Secoo Holding Limited Announces its Preliminary Unaudited Results for the Third Quarter Ended September 30, 2017
November 01 2017 - 4:01PM
Secoo Holding Limited (“Secoo”, the “Company” or “We”)
(NASDAQ:SECO), Asia's largest online integrated upscale products
and services platform, today announced its preliminary unaudited
financial results for its third quarter ended September 30, 2017.
Based on currently available information to the
Company, for the third quarter ended September 30, 2017, the
Company now estimates its preliminary unaudited financial results
to be as follows:
- Gross merchandise volume ("GMV")1 for the third quarter to be
in the range of RMB1,380 million (US$207.4 million)2 to RMB1,390
million (US$208.9 million) as compared to RMB843 million in the
third quarter of 2016, an increase of approximately 64% to
65%.
- Total net revenues to be in the range of RMB970 million
(US$145.8 million) to RMB980 million (US$147.3 million) as compared
to RMB681 million in the third quarter of 2016, an increase of
approximately 42% to 44%.
- Net income to be in the range of RMB30 million (US$4.5 million)
to RMB34 million (US$5.1 million) as compared to RMB3.4 million in
the third quarter of 2016, an increase of approximately 782% to
900%.
- Non-GAAP* net income to be in the range of RMB35 million
(US$5.3 million) to RMB39 million (US$5.9 million), an increase of
approximately 929% to 1047% from the third quarter of 2016.
* Non-GAAP net income attributable to the
Company is defined as net income attributable to the Company
excluding share-based compensation expenses.
“Our preliminary unaudited financial results for
the third quarter met our expectation,” said Mr. Richard Rixue Li,
Chairman of the Board of Directors and Chief Executive Officer of
Secoo. “We continue to enjoy our leading position in the upscale
products and services market in China by reporting another quarter
of solid revenue and net income growth.”
_________________________
1 GMV for a given period is to the total value of all orders of
products and services, excluding the value of whole car sales,
placed on the Company’s online platform and in the Company’s
offline experience centers for such period, regardless of whether
the products are delivered or returned or whether the services are
cancelled.2 This press release contains translation of certain
Renminbi amounts into U.S. dollars at specified rates solely for
the convenience of readers. Unless otherwise noted, all
translations from Renminbi to U.S. dollars were made at the
exchange rate of RMB6.6533 to US$1.0, the noon buying rate in New
York for cable transfers of RMB as certified for customs purposes
by the Federal Reserve Bank of New York in effect as of September
30, 2017.
The above preliminary unaudited financial results remain subject
to the completion of the company's customary quarterly review
procedures. Adjustments may arise between the date of this press
release and the date on which the Company announces its unaudited
financial results for its third quarter of 2017.
Management Share PurchaseToday, on November 1,
2017, Secoo also announced a proposed share repurchase plan by its
founder, Chairman and Chief Executive Officer, Mr. Richard Rixue
Li, of the Company. Mr. Li intends to purchase Secoo’s ADSs on the
open market following the public release of the Company’s third
quarter 2017 unaudited financial results, in accordance with
applicable U.S. securities law and rules promulgated thereunder,
for up to an aggregate of US$5.0 million within one year.
About Secoo Holding
LimitedSecoo Holding Limited (“Secoo”) is Asia’s largest
online integrated upscale products and services platform as
measured by GMV in 2016. Secoo provides customers a wide selection
of authentic upscale products and lifestyle services on the
Company’s integrated online and offline shopping platform which
consists of the Secoo.com website, mobile applications and offline
experience centers, offering over 300,000 stock keeping units and
covering over 3,000 global and domestic brands. Supported by the
Company’s proprietary database of upscale products, authentication
procedures and brand cooperation, Secoo is able to ensure the
authenticity and quality of every product offered on its
platform.
For more information, please visit
ir.secoo.com
Safe Harbor StatementThis press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended, and as defined in
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include but are not limited to Secoo
management quotes and the Company’s financial outlook. These
forward-looking statements can be identified by terminology such as
“will,” “estimate,” “project,” “predict,” “believe,” “expect,”
“anticipate,” “intend,” “potential,” “plan,” “goal” and similar
statements. Secoo Holding Limited may also make written or
oral forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission, in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Such statements involve certain risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied in the forward-looking statements.
These forward-looking statements include, but are not limited to,
statements about: the Company’s goals and strategies; its future
business development, financial condition and results of
operations; its ability to attract and retain new customers and to
increase revenues generated from repeat customers; its expectations
regarding demand for and market acceptance of its products and
services; trends and competition in China’s e-commerce market;
changes in its revenues and certain cost or expense items; the
expected growth of the Chinese e-commerce market; Chinese
governmental policies relating to the Company’s industry and
general economic conditions in China. For additional
information on these and other important factors that could
adversely affect the Company's business, financial condition,
results of operations and prospects, please see its filings with
the U.S. Securities and Exchange Commission.
Secoo Holding Limited does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law. All information provided in this press release and
in the attachments is as of the date of this press release, and
Secoo Holding Limited undertakes no duty to update such
information, except as required under applicable law.
For investor and media inquiries, please
contact:
In China: Secoo Holding Limited Jingbo Ma Tel: +86 10 6588-0135
E-mail: ir@secoo.com
The Piacente Group, Inc. Jenny Cai Tel: +86 (10) 5730-6200
E-mail: Secoo@tpg-ir.com
In the United States: The Piacente Group, Inc. Alan
Wang Tel: +1-212-481-2050 E-mail: Secoo@tpg-ir.com
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