Baozun Inc ( BZUN ) reported a fiscal first-quarter 2024 revenue growth of 4.9% year-on-year to 1.98 billion Chinese yuan ($274.2 million), beating the analyst consensus estimate of $269.6 million.

Adjusted loss per ADS was $0.03, compared to the analyst consensus estimate of $0.00. The stock price gained after the results.

The increase in total net revenues was mainly due to higher product sales revenue of Brand Management.

By the end of the quarter, approximately 42.8% of the BEC segment’s brand partners engaged with it for store operations in at least two channels.

Segments: Product sales revenue increased by 6.2% Y/Y to $98 million. 

Services revenue increased 4.1% Y/Y to $176.2 million.

The adjusted operating margin was negative 0.9% vs. negative 0.5% a year ago. 

The company held $408.1 million in cash and equivalents as of March-end.

Vincent Qiu, Chairman and Chief Executive Officer of Baozun ( BZUN ), commented, “E-Commerce has made progress in growing service revenue and introducing high-quality exclusive distribution models. Brand Management continues to advance in transforming Gap China, launching several China-for-China products and merchandising programs, which have shown positive market acceptance.”

Baozun ( BZUN ) stock lost 32% in value in the last 12 months. Investors can gain exposure to the stock via Dimensional ETF Trust Dimensional Emerging Markets Core Equity 2 ETF and Dimensional Emerging Core Equity Market ETF .

Price Action: BZUN shares traded higher by 5.17% at $2.85 premarket at the last check Tuesday.