Jumei International Holding announced its unaudited financial results for the first quarter ended March 31, 2015. Total net revenues were $250.6 million, an increase of 61.8% from $154.9 million in Q1 2014.
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The increase was primarily attributable to the shift from beauty product marketplace sales to merchandise sales, as well as the increase in the number of active customers and total orders.
The number of active customers increased by 14.3% to approximately 5.6 million from approximately 4.9 million in the same period of 2014. The number of total orders increased by 18.4% to approximately 13.5 million from approximately 11.4 million in the same period of 2014.
Gross profit was $78.7 million, an increase of 15.2% from $68.3 million in the first quarter of 2014. Gross profit as a percentage of net revenues decreased to 31.4% from 44.1% in the same period of 2014.
The decrease was primarily due to the shift from beauty product marketplace sales to merchandise sales. Gross profit as a percentage of net GMV decreased slightly to 24.1% from 25.2% in the same period of 2014.
Gross profit from merchandise sales as a percentage of net GMV of merchandise sales decreased to 28.6% from 33.4% in the same period of 2014. The decrease was primarily due to the change of product mix.
Total operating expenses were $64.7 million, an increase of 26.4% from $51.2 million in the first quarter of 2014. Operating expenses as a percentage of total net GMV increased to 19.8% from 18.9% in the same period of 2014.
Income from operations was $14.1 million, a decrease from $17.1 million in the same period of 2014.
Non-GAAP income from operations, which excludes $1.5 million in share-based compensation expenses, was $15.6 million, a decrease of 15.7% from $18.5 million in the same period of 2014.
Net income attributable to Jumei's ordinary shareholders was $15.7 million, compared with $10.5 million in the same period of 2014, primarily due to the fact that there is no preferred shares accretion this quarter as preferred shares have been converted into ordinary shares at the completion of our initial public offering in May 2014.
Net margin attributable to Jumei's ordinary shareholders decreased slightly to 6.3% from 6.8% in the same period of 2014. Net income per basic and diluted ADS were $0.11 and $0.10, respectively, compared with $0.16 and $0.12, respectively, for the same period of 2014.
Non-GAAP net income attributable to Jumei's ordinary shareholders, which excludes share-based compensation expenses, was $17.2 million, an increase of 44.5% from $11.9 million in the same period of 2014.
Non-GAAP net margin attributable to Jumei's ordinary shareholders decreased to 6.9% from 7.7% in the same period of 2014. Non-GAAP net income per basic and diluted ADS were $0.12 and $0.11, respectively, compared with $0.18 and $0.14, respectively, in the same period of 2014.
As of March 31, 2015, the Company had cash and cash equivalents of $156.7 million, and short-term investments of $423.7 million. ■