Vipshop Holdings
Q1 2022 Earnings Call
May 19, 2022, 7:30 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Ladies and gentlemen, good day, everyone, and welcome to Vipshop Holdings Limited first quarter 2022 earnings conference call. At this time, I would like to turn the call to Ms. Jessie Zheng, Vipshop's head of investor relations.
Jessie Zheng -- Head of Investor Relations
Thank you, operator. Hello, everyone, and thank you for joining Vipshop first quarter 2022 earnings conference call. With us today are Eric Shen, our co-founder, chairman, and CEO; and David Cui, our CFO. Before management begins their prepared remarks, I would like to remind you that the discussion today will contain forward-looking statements made under Safe Harbor provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. Potential risks and uncertainties include, but are not limited to, those outlined in our Safe Harbor statements in our earnings release and the public filings with the Securities and Exchange Commission, which also applies to this call to the extent any forward-looking statements may be made. Please note that certain financial measures used on this call such as non-GAAP operating income, non-GAAP net income and non-GAAP net income per ADS are not presented in accordance with U.S.
GAAP. Please refer to our earnings release for details relating to the reconciliations of our non-GAAP measures to GAAP measures. With that, I would now like to turn the call over to Mr. Eric Shen.
Eric Shen -- Co-Founder, Chairman, and Chief Executive Officer
Good morning and good evening, everyone. Welcome, and thank you for joining our first quarter 2022 earnings conference call. We had a slower than expected quarter due to the resurgence of COVID-19 cases in China on top of already challenging macro environment, which steepened the general customer sentiment. Starting in March with tightened controls and the city lockdowns in many places, our warehousing and the logistics capacity has been undergoing serious delays or disruptions.
This had undermined our fulfillment efficiency and further discouraged consumers from spending, especially on discretionary items. Despite great pressure on sales and consumption, we remained on track to execute on our merchandising strategy to further strengthen our competitiveness for the long-term. We are delighted to see that our proven business model enabled us to sustain a healthy level of profit and achieved resilient margins through disciplined operations. In the first quarter, we continued to provide support for core brand, offering them more leverage to improve sales through our upgraded merchant platform.