Vipshop Holdings Limited (NYSE:VIPS) Q3 2023 Earnings Conference Call November 14, 2023 7:30 AM ET

Company Participants

Jessie Zheng - Head, IR

Eric Shen - Co-Founder, Chairman & CEO

Mark Wang - CFO

Conference Call Participants

Thomas Chong - Jefferies

Ronald Keung - Goldman Sachs

Alicia Yap - Citigroup

Jialong Shi - Nomura

Operator

Ladies and gentlemen, good day, everyone, and welcome to Vipshop Holdings Limited's Third Quarter 2023 Earnings Conference Call.

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

Jessie Zheng

Thank you, Operator. Hello, everyone, and thank you for joining Vipshop third quarter 2023 earnings conference call. With us today are Eric Shen, our Co-Founder, Chairman and CEO; and Mark Wang, 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 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 matters 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 third quarter 2023 earnings conference call.

We continued to see decent momentum throughout the third quarter, with sales and profit growth ahead of expectations. While we accelerate our efforts on strategic priority to capture customer mind share, among the drivers apparel category continued to outperform with over 16% growth in GMV year-over-year. High value customers increasingly relied on us as they looked for great deals.

Active Super VIP member grew 17% from a year ago and accounted for 45% of our online spending in the third quarter. We continue to execute well and drive changes for the long-term. We made it clear that we'd like to be the first go to online shopping destination for apparel.