Vipshop posts profit for 34 straight quarters

SHANGHAI - China's major online discount retailer Vipshop Holdings Ltd posted net revenue of 28.4 billion yuan ($4.3 billion) in the first quarter (Q1) of 2021, maintaining positive net earnings for 34 consecutive quarters, it said in a report on Wednesday.

The NYSE-listed company raked in a net profit of 1.7 billion yuan during the quarter, and its gross merchandise volume (GMV) totaled 46.1 billion yuan, the company said.

Vipshop also saw its active users grow by 54 percent year-on-year to 45.8 million during the quarter.

Vipshop will stick to the strategy of providing products and services of high quality and reasonable prices to customers and continue to lead the special offers market in China, said Shen Ya, president and chief executive officer of the company.

Founded in 2008 as Vipshop.com, the company listed on the New York Stock Exchange in 2012 and launched Vip.com a year later.