Ruhnn Holding Limited (“Ruhnn” or the “Company”) (NASDAQ: RUHN),
the largest internet key opinion leader (“KOL”) facilitator in
China as measured by revenue in 2018, according to Frost &
Sullivan, today announced its unaudited financial results for the
first quarter of fiscal year 2020 ended June 30, 2019.
First Quarter
of Fiscal Year 2020
Financial and Operational Highlights:
- GMV1 was RMB758.0
million (US$110.4 million), a 50.4% increase from RMB503.9 million
for the same quarter of last fiscal year.
- Net revenues were
RMB312.8 million (US$45.6 million), a 34.3% increase from RMB232.9
million for the same quarter of last fiscal year.
- Net loss
attributable to Ruhnn was RMB26.7 million (US$3.9
million), a significant decrease of 40.1% from RMB44.6 million for
the same quarter of last fiscal year.
- Adjusted net loss
attributable to Ruhnn2 was RMB21.6 million (US$3.1
million), a significant decrease of 51.6% from RMB44.6 million for
the same quarter of last fiscal year.
- Basic and diluted net loss
per ADS was RMB0.32 (US$0.05), compared with basic and
diluted net loss per ADS of RMB0.70 for the same quarter of last
fiscal year.
- Adjusted basic and diluted
net loss per ADS2 was RMB0.26 (US$0.04), compared with
adjusted basic and diluted net loss per ADS of RMB0.70 for the same
quarter of last fiscal year.
- Number of signed
KOLs increased to 133 as of June 30, 2019, compared with
128 as of March 31, 2019 and 93 as of June 30, 2018.
- Number of brands
that the Company cooperated with
increased to 701 as of June 30, 2019, compared with 632 as of March
31, 2019 and 297 as of June 30, 2018.
_______________1“GMV” refers to gross
merchandise value, which represents the aggregate value of
merchandise ordered in the Company’s online stores and third-party
online stores to which the Company provides KOL sales services (but
not including online stores to which the Company only provides KOL
advertising services), regardless of whether the merchandise is
actually sold, delivered or returned. The calculation of GMV
includes shipping charges paid by buyers. GMV of third-party online
stores to which the Company provides KOL sales services includes
the GMV of all products ordered on such stores because the Company
generally provides KOL sales services for all products sold on such
stores. Since January 2019, the Company has provided KOL sales
services for specified products in certain third-party online
stores, and in such cases, only the GMV of such products for which
the Company provided KOL sales services are included in the GMV for
the relevant period.
2 “Adjusted net loss attributable to Ruhnn” and
“Adjusted basic and diluted net loss per ADS” are non-GAAP
measures, which exclude non-cash amortization expenses of
intangible assets - exclusive cooperation rights. See
“Reconciliation of GAAP and Non-GAAP Results” at the end of this
press release.
Summary Operation Data
|
As of and for the three months ended June
30, 2018 |
|
As of and for the three months ended March 31,
2019 |
|
As of and for the three months ended June
30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of KOLs |
|
Number of Fans3 (in
millions) |
|
GMV (RMB in millions) |
|
Number of KOLs |
|
Number of Fans (in millions) |
|
GMV (RMB in millions) |
|
Number of KOLs |
|
Number of Fans (in millions) |
|
GMV (RMB in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Top-tier KOLs4 |
3 |
|
22.2 |
|
246.8 |
|
3 |
|
34.6 |
|
310.2 |
|
3 |
|
35.5 |
|
369.3 |
Established KOLs5 |
7 |
|
19.7 |
|
95.4 |
|
8 |
|
31.4 |
|
89.0 |
|
8 |
|
26.5 |
|
104.3 |
Emerging KOLs6 |
83 |
|
74.5 |
|
161.7 |
|
117 |
|
89.1 |
|
249.1 |
|
122 |
|
110.0 |
|
284.4 |
Total |
93 |
|
116.5 |
|
503.9 |
|
128 |
|
155.1 |
|
648.3 |
|
133 |
|
172.0 |
|
758.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______________3The number of fans
presented may include a single fan who was included multiple times
if the fan follows more than one KOL, follows the same KOL across
multiple platforms, or both.
4Top-tier KOLs facilitated GMV of above RMB100.0
million in the past twelve months.
5Established KOLs facilitated GMV of RMB30.0
million to RMB100.0 million in the past twelve months.
6Emerging KOLs facilitated GMV of less than
RMB30.0 million in the past twelve months.
|
As of and for the three months ended |
|
June 30, 2018 |
|
March 31, 2019 |
|
June 30, 2019 |
Full-Service
Model7 |
|
|
|
|
|
Number of the Company’s KOLs
serving such business model9 |
33 |
|
14 |
|
11 |
Number of the Company’s online
stores |
75 |
|
56 |
|
40 |
Number of orders placed
through the Company’s online stores (in million) |
1.6 |
|
1.3 |
|
1.7 |
GMV of the Company’s online
stores (RMB in million) |
406.0 |
|
370.5 |
|
411.5 |
|
|
|
|
|
|
Platform
Model8 |
|
|
|
|
|
Number of the Company’s KOLs
serving such business model9 |
61 |
|
122 |
|
131 |
Number of brands that the
Company cooperated with |
297 |
|
632 |
|
701 |
GMV of third-party online
stores10 (RMB in million) |
97.9 |
|
277.8 |
|
346.5 |
|
|
|
|
|
|
_______________7Under the full-service model,
the Company owns and operates online stores on third-party
e-commerce platforms, a majority of which are opened in the name of
the Company’s KOLs, and generate revenue through online sales of
the Company’s self-designed products to consumers, especially the
fans of the Company’s KOLs’ social media accounts that the Company
manages.
8Under the platform model, the Company connects
KOLs with third-party online stores and merchants to promote
products sold in third-party online stores or provides advertising
services on KOLs’ social media spaces to third-party merchants.
9Certain KOLs under the Company’s full-service
model overlap with those under the platform model. On the other
hand, the Company’s KOLs that were undergoing training and had not
started generating GMV under either of the business models as of
the relevant date, were not included in these numbers.
10Includes GMV from third-party online stores to
which the Company only provides KOL sales services.
Management Comments
“We are thrilled to report outstanding
operational and financial performance for the first quarter of
fiscal year 2020, continuing the robust growth momentum from the
prior quarter. In addition, in April 2019, we successfully
completed our IPO on the Nasdaq Global Select Market, marking a
significant milestone in the Company’s history. We have already
begun to see an impact from the IPO on Ruhnn’s brand awareness and
industry influence in the internet KOL e-commerce sector in China.
We believe our successful listing on a U.S. stock exchange is
creating a solid foundation for the Company’s long-term sustainable
business development in the years to come,” Mr. Min Feng, founder
and Chairman of Ruhnn, commented.
“During the past few years, we have been
building up precise SKU-selecting capabilities, mature supply chain
management capabilities and advanced big data IT technological
capabilities. At the same time, we continued to upgrade our
uniquely flexible supply chain, by enhancing its managerial
efficiencies and overall operational performance. As we move
forward, we believe our initiatives are gaining traction and allow
us to partner with an even greater number of new and emerging
retail brands. We are also working to create a smarter and more
automated supply chain to better serve third-party merchants and
KOLs. By empowering KOLs with lower KOL transaction costs to fully
exert precise matching capabilities between KOLs and SKUs, we are
building the leading KOL transaction platform in China.
“Alibaba is not only our significant strategic
stakeholder but also an important business partner. Alibaba
provides a solid e-commerce infrastructure and technology tools
that support the internet KOL ecosystem initiated by Ruhnn. We are
continuously exploring new business cooperation opportunities with
Alibaba, which is a strong growth driver for our platform business.
As a pioneer and leader in China’s internet KOL e-commerce sector,
we are committed to maximizing long-term shareholder value and are
highly confident in our growth prospects,” Mr. Feng concluded.
Mr. Zhenbo Chi, Chief Financial Officer of
Ruhnn, commented, “We are very pleased to see Ruhnn preserve its
tremendous growth momentum in the first quarter of fiscal year
2020. In the first fiscal quarter, the Company achieved total GMV
of RMB758.0 million and net revenues of RMB312.8 million, with
significant year-over-year growth of 50.4% and 34.3%, respectively.
Revenues from full-service model increased by 17.1% year-over-year
to RMB247.3 million, and revenues from platform model tripled to
RMB65.5 million. We also greatly narrowed adjusted net loss
attributable to Ruhnn by 51.6% year-over-year. Our financial
performance in the first fiscal quarter was driven primarily by the
continuous progress from KOL cultivation, the enhancement of
monetization capabilities in advertisement services, brand
cooperation and e-commerce, and improved overall operating
efficiency. For the remainder of fiscal year 2020, we expect to
maintain this growth momentum in both the full-service business and
the platform business.
“As a clear leader in China’s internet KOL
e-commerce industry, we have high confidence in our growth strategy
and the promising opportunities that lay ahead of us. We are
focused on gaining market share as well as growing ahead of the
industry pace. We can do this by leveraging on our capabilities to
expand KOL pools and optimizing KOL structures, in order to
maximize value-added services for both brands and online stores,”
Mr. Chi concluded.
First Quarter of Fiscal Year 2020
Financial Results
GMV was RMB758.0 million
(US$110.4 million) for the first quarter of fiscal year 2020, a
50.4% increase from RMB503.9 million for the same quarter of last
fiscal year. The increase was primarily attributable to an increase
in GMV in the platform model.
Net revenues were RMB312.8
million (US$45.6 million), a 34.3% increase from RMB232.9 million
for the same quarter of last fiscal year. The increase was
primarily attributable to (i) an increase in revenues from product
sales from stores opened in the name of top-tier KOLs and (ii) an
increase in revenues from services through the platform model.
- Revenues from product sales
through the full-service model were RMB247.3 million
(US$36.0 million), a 17.1% increase from RMB211.2 million for the
same quarter of last fiscal year. The increase was primarily
attributable to the sales growth of the stores opened in the name
of the Company’s top-tier KOLs and was partially offset by the
transformation of the business model of some online stores opened
in the name of the Company’s emerging and established KOLs from the
full-service model to platform model. As a result of such
transformation, the number of the Company’s online stores decreased
to 40 as of June 30, 2019 from 75 as of June 30, 2018 and the
number of the Company’s KOLs serving the full-service model
decreased to 11 as of June 30, 2019 from 33 as of June 30, 2018. On
the other hand, GMV from the Company’s online stores opened under
top-tier KOLs that were in operation in both periods increased by
49.6% in the first quarter of fiscal year 2020, compared with the
same quarter of fiscal year 2019.
- Revenues from services
through the platform model were RMB65.5 million (US$9.5
million), a 201.3% increase from RMB21.7 million for the same
quarter of last fiscal year, which was attributable to the increase
in the number of KOLs under the Company’s platform model and an
increase in the number of brands with which the Company cooperated
in its advertising and marketing business.
Cost of revenues was RMB201.3
million (US$29.3 million) for the first quarter of fiscal year
2020, a 14.9% increase from RMB175.2 million for the same quarter
of last fiscal year. The increase was in line with the business
expansion.
Gross profit was RMB111.5
million (US$16.2 million) for the first quarter of fiscal year
2020, a 93.0% increase from RMB57.8 million for the same quarter of
last fiscal year. Gross margin was 35.7% for the first quarter of
fiscal year 2020, compared with 24.8% for the same quarter of last
fiscal year. The increase was primarily due to (i) the increased
gross margin in product sales attributable to more crossover
cooperation with third party brands and enhanced efficiency in
supply chain management; and (ii) the increased proportion of the
Company’s net revenues attributable to services under the platform
model which exhibit higher gross margins than product sales.
Total operating expenses were
RMB138.8 million (US$20.2 million) for the first quarter of fiscal
year 2020, a 32.4% increase from RMB104.9 million for the same
quarter of last fiscal year.
- Fulfillment
expenses were RMB35.0 million (US$5.1 million) for the
first quarter of fiscal year 2020, a 12.2% increase from RMB31.2
million for the same quarter of last fiscal year.
- Sales and marketing
expenses were RMB74.1 million (US$10.8 million) for the
first quarter of fiscal year 2020, a 71.7% increase from RMB43.2
million for the same quarter of last fiscal year. The increase was
primarily due to (i) the increased promotion expenses in order to
improve the gross margin of product sales, (ii) the increased
expenses of KOL incubation, cultivation, content production and
training to support increased activities for the Company’s KOL
sales and advertising business, and (iii) non-cash amortization
expenses of intangible assets - exclusive cooperation
rights.
- General and administrative
expenses were RMB30.5 million (US$4.4 million) for the
first quarter of fiscal year 2020, a 0.4% slight decrease from
RMB30.6 million for the same quarter of last fiscal year.
Loss from operations was
RMB27.3 million (US$4.0 million) for the first quarter of fiscal
year 2020, compared with RMB47.1 million for the same quarter of
last fiscal year.
Net loss attributable
to Ruhnn was RMB26.7 million (US$3.9 million), compared
with RMB44.6 million for the same quarter of last fiscal year,
representing a significant year-over-year decrease of 40.1%.
Adjusted net loss attributable to
Ruhnn was RMB21.6 million (US$3.1 million) for the first
quarter of fiscal year 2020, compared with RMB44.6 million for the
same quarter of last fiscal year, representing a significant
year-over-year decrease of 51.6%.
Basic and diluted net loss per
ADS was RMB0.32 (US$0.05), compared with basic and diluted
net loss per ADS of RMB0.70 for the same quarter of last fiscal
year.
Adjusted basic and diluted net loss per
ADS was RMB0.26 (US$0.04), compared with basic and diluted
adjusted net loss per ADS of RMB0.70 for the same quarter of last
fiscal year.
Balance Sheet
As of June 30, 2019, the Company had cash, cash
equivalents and short-term investment of RMB733.6 million
(US$106.9 million), compared with RMB90.0 million, as of March
31, 2019.
Outlook
For the full fiscal year 2020, the Company
currently expects net revenues from product sales through the
full-service model to be between RMB980 million and RMB1,130
million, and net revenues from services through the platform model
to be between RMB280 million and RMB380 million, representing a
year-over-year growth between 4.0% and 20.0%, and between 86.0% and
152.0%, respectively.
This forecast reflects the Company’s current and
preliminary view on the current business situation and market
conditions, which is subject to change.
Conference Call
The Company’s management will host an earnings
conference call at 8:00 AM U.S. Eastern Time on August 29, 2019
(8:00 PM Beijing/Hong Kong time on August 29, 2019).
Dial-in details for the earnings conference call
are as follows:
United States: |
+1-866-519-4004 |
International: |
+65-6713-5090 |
Hong Kong: |
800-906-601 |
China, Domestic: |
400-620-8038 |
Conference ID: |
8279856 |
Participants should dial-in at least 10 minutes
before the scheduled start time to be connected to the call.
Additionally, a live and archived webcast of the
conference call will be available on the Company’s investor
relations website at http://ir.ruhnn.com.
About Ruhnn Holding Limited
Ruhnn Holding Limited is the largest internet
key opinion leader (“KOL”) facilitator in China as measured by
revenue in 2018, according to Frost & Sullivan. The Company
connects influential KOLs who engage and impact their fans on the
internet to its vast commercial network to build the brands of
fashion products. Ruhnn pioneered the commercialization of the KOL
ecosystem in China, and operates under both full-service and
platform models. The Company’s full-service model integrates key
steps of the e-commerce value chain from product design and
sourcing and online store operations to logistics and after-sale
services. The platform model promotes products sold in third-party
online stores and provides advertising services on KOL’s social
media spaces to third-party merchants. As of June 30, 2019, the
Company had 133 signed KOLs with an aggregate of 172.0 million fans
across major social media platforms in China.
For more information, please visit:
ir.ruhnn.com.
Use of Non-GAAP Financial Measures
The Company uses non-GAAP measures, such as
adjusted net loss attributable to Ruhnn, and adjusted basic and
diluted net loss per ADS, in evaluating its operating results and
for financial and operational decision-making purposes. The Company
believes that the non-GAAP financial measures help identify
underlying trends in its business by excluding the impact of
amortization expense related to intangible assets - exclusive
cooperation rights, which are non-cash charges. The Company
believes that the non-GAAP financial measures provide useful
information about the Company’s results of operations, enhance the
overall understanding of the Company’s past performance and future
prospects and allow for greater visibility with respect to key
metrics used by the Company’s management in its financial and
operational decision-making.
The non-GAAP financial measures are not defined
under U.S. GAAP and are not presented in accordance with U.S. GAAP.
The non-GAAP financial measures have limitations as analytical
tools, and when assessing the Company’s performance, investors
should not consider them in isolation, or as a substitute for
financial information prepared in accordance with U.S. GAAP.
The Company mitigates these limitations by
reconciling the non-GAAP financial measures to the most comparable
U.S. GAAP performance measures, all of which should be considered
when evaluating the Company’s performance.
For more information on the non-GAAP financial
measures, please see the table captioned “Unaudited Reconciliations
of GAAP and Non-GAAP Results” set forth at the end of this press
release.
Exchange Rate Information
This announcement contains translations of
certain RMB amounts into U.S. dollars at a specified rate solely
for the convenience of the reader. Unless otherwise noted, all
translations from Renminbi to U.S. dollars are made at a rate of
RMB6.8650 to US$1.00, the rate in effect as of June 28, 2019
published by the Federal Reserve Board.
Safe Harbor Statement
This announcement contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as “will,” “expects,” “anticipates,” “future,”
“intends,” “plans,” “believes,” “estimates” and similar statements.
Among other things, the business outlook and quotations from
Ruhnn’s management in this announcement as well as Ruhnn’s
strategic and operational plans contain forward-looking statements.
Ruhnn may also make written or oral forward-looking statements in
its periodic reports to the U.S. Securities and Exchange Commission
(“SEC”) on Forms 20-F and 6-K, 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. Statements that are not historical facts, including
statements about Ruhnn’s beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: the Company’s goals and strategies; the Company’s future
business development, financial condition and results of
operations; trends in the internet KOL facilitator industry in the
PRC and globally; competition in the Company’s industry;
fluctuations in general economic and business conditions in China;
and the regulatory environment in which the Company operates.
Further information regarding these and other risks is included in
the Company’s filings with the SEC, including its registration
statement on Form F-1, as amended, and its annual reports on Form
20-F. All information provided in this press release is as of the
date of this press release, and Ruhnn does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law.
For investor and media inquiries, please
contact:
In China:
Ruhnn Holding LimitedSterling SongSenior
Director of Investor RelationsTel: +86-571-2629-8238E-mail:
ir@ruhnn.com
The Piacente Group, Inc.Emilie WuTel:
+86-21-6039-8363E-mail: ruhnn@thepiacentegroup.com
In the United States:
The Piacente Group, Inc. Brandi PiacenteTel:
+1-212-481-2050E-mail: ruhnn@thepiacentegroup.com
Ruhnn Holding
LimitedUNAUDITED CONDENSED COMBINED AND
CONSOLIDATED BALANCE SHEETS(In thousands, except
for share and per share data)
|
As of |
|
March 31, 2019 |
|
June 30, 2019 |
|
RMB |
|
|
RMB |
|
|
US$ |
|
Assets |
|
|
|
|
|
Current
assets |
|
|
|
|
|
Cash and cash equivalents |
89,960 |
|
|
713,589 |
|
|
103,946 |
|
Restricted cash |
13,861 |
|
|
5,284 |
|
|
770 |
|
Short-term investment |
- |
|
|
20,000 |
|
|
2,913 |
|
Accounts receivable, net |
29,372 |
|
|
43,870 |
|
|
6,390 |
|
Inventories |
220,151 |
|
|
194,305 |
|
|
28,304 |
|
Advances to suppliers |
42,145 |
|
|
28,367 |
|
|
4,132 |
|
Prepaid expenses and other current assets |
32,969 |
|
|
40,269 |
|
|
5,866 |
|
Total current
assets |
428,458 |
|
|
1,045,684 |
|
|
152,321 |
|
|
|
|
|
|
|
Property and equipment,
net |
146,071 |
|
|
153,334 |
|
|
22,335 |
|
Intangible assets, net |
104,457 |
|
|
99,057 |
|
|
14,429 |
|
Goodwill |
1,002 |
|
|
1,002 |
|
|
146 |
|
Long-term investments |
7,600 |
|
|
87,636 |
|
|
12,766 |
|
Other non-current assets |
1,702 |
|
|
3,473 |
|
|
506 |
|
Total
assets |
689,290 |
|
|
1,390,186 |
|
|
202,503 |
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' (DEFICIT) EQUITY |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts payable |
78,061 |
|
|
107,301 |
|
|
15,630 |
|
Notes payable |
30,645 |
|
|
11,584 |
|
|
1,687 |
|
Accrued salary and benefits |
58,917 |
|
|
54,319 |
|
|
7,912 |
|
Accrued expenses and other current liabilities |
24,039 |
|
|
33,084 |
|
|
4,819 |
|
Short-term borrowing |
- |
|
|
17,000 |
|
|
2,476 |
|
Amounts due to related parties |
574,859 |
|
|
18,604 |
|
|
2,710 |
|
Dividends payable |
115 |
|
|
- |
|
|
- |
|
Income tax payable |
1,674 |
|
|
4,579 |
|
|
667 |
|
Total current
liabilities |
768,310 |
|
|
246,471 |
|
|
35,901 |
|
Long term deposits |
1,750 |
|
|
1,550 |
|
|
226 |
|
Deferred revenue |
- |
|
|
11,367 |
|
|
1,656 |
|
Obligation under capital lease |
11,076 |
|
|
10,834 |
|
|
1,578 |
|
Total
liabilities |
781,136 |
|
|
270,222 |
|
|
39,361 |
|
|
|
|
|
|
|
Shareholders’
(deficit) equity: |
|
|
|
|
|
Ordinary shares
(US$0.000000001 par value; 1,000,000,000 shares authorized,
363,572,659 and 413,572,659 shares issued and outstanding as of
March 31 and June 30, 2019, respectively) |
- |
|
|
- |
|
|
- |
|
Additional paid in
capital |
701,041 |
|
|
1,447,481 |
|
|
210,849 |
|
Subscription receivable |
(558,996 |
) |
|
(69,985 |
) |
|
(10,194 |
) |
Accumulated deficit |
(232,635 |
) |
|
(259,349 |
) |
|
(37,777 |
) |
Accumulated other
comprehensive income |
- |
|
|
4,697 |
|
|
684 |
|
Total Ruhnn Holding
Limited shareholders' (deficit) equity |
(90,590 |
) |
|
1,122,844 |
|
|
163,562 |
|
Non-controlling interest |
(1,256 |
) |
|
(2,880 |
) |
|
(420 |
) |
Total shareholders'
(deficit) equity |
(91,846 |
) |
|
1,119,964 |
|
|
163,142 |
|
Total liabilities and
shareholders' (deficit) equity |
689,290 |
|
|
1,390,186 |
|
|
202,503 |
|
|
|
|
|
|
|
|
|
|
Ruhnn Holding
LimitedUNAUDITED CONDENSED COMBINED AND
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS(In
thousands, except for share and per share data)
|
For the three months ended June 30, |
|
2018 |
|
2019 |
|
RMB |
|
|
RMB |
|
|
US$ |
|
Net
revenues |
|
|
|
|
|
Product sales |
211,210 |
|
|
247,295 |
|
|
36,023 |
|
Services |
21,730 |
|
|
65,481 |
|
|
9,538 |
|
Total net
revenues |
232,940 |
|
|
312,776 |
|
|
45,561 |
|
Cost of revenues |
|
|
|
|
|
Cost of product sales |
(166,848 |
) |
|
(173,896 |
) |
|
(25,331 |
) |
Cost of services |
(8,319 |
) |
|
(27,360 |
) |
|
(3,985 |
) |
Total cost of
revenues |
(175,167 |
) |
|
(201,256 |
) |
|
(29,316 |
) |
Gross
profit |
57,773 |
|
|
111,520 |
|
|
16,245 |
|
Operating expenses: |
|
|
|
|
|
Fulfillment |
(31,172 |
) |
|
(34,975 |
) |
|
(5,095 |
) |
Sales and marketing |
(43,185 |
) |
|
(74,140 |
) |
|
(10,800 |
) |
General and administrative |
(30,632 |
) |
|
(30,510 |
) |
|
(4,444 |
) |
Other operating income, net |
121 |
|
|
785 |
|
|
114 |
|
Loss from
operations |
(47,095 |
) |
|
(27,320 |
) |
|
(3,980 |
) |
Interest and other income |
154 |
|
|
2,006 |
|
|
292 |
|
Foreign exchange gain |
17 |
|
|
397 |
|
|
58 |
|
Loss before income
taxes |
(46,924 |
) |
|
(24,917 |
) |
|
(3,630 |
) |
Income tax expense |
(2,390 |
) |
|
(3,420 |
) |
|
(498 |
) |
Share of gain in equity method
investments |
52 |
|
|
- |
|
|
- |
|
Net loss |
(49,262 |
) |
|
(28,337 |
) |
|
(4,128 |
) |
Less: net loss attributable to
non-controlling interest |
4,677 |
|
|
1,624 |
|
|
237 |
|
Net loss attributable
to Ruhnn Holding Limited |
(44,585 |
) |
|
(26,713 |
) |
|
(3,891 |
) |
|
|
|
|
|
|
Net loss per ordinary
share |
|
|
|
|
|
Basic |
(0.15 |
) |
|
(0.06 |
) |
|
(0.01 |
) |
Diluted |
(0.15 |
) |
|
(0.06 |
) |
|
(0.01 |
) |
Net loss per
ADS |
|
|
|
|
|
Basic |
(0.70 |
) |
|
(0.32 |
) |
|
(0.05 |
) |
Diluted |
(0.70 |
) |
|
(0.32 |
) |
|
(0.05 |
) |
Weighted average
shares used in calculating net loss per ordinary
share |
|
|
|
|
|
Basic |
319,406,760 |
|
|
412,473,758 |
|
|
412,473,758 |
|
Diluted |
319,406,760 |
|
|
412,473,758 |
|
|
412,473,758 |
|
|
|
|
|
|
|
Net loss |
(49,262 |
) |
|
(28,337 |
) |
|
(4,128 |
) |
Other comprehensive
loss |
|
|
|
|
|
Foreign currency translation adjustments |
- |
|
|
4,697 |
|
|
684 |
|
Comprehensive
loss |
(49,262 |
) |
|
(23,640 |
) |
|
(3,444 |
) |
|
|
|
|
|
|
|
|
|
Ruhnn Holding
LimitedRECONCILIATIONS OF GAAP AND NON-GAAP
RESULTS(In thousands, except for share and per
share data)
|
For the three months ended June 30, |
|
2018 |
|
2019 |
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
|
|
|
|
Net loss attributable to Ruhnn Holding
Limited |
(44,585 |
) |
|
(26,713 |
) |
|
(3,891 |
) |
Add: |
|
|
|
|
|
Amortization expenses of intangible assets - exclusive cooperation
rights |
- |
|
|
5,150 |
|
|
750 |
|
Adjusted net loss
attributable to Ruhnn |
(44,585 |
) |
|
(21,563 |
) |
|
(3,141 |
) |
|
|
|
|
|
|
Adjusted net loss per
ADS |
|
|
|
|
|
Basic |
(0.70 |
) |
|
(0.26 |
) |
|
(0.04 |
) |
Diluted |
(0.70 |
) |
|
(0.26 |
) |
|
(0.04 |
) |
Weighted average
shares used in calculating adjusted net loss per ordinary
share |
|
|
|
|
|
Basic |
319,406,760 |
|
|
412,473,758 |
|
|
412,473,758 |
|
Diluted |
319,406,760 |
|
|
412,473,758 |
|
|
412,473,758 |
|
|
|
|
|
|
|
|
|
|
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