Jumei Reports Unaudited Second Quarter 2014 Financial Results
By PR Newswire, August 18, 2014, 04:05:00 PM EDT
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-- "Company sees continued fast growth in financial and operating performance" --
BEIJING, Aug. 18, 2014 /PRNewswire/ -- Jumei International Holding Limited (NYSE:JMEI) ("Jumei" or the "Company"), China's leading online retailer of beauty products, today announced its unaudited financial results for the second quarter ended June 30, 2014. The Company will host a conference call to discuss the results at 8:00 AM U.S. Eastern Daylight Time on August 19, 2014 (8:00 PM China time on the same day).
Second Quarter 2014 Highlights
Total net GMV[1] increased 64.3% year-over-year to US$289.4 million, primarily due to a 42.9% increase in the number of active customers[2] and a 39.2% increase in total orders[3]
Net revenues increased 41.9% year-over-year to US$154.4 million
Gross profit as a percentage of net revenues increased to 46.3% from 41.5% during the same period of 2013. Gross profit as a percentage of total net GMV decreased to 24.7% from 25.7% for the same period in 2013, primarily due to the expansion of marketplace services.
Net income attributable to ordinary shareholders increased 53.6% to US$15.4 million
Non-GAAP net income attributable to ordinary shareholders[4] increased 68.2% to US$17.8 million
The Company successfully completed its IPO on the New York Stock Exchange on May 16, 2014. Including the exercise of the over-allotment and the concurrent private placement, the Company raised a total of US$429.9 million.
[1]
"Net GMV" are to the sum of (i) net revenues generated from merchandise sales, and (ii) net revenues generated from marketplace services and adding back corresponding payables to our third-party merchants;
[2]
An "active customer" for a specified period is a customer that made at least one purchase during the period;
[3]
Total orders are defined as the total number of orders placed during the period, excluding rejected or returned orders;
[4]
Non-GAAP net income attributable to ordinary shareholders is a non-GAAP financial measure, which is defined as net income attributable to ordinary shareholders excluding share-based compensation expenses. See "Use of Non-GAAP Financial Measures" and "Unaudited Reconciliation of GAAP and Non-GAAP Results."
Mr. Leo Chen, founder and CEO of Jumei, stated, "We are thrilled to report robust quarterly financial results, which reflect our continued growth momentum and increasing operational efficiencies, evidenced by 64.3% year-over-year growth in total net GMV, 41.9% growth in net revenues, and a 53.6% increase in net income attributable to ordinary shareholders. This is our first quarterly earnings announcement after our successful IPO on the New York Stock Exchange on May 16, 2014, which was a significant milestone in Jumei's history. We are committed to enhancing our supply chain management and implementing strict quality control measures so that we can continue to attract more top-tier beauty brands from both China and around the world. As a part of these efforts, we expanded random product testing in June 2014 in order to reinforce Jumei's reputation for quality and reliability with Chinese consumers. Our purpose is to raise the bar in China's online beauty industry and set new benchmarks in our ongoing anti-counterfeiting campaign."
Ms. Mona Gao, Co-CFO of Jumei, added, "This marks the ninth consecutive quarter in which we have posted strong and profitable growth. This performance clearly reinforces our significant market leading position in China's online B2C beauty market and demonstrates our ability to continue to cross sell into other female categories such as apparel."
Mr. Yunsheng Zheng, Co-CFO of Jumei concluded, "Looking forward, we will continue to focus on our strategy of adding more private label and exclusive beauty products to our wide range of product offerings. Striking a balance between our product offerings and market place services along with the continued execution of our strategy, should allow us to maximize shareholder value over the long term."
Unaudited Second Quarter 2014 Financial Results
Total net revenues were US$154.4 million, an increase of 41.9% from US$108.8 million in the second quarter of 2013. This increase was primarily attributable to the increase in the number of active customers and total orders. The number of active customers increased by 42.9% to approximately 5.0 million from approximately 3.5 million in the same period of 2013. The number of total orders increased by 39.2% to approximately 11.0 million from approximately 7.9 million in the same period of 2013.
Gross profit was US$71.5 million, an increase of 58.3% from US$45.2 million in the second quarter of 2013. Gross profit as a percentage of net revenues increased to 46.3% from 41.5% during the same period of 2013. The increase was mainly attributable to the higher percentage of net revenues generated from marketplace services. Gross profit from merchandise sales as a percentage of net GMV of merchandise sales increased to 32.8% from 32.2% in the same period of 2013, primarily as a result of the increased percentage of net revenues generated from sales of exclusive products and improved economies of scale. Gross profit as a percentage of net GMV decreased to 24.7% from 25.7% in the same period of 2013, primarily due to the expansion of marketplace services.
Total operating expenses were US$50.4 million, an increase of 96.6% from US$25.7 million in the second quarter of 2013. The increase reflects the Company's overall business expansion. Operating expenses as a percentage of total net GMV increased to 17.4% from 14.6% during the same period of 2013, primarily due to the expanded scale of the business and related marketing expenses.
Fulfillment expenses were US$19.5 million, an increase of 54.4% from US$12.6 million in the same period of 2013. The increase was mainly due to the significant increase in the number of orders fulfilled. Fulfillment expenses as a percentage of total net GMV decreased to 6.7% from 7.2% for the same period of 2013, primarily due to the increased percentage of net GMV generated from apparel marketplace services, for which the Company does not provide fulfillment services.
Marketing expenses were US$21.9 million, an increase of 146.2% from US$8.9 million for the same period of 2013. The increase was primarily a result of Jumei's successful marketing campaigns and brand promotion activities, and directly reflects the Company's efforts to grow its customer base and gain market share in the female beauty and apparel market. Marketing expenses as a percentage of total net GMV increased to 7.6% from 5.1% for the same period of 2013.
Technology and content expenses were US$4.7 million, an increase of 110.7% from US$2.2 million in the same period of 2013. The increase reflects Jumei's ongoing investments in the Company's information technology platform and commitment to recruit top research and development talents in order to provide better technology-enabled services to both consumers and merchants. Technology and content expenses as a percentage of total net GMV increased to 1.6% from 1.3% for the same period of 2013.
General and administrative expenses were US$4.3 million, an increase of 129.8% from US$1.9 million for the same period of 2013. The increase was mainly due to increases in general and administrative staff headcount and rental and office expenses to support business growth. General and administrative expenses as a percentage of total net GMV increased to 1.5% from 1.1% for the same period of 2013.
Income from operations was US$21.1 million, an increase of 7.9% from US$19.5 million for the same period of 2013.
Non-GAAP income from operations, which excludes US$2.5 million in share-based compensation expenses, was US$23.6 million, an increase of 16.9% from US$20.2 million for the same period of 2013.
Net income attributable to ordinary shareholders was US$15.4 million, an increase of 53.6% from US$10.0 million for the same period of 2013. Net margin attributable to ordinary shareholders increased to 9.9% from 9.2% for the same period of 2013. Net income per basic and diluted ADS were US$0.15 and US$0.13, respectively, compared with US$0.17 and US$0.12 for the same period of 2013, respectively.
Non-GAAP net income attributable to ordinary shareholders, which excludes share-based compensation expenses, was US$17.8 million, an increase of 68.2% from US$10.6 million for the same period of 2013. Non-GAAP net margin attributable to ordinary shareholders increased to 11.6% from 9.8% for the same period of 2013. Non-GAAP net income per basic and diluted ADS were US$0.17 and US$0.16, respectively, compared with US$0.18 and US$0.13 for the same period of 2013, respectively.
Share Count
The Company's weighted average number of ADSs used in computing diluted earnings per ADS was 114,512,550.
Balance Sheet
As of June 30, 2014, the Company had cash and cash equivalents of US$84.0 million, and short-term investments of US$493.3 million.
Business Highlights
Random sample spectrum analysis testing
Jumei began expanding the scope of random sample testing in June 2014, when the Company's Beijing consulting laboratory increased the sample size for testing from 12% of third party merchants to more than 67%, covering 17% of beauty product marketplace SKUs. The tests in June discovered no instances of counterfeiting or other product discrepancies. Jumei has already begun posting monthly spectrum analysis audits of third party merchants in Chinese, which can be found at http://www.jumei.com/act/sepuceshi.html. The spectrum analysis audits will be updated monthly to reflect the previous month's testing results.
Authentic Beauty Product Alliance
As of July 30, 2014, the Authentic Beauty Product Alliance (ABPA) had 84 members, and accounted for approximately 70% of Jumei's merchandise sales GMV. All such brands are available on Jumei's platform.
Business Outlook
For the year of 2014, the Company expects its non-GAAP net income to be between US$81 million and US$87 million, representing a year-over-year growth rate of approximately 40% to 50%. These forecasts reflect the Company's current and preliminary view on the market and operational conditions, which are subject to change.
Conference Call information
Jumei's management will host a conference call on Tuesday, August 19, 2014 at 8:00 a.m. U.S. Eastern Daylight Time (8:00 p.m.Beijing / Hong Kong Time on the same day) to discuss the financial results.
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发表于 2014-8-18 12:09
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