12:39 PM EDT, 05/16/2024 (MT Newswires) -- JD.com ( JD ) reported stronger-than-expected first-quarter results on Thursday as volumes picked up in its supermarket category and consumer spending held up in fashion and home goods.

Revenue rose to 260.05 billion renminbi ($36.02 billion) for the three months ended March 31 from 242.96 billion renminbi the year earlier and topped the 257.87 billion renminbi average analyst estimate on Capital IQ.

Adjusted earnings per American depositary share climbed to 5.65 renminbi from 4.76 renminbi year over year and beat the Street's view of 4.65 renminbi.

Sales advanced in the Chinese e-commerce company's retail segment to 226.84 billion renminbi from 212.36 billion renminbi. In its logistics division, revenue rose about 15% to 42.14 billion renminbi.

In retail, gross margin expanded despite low-priced offerings, Chief Financial Officer Ian Su Shan told analysts on a conference call, according to a Capital IQ transcript. Operating margin in retail slid to 4.1% from 4.6%, while logistics rebounded to 0.5% from negative 3.1% in the same quarter of 2023.

"We delivered solid financial results this quarter with accelerated revenue growth and healthy profitability, as our focus on execution led to improved operational efficiencies," Shan said in a statement. The general merchandise category continued to pick up momentum due to a "robust" supermarket recovery, he said.

The supermarket category recorded double-digit gross merchandise value and revenue growth during the quarter and is expected to maintain momentum through the rest of the year, Chief Executive Sandy Xu said on the call.

Fashion and home goods also gained steam at the onset of 2024, while electronics and home appliances "remained resilient," Xu told analysts. The latter group's revenue rose 5% as strength in mobile phones and appliances helped to offset softer demand for PCs amid industry headwinds, Shan said on the call.

Price: 33.76, Change: +0.14, Percent Change: +0.40