Vipshop Holdings Limited (VIPS) Earnings Call Transcripts

Vipshop Holdings Limited's Latest Earnings Call - Q1 FY2026

In the first quarter of 2026, Vipshop Holdings Limited reported total net revenues of RMB 26.6 billion, a modest increase of 1.2% year-over-year, while net income attributable to shareholders rose by 13.6% to RMB 2.2 billion. Management highlighted a significant calendar-driven shift due to the later Chinese New Year, which resulted in a strong holiday surge but a subsequent softening in March and April sales. Looking ahead, the company has provided conservative guidance for Q2 2026, expecting revenues between RMB 24.5 billion and RMB 25.8 billion, reflecting a potential year-over-year decline of 5% to 10%.

Reported metrics

Guidance from management

Management provided conservative guidance for Q2 2026, expecting total net revenues between RMB 24.5 billion and RMB 25.8 billion, reflecting potential challenges in consumer sentiment and spending.

What management said

Well, thanks for your question, and let me answer the first question. Actually, the year-over-year growth gap between revenue and GMV in the first quarter increased due to the following 2 reasons: the first 1 is return exchange rate slightly increased year-over-year due to higher contribution from apparel categories and SVIP members. And secondly, just you mentioned the increased GMV contribution from financial outle...

What analysts pressed on

Analysts expressed concerns regarding the softness in sales trends observed in March and April, questioning whether this would persist into the second half of the year. There were also inquiries about potential shifts in consumer spending from online to offline channels and the implications for Vipshop's market share.

Main topics on the call

• Revenue Performance — Vipshop's total net revenues for Q1 2026 increased by 1.2% year-over-year to RMB 26.6 billion, slightly above expectations. Management noted that the holiday surge was followed by a softening in sales, particularly in Ma...
• Customer Metrics — The company reported a 9% year-over-year increase in SVIP members, who now account for 50% to 55% of online spending. Eric Shen emphasized that this growth reflects "the health of our customer base" and their continued p...
• Operational Strategy — Management is focusing on optimizing their merchandising portfolio and increasing AI integration to enhance customer engagement. Eric Shen stated, "we are making steady progress in how we optimize merchandising portfolio...
• Guidance and Outlook — For Q2 2026, Vipshop expects total net revenues to range between RMB 24.5 billion and RMB 25.8 billion, indicating a year-over-year decline of approximately 5% to 10%. Management described this guidance as conservative, ...

Read the full Vipshop Holdings Limited transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 26 Vipshop Holdings Limited earnings call transcripts on record, spanning March 5, 2020 to May 21, 2026. Based on this history, Vipshop Holdings Limited reports quarterly. The most recent call on file is dated May 21, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

VIPS

Exchange

NYSE

Country

US

Sector

Consumer Discretionary

Industry

Broadline Retail

Calls on record

26

First call

March 5, 2020

Most recent

May 21, 2026

Reporting cadence

quarterly