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| Statement |
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| And for 2024, we continue to expect that SVIP contribution will continue to grow very nicely |
| We think we -- as long as we focus on the branded discount retail, we can do better in terms of driving customer growth and also customer wallet share |
| This has been achieved with the successful execution of our merchandising strategy to see the opportunities in value spending amid strong seasonal demand |
| Non-GAAP operating margins increased to 11.4% from 8.7% in the prior year period |
| First on your -- on Q1 guidance, actually quarter-to-date we have seen business momentum in January actually benefiting from a very favorable weather, because at that time it was still quite cold |
| For the full-year, apparel categories have been consistently outperforming the industry average up 24% from a year ago |
| We also gained strong momentum with high value customers |
| And this year, we are also in addition to driving the growth of apparel categories, we also want to build a stronger platform for standardized items, so that we can increase the cross sell opportunities for our high value customers, especially Super VIP members |
| We think we can do better this year |
| We delivered another quarter of solid financial performance, ending 2023 as the most profitable year in our history |
| Also leveraging the first-party model, we are gaining trust from customer who rely on us to bring them great brands and real value |
| We are very pleased with the progress we have made over the past years in upgrading our platform from all aspects |
| For the new customers that we have acquired to our platform, we have actually seen the retention is pretty good, which means that the customers we acquired are relatively higher quality |
| So our business performance was really quite well or quite good |
| They build strong relationships as they work closely with brand partners to address their business needs and challenges |
| We delivered a strong finish to the year of 2023 with a set of results well ahead of expectations |
| And this also reflects that actually on our platform, there is not very significant sign that we have so called consumption downgrade at least as loyal and highly engaged customers with our platform, we have seen their average ticket size relatively stable or quite resilient and ARPU has been growing very nicely |
| So that's how we benefit from the very resilient consumption trend among our customer cohorts |
| Benefiting from a number of efficiency improvement initiatives, gross margin improved quarter-by-quarter and on an annual basis reached the highest level since 2017 |
| This has been the foundation for us to regain growth momentum, while achieving impressive profitability |
| In terms of ARPU growth, last year, we did benefit from favorable weather conditions in some of the seasons |
| On merchandising expansion, we did well to enrich and diversify our brand portfolio |
| But we also think that customers have become increasingly recognized as a value proposition of Vipshop as a discount platform for branded products and especially through our best-in-class services, you find this is a great place to shop for apparel, especially for women |
| Non-GAAP operating margin increased to 9.4% from 7.2% in the prior year |
| Operating margin increased to 10.6% from 7.9% in the prior year period |
| It seems that we saw our cash flow continue to be strong, cash balance increased by the end of last year versus end of 2022 |
| This reflects our confidence in future growth and earnings, as well as our long-term commitment to delivering returns to shareholders |
| Operating margin increased to 8.1% from 6.0% in the prior year |
| We are happy to see customers coming back and spend more because of trust, value and ease they will enjoy here |
| This also differentiates us in an environment where everyone is touting lower pricing |
| Statement |
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| And recently, we've seen that our sales had been ramping up relatively slower than expected, because of the unexpected weather conditions, sometimes very cold and which actually delay to some extent the seasonal shift to spring apparel |
| Given there is some cautiousness on consumer spending in China, are you worry any potential slowdown of the growth if your loyal customer base started to shop more I mean, shop less frequently and spend at a smaller amount |
| We think that consumers are becoming more cautious and selective in terms of their spending |
| And my second question is, if you look at the sales and marketing expense in the fourth quarter last year, actually dollar trend is lower than that in the second quarter of last year |
| So we are not too much concerned on that front |
| This trend actually is a little bit different from the first three quarter in last year, which we see a decline the trend |
| Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations, potential risks and uncertainties include, but are not limited to those outlined in our safe harbor statements in our earnings release and the public filings with the Securities and Exchange Commission, which also applies to this call to the extent any forward-looking statements may be made |
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