Vipshop Holdings Limited (NYSE:VIPS) Q1 2024 Earnings Conference Call May 22, 2024 7:30 AM ET
Company Participants
Jessie Zheng - Head of IR
Eric Shen - Co-Founder, Chairman & CEO
Mark Wang - CFO
Conference Call Participants
Alicia Yap - Citigroup
Ronald Keung - Goldman Sachs
Eddy Wang - Morgan Stanley
Operator
Ladies and gentlemen, good day, everyone, and welcome to Vipshop Holdings Limited First Quarter 2024 Earnings Conference Call.
At this time, I would like to turn the call 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’s first quarter 2024 earnings conference call. With us today are Eric Shen, Co-Founder, Chairman and CEO; 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 eliminated to those outlined in our safe harbor statements in our earnings release and 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 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 first quarter 2024 earnings conference call. We had a slow quarter in terms of business momentum, but profit grow much faster than sales. In the face of the shortfall of the top line, we stayed flexible to operate most effectively, while focusing on priorities to enhance long term strength.
In the first quarter, sales growth moderated as the quarter progressed after strong start seasonal demand for spring clothes was softer than expected in March. But for the full quarter, apparel category continued to stand out with double-digit GMV growth year-over-year.
Customer spending proved resilient. In the first quarter, active Super VIP members increased by 11% from a year ago and accounted for 45% of our online spending, that's a healthy indication of the trust, value and the ease of the shopping we've created for them.