Vipshop sales soar

Vipshop, the Chinese online discount retailer, says it boosted sales by as much as 63 per cent in the last quarter.

The US-listed company says it expects revenue to be between RMB8.6 billion (US$1.349 billion)  and RMB8.7 billion ($1.365 billion). But that is less than its earlier guidance of RMB9.1 billion to RMB9.3 billion.

“The weaker-than-expected preliminary third quarter results for total net revenue are partially driven by the warmer-than-expected fall weather in China, which caused customers to delay purchases of relatively higher-priced autumn and winter apparel,” the company said in a stock exchange disclosure.

The preliminary, unaudited results are based on management’s initial review of operations for the quarter to September 30, and remain subject to change based on management’s ongoing review of the third quarter results.