Vipshop Q2 Net Income Drops on Tax Adjustment

EarningsCorporate Action
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Vipshop Holdings reported second-quarter 2026 results, with non-GAAP net income attributable to shareholders falling to RMB 392.2 million from RMB 2.1 billion a year earlier, due to a one-time withholding tax adjustment. Total net revenues declined to RMB 24.7 billion from RMB 25.8 billion, while net income attributable to shareholders surged 189.1% to RMB 4.3 billion, boosted by a one-off investment gain of RMB 5.79 billion from the listing of a commercial REIT. The company expects third-quarter revenues between RMB 20.3 billion and RMB 21.4 billion, a year-over-year decrease of up to 5%. Management noted that consumer sentiment remains weak, with SVIP membership reaching 10 million and Shan Outlets growing over 20% in GMV in the first half. The board approved a new USD 1 billion share repurchase program, and the company reaffirmed its commitment to return at least 75% of 2025 non-GAAP net income to shareholders.

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