.4 million in the prior year.

Mr. Eric Shen, Chairman and Chief Executive Officer of Vipshop, stated, "We are delighted to have finished the year of 2019 with strong financial results and operating performance. Specifically, our total active customers for the fourth quarter of 2019 maintained a robust year-over-year growth rate of 19%, and our annual active customers for the year of 2019 reached 69.0 million. During the fourth quarter of 2019, we discontinued our delivery unit operated by Pinjun, which has and will continue to save significant delivery cost for the Company. In addition, now our customers are able to enjoy the superior delivery services offered by SF Holding. Although our business is experiencing some short-term impact from the novel coronavirus outbreak, we are fully confident in the long-term potential of the Chinese economy and the growth opportunities in China's discount retail segment. Looking ahead, we remain committed to the execution of our merchandising strategy, providing diversified solutions for our suppliers to monetize their inventory while offering deep value to our customers."

Mr. Donghao Yang, Chief Financial Officer of Vipshop, further commented, "In the fourth quarter of 2019, we delivered healthy topline growth and extraordinary profitability, even including one-time expenses related to the discontinuation of our delivery unit Pinjun. Our core business is highly profitable, driven by the high margin apparel category. During the fourth quarter of 2019, apparel-related categories contributed to over 70% of our total GMV. Going forward, we will continue to balance our top- and bottom-line, investing to grow our business while maintaining healthy margins."

Business Outlook

For the first quarter of 2020, the Company expects its total net revenue to be between RMB17.1 billion and RMB18.1 billion, representing a year-over-year decline of approximately 15% to 20%, primarily factoring in the short-term impact from the novel coronavirus outbreak. These forecasts reflect the Company's current and preliminary view on the market and operational conditions, which is subject to change.

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