Key Points – Vipshop’s Q1 revenue rose 1.2% to RMB 26.6 billion, while profitability improved more quickly: gross margin expanded to 24.4% and net income attributable to shareholders climbed 13.6% year over year.
Management said results were helped by strong holiday demand and better operational discipline. – The company warned that the later Chinese New Year shifted demand forward, making March, April and May weaker and leading Vipshop to guide Q2 revenue down about 5% to flat year over year
Management said visibility on consumer sentiment remains limited, especially ahead of the 618 shopping event. – Vipshop highlighted ongoing growth in SVIP memberships, merchandising optimization and AI initiatives, while its Shan Shan Outlets business posted about 30% GMV growth. The company also completed pricing on its commercial REIT and said it remains on track with its shareholder return plan. Vipshop (NYSE:VIPS) reported modest revenue growth and stronger profitability for the first quarter of 2026, while management said a later Chinese New Year pulled forward demand into the holiday period and contributed to softer sales trends in March and into the second quarter.
On the company’s earnings call, Co-founder, Chairman and CEO Eric Shen said the quarter reflected a “significant calendar-driven shift” tied to the timing of the Chinese New Year. He said holiday demand was strong, particularly in apparel, but that the surge effectively pulled forward some demand and left March weaker. “What’s important to highlight is the sustained health of our customer base,” Shen said, pointing to growth in the company’s SVIP paid membership program. Vipshop said SVIP members grew 9% year over year during the quarter and accounted for 55% of online spending.