Vipshop Holdings Limited (VIPS) Q4 2022 Earnings Call Transcript

Vipshop Holdings Limited (NYSE:VIPS) Q4 2022 Earnings Conference Call February 23, 2023 7:30 AM ET

Company Participants

Jessie Zheng - Head, IR

Eric Shen - Co-Founder, Chairman and CEO

David Cui - CFO

Conference Call Participants

Vicky Wei - Citi

Thomas Chong - Jefferies

Operator

Ladies and gentlemen, everyone, and welcome to the Vipshop Holdings Limited Fourth Quarter and Full Year 2022 Earnings Conference Call.

At this time, I would like to turn the call to Miss Jessie Zheng, Vipshop, Head of Investor Relations. Please proceed.

Jessie Zheng

Thank you, operator. Hello everyone, and thank you for joining Vipshop's fourth quarter and full year 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 the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause results to differ materially from our current expectations. Potential risks and uncertainties include, but are not limited to those outlining our safe harbor statements in our earnings release and public filing with the Securities and Exchange Commission, which also applies to this quarter 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 reconciliation 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

Good morning and good evening, everyone. Welcome and thank you for joining our fourth quarter and full year 2022 earnings conference call. In the first -- in the first quarter, we once again demonstrated strong earnings power and made tropic [ph] backdrop. The top line recovery was impacted by the short term disruption on economic activities from the surge of COVID-19 infections.

Apparel related GMV fared better than expected slightly down year-over-year as we actively worked out merchandising selection to satisfy seasonal demand. Customer trends continued to recover year-over-year. The desire to spend remained healthly with customer visits, clearly pick picking up and the active super VIP customers increase by 13% accounting for 42% of our online spending.