Vipshop Holdings Limited (NYSE: VIPS), an online discount retailer for brands in China, has recently released its unaudited financial results for the first quarter of 2023. The company witnessed remarkable growth across various key metrics, including total net revenues, gross profit, and net income. Alongside these results, Vipshop also made an announcement regarding its share repurchase program, demonstrating its commitment to creating long-term value for its shareholders.

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First Quarter 2023 Performance

During the first quarter of 2023, Vipshop experienced growth in its financial performance, reflecting its business momentum. Total net revenues increased by 9.1% year over year, reaching RMB27.5 billion (US$4.0 billion) compared to RMB25.2 billion in the same period the previous year. Furthermore, gross merchandise volume (GMV) witnessed a robust 14.0% year-over-year growth, amounting to RMB48.5 billion. The company's gross profit also climbed by 17.9% to RMB5.9 billion (US$859.8 million), while net income attributable to Vipshop's shareholders surged by an impressive 69.6% year over year, totaling RMB1.9 billion (US$270.7 million).

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New Share Repurchase Program

On March 30, 2023, Vipshop's board of directors approved a new share repurchase program, demonstrating their confidence in the company's future prospects. The program allows Vipshop to repurchase up to US$500 million of its American Depositary Shares (ADSs) or Class A ordinary shares over a 24-month period, ending on March 31, 2025. However, on May 22, 2023, the board of directors has authorized an increase in the program's authorized amount by an additional US$500 million. As a result, Vipshop is now authorized to repurchase up to US$1 billion of its ADSs or Class A ordinary shares.

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Members of LevelFields received the alert of this event on May 23, 5:30 AM ET