Vipshop Holdings Limited ( VIPS ) reported first-quarter sales of $3.83 billion, which missed the Wall Street view of $3.93 billion.

Total orders for the quarter were 178.5 million, compared with 184.4 million in the prior year period.

Gross margin for the first quarter increased to 23.7% from 21.4% in the prior year period. Gross profit jumped 10.9% year over year to RMB6.5 billion ($906.5 million).

GMV for the first quarter increased by 8% year over year to RMB52.4 billion from RMB48.5 billion in the prior year period.

Vipshop Holdings ( VIPS ) registered adjusted earnings per ADS of 65 cents, which beat the analyst consensus of 39 cents. 

As of March-end, the company had cash and cash equivalents and restricted cash of $3.4 billion, and short term investments of $402.9 million.

Share Repurchase Program: During the quarter, the company repurchased $11.9 million of its ADSs under its current $1 billion share repurchase program, which is effective through March 2025. 

The company is committed to repurchasing approximately $500 million of its ADSs by December 2024-end.

Outlook: For the second quarter of 2024, the company expects its total net revenues to be between RMB26.5 billion and RMB27.9 billion, representing a year-over-year decrease of approximately 5% to 0% (estimate: RMB29.3 billion). 

Price Action: VIPS shares are trading higher by 4.5% to $17.19 at last check Wednesday.