BEIJING, Aug. 19, 2015 /PRNewswire/ -- Jumei International
Holding Limited (NYSE: JMEI) ("Jumei" or the "Company"),
China's leading online retailer of
beauty products, today reported its unaudited financial results for
the second quarter ended June 30,
2015. The Company will host a conference call to discuss the
results at 8:00 AM U.S. Eastern
Daylight Time on August 20, 2015
(8:00 PM China time on the same
day).
Second Quarter 2015
Highlights
- Net revenues increased by 99.5% year-over-year to US$308.1 million.
- Total net GMV [1] increased by 30.0% year-over-year
to US$376.2 million, driven primarily
by a 28.0% increase in the number of active customers
[2] and a significant 58.2% increase in total orders
[3].
- Gross profit as a percentage of net revenues decreased to 30.0%
from 46.3% in the same period of 2014. Gross profit as a percentage
of total net GMV decreased slightly to 24.5% from 24.7% in the same period of 2014. The decrease was
primarily due to the Company's shift in strategy from beauty
product marketplace sales to merchandise sales that started in
September 2014, and promotional
activities associated with baby and maternity products.
- Net income attributable to Jumei's ordinary shareholders
increased by 11.0% to US$17.1 million
from US$15.4 million in the same
period of 2014. Net margin attributable to Jumei's ordinary
shareholders was 5.6%, compared with 9.9% in the same period of
2014.
- Non-GAAP net income attributable to Jumei's ordinary
shareholders[4] was US$20.1
million, an increase of 12.9% from the same period of 2014.
Non-GAAP net margin attributable to Jumei's ordinary
shareholders[4] was 6.5%, compared with 11.6% in the
same period of 2014.
[1]
|
"Net GMV" means the
sum of (i) net revenues generated from merchandise sales, and (ii)
net revenues generated from marketplace services plus corresponding
payables to third-party merchants;
|
[2]
|
"Active customer"
means a customer that made at least one purchase during a specified
period;
|
[3]
|
"Total orders" means
the total number of orders placed during a period, excluding
rejected or returned orders;
|
[4]
|
"Non-GAAP net income
attributable to Jumei's ordinary shareholders" is a non-GAAP
financial measure defined as net income attributable to Jumei's
ordinary shareholders excluding share-based compensation expenses.
"Non-GAAP net margin attributable to Jumei's ordinary shareholders"
is a non-GAAP financial measure defined as Non-GAAP net income
attributable to Jumei's ordinary shareholders as a percentage of
total net revenues. See "Use of Non-GAAP Financial Measures" and
"Unaudited Reconciliation of GAAP and Non-GAAP Results".
|
Mr. Leo Chen, founder and CEO of
Jumei, commented, "We are thrilled to report another strong quarter
of growth with our top-line increasing almost 100%. This very
strong growth was driven by Jumei
Global during what is typically a seasonally light quarter. We
continue to strengthen our position as a
leading import cross-border ecommerce platform in China – a milestone we achieved
last quarter. We are pleased to see both active customers and
number of orders grow rapidly while maintaining a high repeat
purchase rate. Since transitioning into cross border ecommerce
during the third quarter of 2014, our customer purchase frequency
has grown significantly, increasing 34% from the third quarter 2014 to the second quarter
of 2015, due primarily to our diverse global product
offerings and expansion into other women's categories such as baby
and maternity and health and wellness. We are confident that our
continued investment in category expansion will enhance the
customer experience, increase user stickiness and strengthen
loyalty to our platform."
Mr. Chen continued "We recently announced a strategic investment
in BabyTree, the largest online parenting community in China and the largest globally as ranked by
traffic volume, with daily active users ("DAU") exceeding 10
million. By integrating Jumei's supply chain and logistics
expertise in cross border ecommerce with BabyTree's large and
growing user base, we believe we
will be able to leverage the significant cross-selling
opportunities across all Jumei categories to become the dominant
female-focused ecommerce platform in China."
Unaudited Second Quarter 2015 Financial Results
Total net revenues were US$308.1
million, an increase of 99.5% from US$154.4 million in the second quarter of 2014.
The increase was primarily attributable to
the increases in the number of active customers and total orders,
which in turn resulted primarily from the high volumes generated by Jumei Global
as well as the shift from beauty
product marketplace sales to merchandise sales. The number of active customers increased
by 28.0% to approximately 6.4 million from approximately 5.0
million in the same period of 2014. The number of total orders
increased by 58.2% to approximately 17.4 million from 11.0 million
in the same period of 2014.
Gross profit was US$92.3
million, an increase of 29.1% from US$71.5 million in the second quarter of 2014.
Gross profit as a percentage of net revenues decreased to 30.0%
from 46.3% 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 24.5% from 24.7% in the same period of 2014.
Gross profit from merchandise sales as a percentage of net GMV of
merchandise sales decreased to 27.7% from 32.8% in the same period
of 2014. The decrease was primarily due to changes in product
mix.
Total operating expenses were US$78.3 million, an increase of 55.4% from
US$50.4 million in the second quarter
of 2014. Operating expenses as a percentage of total net GMV
increased to 20.8% from 17.4% in the same period of 2014.
- Fulfillment expenses were US$37.2 million, an increase of 90.8% from
US$19.5 million in the same period of
2014. Fulfillment expenses as a percentage of total net GMV
increased to 9.9% from 6.7% in the same period of 2014. The
increase was primarily due to higher logistics expenses and large volumes from
Jumei Global.
- Marketing expenses were US$28.7 million, an increase of 31.1% from
US$21.9 million in the same period of
2014. The increase was primarily a result of the higher number of
marketing campaigns and brand promotion activities that Jumei
launched during the quarter, and reflects the Company's efforts to
grow its customer base and increase awareness of Jumei Global.
Marketing expenses as a percentage of total net GMV was 7.6%, which
was unchanged from the same period of 2014.
- Technology and content expenses were US$6.7 million, an increase of 42.6% from
US$4.7 million in the same period of
2014. Technology and content expenses as a percentage of total net
GMV slightly increased to 1.8% from 1.6% in the same period of
2014. The increase reflects Jumei's continuous investments in its
information technology platform and the Company's commitment to
attract top research and development talent in order to provide
better technology-enabled services to both consumers and
merchants.
- General and administrative expenses were
US$5.7 million, an increase of
32.6% from US$4.3 million in the same
period of 2014. General and administrative expenses as a percentage
of total net GMV almost remained unchanged at 1.5% in the same
period of 2014.
Income from operations was US$14.0
million, a decrease from US$21.1
million in the same period of 2014.
Non-GAAP income from operations, which excludes
US$2.9 million in share-based
compensation expenses, was US$17.0
million, a decrease of 28.0% from US$23.6 million in the same period of 2014.
Net income attributable to Jumei's ordinary shareholders
was US$17.1 million, compared with
US$15.4 million in the same period of
2014. Net margin attributable to Jumei's ordinary shareholders
decreased to 5.6% from 9.9% in the same period of 2014. Net income
per basic and diluted ADS were US$0.12 and US$0.11, respectively, compared with US$0.15 and US$0.13, respectively, for the same period of
2014.
Non-GAAP net income attributable to Jumei's ordinary
shareholders, which excludes share-based compensation expenses,
was US$20.1 million, an increase of
12.9% from US$17.8 million in the
same period of 2014. Non-GAAP net margin attributable to Jumei's
ordinary shareholders decreased to 6.5% from 11.6% in the same
period of 2014. Non-GAAP net income per
basic and diluted ADS were
US$0.14 and US$0.13, respectively, compared with US$0.17 and US$0.16, respectively, in the same period of
2014.
Balance Sheet
As of June 30, 2015, the Company
had cash and cash equivalents of US$258.6
million, and short-term investments of US$184.8 million.
Business Outlook
For the third quarter of 2015, the Company expects total net
revenues to be between US$287.0 million and
US$291.8 million, representing a year-over-year growth rate
of approximately 82% to 85%.
These forecasts reflect the Company's current and preliminary
view, which is subject to change.
Conference Call
Jumei's management will host a conference call on Thursday, August 20, 2015 at 8:00 a.m. U.S. Eastern Daylight Time
(8:00 p.m. Beijing/Hong Kong Time on the same day) to
discuss the financial results.
The dial-in details for the earnings conference call are as
follows:
Hong Kong:
|
800-905-927
|
Mainland
China:
|
4001-200-539
|
USA:
|
1-855-298-3404
|
UK:
|
0800-015-9725
|
Participant PIN
Code:
|
8021092#
|
Please dial in 10 minutes before the call is scheduled to begin
and provide the passcode to join the call.
A telephone replay of the call will be available after the
conclusion of the conference call through 12:00 a.m. U.S. Eastern Daylight Time,
September 3, 2015. The dial-in
details for the replay are as follows:
Hong Kong:
|
800-966-697
|
International:
|
61-2-9641-7900
|
USA:
|
1-866-846-0868
|
Passcode:
|
8021092#
|
A live and archived webcast of the conference call will be
available on the Investor Relations section of Jumei's website at
http://jumei.investorroom.com/ .
Use of Non-GAAP Financial Measures
To supplement the consolidated financial statements presented in
accordance with the United States Generally Accepted Accounting
Principles ("GAAP"), Jumei uses non-GAAP income from operations,
non-GAAP net income attributable to Jumei's ordinary shareholders,
non-GAAP net margin attributable to Jumei's ordinary shareholders
and non-GAAP net income per ADS attributable to Jumei's ordinary
shareholders, by excluding share-based compensation expenses from
operating profit and net income attributable to the Company's
shareholders, respectively. The Company believes these non-GAAP
financial measures are important to help investors understand
Jumei's operating and financial performance, compare business
trends among different reporting periods on a consistent basis and
assess Jumei's core operating results, as they exclude certain
expenses that are not expected to result in cash payments. The use
of the above non-GAAP financial measures has certain limitations.
Share-based compensation expenses have been and will continue to be
incurred in the future and are not reflected in the presentation of
the non-GAAP financial measures, but should be considered in the
overall evaluation of Jumei's results. The Company compensates for
these limitations by providing the relevant disclosure of its
share-based compensation expenses in the reconciliations to the
most directly comparable GAAP financial measures, which should be
considered when evaluating Jumei's performance. These non-GAAP
financial measures should be considered in addition to financial
measures prepared in accordance with GAAP, but should not be
considered a substitute for, or superior to, financial measures
prepared in accordance with GAAP. Reconciliation of each of these
non-GAAP financial measures to the most directly comparable GAAP
financial measure is set forth at the end of this release.
About Jumei International Holding Limited
Jumei (NYSE: JMEI) is China's
leading online retailer of beauty products. Jumei's internet
platform is a trusted destination for consumers to discover and
purchase branded beauty products, fashionable apparel and other
lifestyle products through the Company's jumei.com and
jumeiglobal.com websites and mobile application. Leveraging its
deep understanding of customer needs and preferences, as well as
its strong merchandizing capabilities, Jumei has adopted multiple
effective sales formats to encourage product purchases on its
platform, including curated sales, online shopping mall and flash
sales. More information about Jumei can be found at
http://jumei.investorroom.com .
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 management in this
announcement, as well as Jumei's strategic and operational plans,
contain forward-looking statements. Jumei 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 Jumei'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, results of operations and
financial condition; the expected growth of the Company's curated
sales, online shopping mall and flash sales in China; the expected growth of Jumei Global,
the Company's ability to attract and retain new customers and to
increase revenues generated from repeat customers; its ability to
obtain the authorization of more exclusive products; its
expectations regarding demand for and market acceptance of its
products and services; trends and competition in China's online retailers of beauty products;
fluctuations in general economic and business conditions in
China and assumptions underlying
or related to any of the foregoing. Further information regarding
these and other risks is included in Jumei's filings with the SEC,
including its annual report on Form 20-F. All information provided
in this press release and in the attachments is as of the date of
this press release, and Jumei does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
For investor and media inquiries, please contact:
Jumei International Holding Limited
Mr. Sterling Song
Investor Relations Director
Phone: +86-10-5676-6983
Email: kans@jumei.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
Email: carnell@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
JUMEI
INTERNATIONAL HOLDING LIMITED
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in
thousands, except share data and per share data)
|
|
|
|
December 31,
2014
|
|
June 30,
2015
|
|
|
US$
|
|
US$
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
165,407
|
|
258,581
|
Short-term
investments
|
|
412,555
|
|
184,797
|
Loan
receivables
|
|
2,533
|
|
2,944
|
Accounts receivable,
net
|
|
4,403
|
|
9,094
|
Inventories
|
|
101,613
|
|
175,866
|
Advances to
suppliers
|
|
8,759
|
|
88,801
|
Prepayments and other
current assets
|
|
32,852
|
|
46,411
|
Deferred tax
assets
|
|
424
|
|
426
|
Total current
assets
|
|
728,546
|
|
766,920
|
Non-current
assets:
|
|
|
|
|
Long-term
investment
|
|
-
|
|
33,208
|
Property, equipment
and software, net
|
|
8,289
|
|
8,735
|
Intangible assets,
net
|
|
18
|
|
9
|
Goodwill
|
|
2,320
|
|
2,320
|
Deferred tax
assets
|
|
1,497
|
|
1,495
|
Other non-current
assets
|
|
2,645
|
|
3,619
|
Total non-current
assets
|
|
14,769
|
|
49,386
|
Total
assets
|
|
743,315
|
|
816,306
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts
payable
|
|
145,442
|
|
163,901
|
Advances from
customers
|
|
11,070
|
|
12,550
|
Short-term
loans
|
|
1,611
|
|
641
|
Tax payable
|
|
13,661
|
|
21,255
|
Accrued expenses and
other current liabilities
|
|
20,169
|
|
27,461
|
Total current
liabilities
|
|
191,953
|
|
225,808
|
Non-current
liabilities
|
|
|
|
|
Long-term
loans
|
|
-
|
|
582
|
Other non-current
liabilities
|
|
843
|
|
713
|
Total non-current
liabilities
|
|
843
|
|
1,295
|
Total
liabilities
|
|
192,796
|
|
227,103
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
Ordinary
shares
|
|
36
|
|
36
|
Additional paid-in
capital
|
|
459,108
|
|
464,320
|
Statutory
reserves
|
|
451
|
|
451
|
Treasury
stock
|
|
-
|
|
(145)
|
Retained
earnings
|
|
89,405
|
|
122,236
|
Accumulated other
comprehensive income
|
|
1,259
|
|
730
|
Jumei's
shareholders' equity
|
|
550,259
|
|
587,628
|
Noncontrolling
interests
|
|
260
|
|
1,575
|
Total
shareholders' equity
|
|
550,519
|
|
589,203
|
Total liabilities
and shareholders' equity
|
|
743,315
|
|
816,306
|
|
|
|
|
|
JUMEI
INTERNATIONAL HOLDING LIMITED
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
|
(U.S. dollars in
thousands, except share data and per share data)
|
|
|
|
|
|
|
|
|
|
For the three
months ended
|
|
|
June 30,
2014
|
|
March 31,
2015
|
|
June 30,
2015
|
|
|
US$
|
|
US$
|
|
US$
|
Net
revenues:
|
|
|
|
|
|
|
Merchandise
sales
|
|
123,316
|
|
240,808
|
|
298,479
|
Marketplace
services
|
|
31,043
|
|
9,790
|
|
9,574
|
Total net
revenues
|
|
154,359
|
|
250,598
|
|
308,053
|
Cost of
revenues
|
|
(82,843)
|
|
(171,869)
|
|
(215,717)
|
Gross
profit
|
|
71,516
|
|
78,729
|
|
92,336
|
Operating
expenses:
|
|
|
|
|
|
|
Fulfillment
expenses
|
|
(19,524)
|
|
(28,847)
|
|
(37,173)
|
Marketing
expenses
|
|
(21,933)
|
|
(23,820)
|
|
(28,690)
|
Technology and
content expenses
|
|
(4,681)
|
|
(6,719)
|
|
(6,731)
|
General and
administrative expenses
|
|
(4,307)
|
|
(5,275)
|
|
(5,715)
|
Total operating
expenses
|
|
(50,445)
|
|
(64,661)
|
|
(78,309)
|
Income from
operations
|
|
21,071
|
|
14,068
|
|
14,027
|
Other
income/(expenses):
|
|
|
|
|
|
|
Interest
income
|
|
2,206
|
|
5,737
|
|
5,164
|
Others,
net
|
|
1,488
|
|
384
|
|
2,813
|
Income before
tax
|
|
24,765
|
|
20,189
|
|
22,004
|
Income tax
expenses
|
|
(5,587)
|
|
(3,836)
|
|
(4,181)
|
Net
income
|
|
19,178
|
|
16,353
|
|
17,823
|
Net income
attributable to noncontrolling interests
|
|
-
|
|
(661)
|
|
(684)
|
Net income
attributable to Jumei International Holding
Limited
|
|
19,178
|
|
15,692
|
|
17,139
|
Accretion to
Preferred Shares redemption value
|
|
(235)
|
|
-
|
|
-
|
Income
allocation to participating Redeemable Preferred
Shares
|
|
(3,589)
|
|
-
|
|
-
|
Net income
attributable to Jumei's ordinary shareholders
|
|
15,354
|
|
15,692
|
|
17,139
|
Net
income
|
|
19,178
|
|
16,353
|
|
17,823
|
Foreign
currency translation adjustment, net of nil tax
|
|
17
|
|
(811)
|
|
282
|
Total
comprehensive income
|
|
19,195
|
|
15,542
|
|
18,105
|
Comprehensive
income attributable to noncontrolling
interests
|
|
-
|
|
(652)
|
|
(655)
|
Comprehensive
income attributable to Jumei
International Holding
Limited
|
|
19,195
|
|
14,890
|
|
17,450
|
|
|
|
|
|
|
|
Net income per
share attributable to Jumei's ordinary
shareholders
|
|
|
|
|
|
|
- Basic
|
|
0.15
|
|
0.11
|
|
0.12
|
- Diluted
|
|
0.13
|
|
0.10
|
|
0.11
|
Net income per ADS
attributable to Jumei's ordinary
shareholders (1 ordinary share equals to 1
ADS)
|
|
|
|
|
|
|
-
Basic
|
|
0.15
|
|
0.11
|
|
0.12
|
- Diluted
|
|
0.13
|
|
0.10
|
|
0.11
|
Weighted average
shares outstanding used in computing
net income per share attributable to Jumei's ordinary
shareholders
|
|
|
|
|
|
|
-
Basic
|
|
102,350,714
|
|
145,203,770
|
|
145,470,065
|
- Diluted
|
|
114,512,550
|
|
150,084,009
|
|
150,360,439
|
|
|
|
|
|
|
|
|
|
For the three
months ended
|
|
|
June 30,
2014
|
|
March 31,
2015
|
|
June 30,
2015
|
|
|
US$
|
|
US$
|
|
US$
|
|
|
|
|
|
|
|
Share-based
compensation expenses included are follows:
|
|
|
|
|
|
|
Fulfillment
expenses
|
|
243
|
|
231
|
|
292
|
Marketing
expenses
|
|
1,130
|
|
375
|
|
1,164
|
Technology and
content expenses
|
|
418
|
|
325
|
|
486
|
General and
administrative expenses
|
|
701
|
|
556
|
|
999
|
Total
|
|
2,492
|
|
1,487
|
|
2,941
|
|
|
|
|
|
|
|
JUMEI
INTERNATIONAL HOLDING LIMITED
|
UNAUDITED
RECONCILIATION OF GAAP AND NON-GAAP RESULTS
|
(U.S. dollars in
thousands, except share data and per share data)
|
|
|
|
For the three
months ended
|
|
|
30-Jun-14
|
|
31-Mar-15
|
|
30-Jun-15
|
|
|
US$
|
|
US$
|
|
US$
|
|
|
|
|
|
|
|
Income from
operations
|
|
21,071
|
|
14,068
|
|
14,027
|
Share-based
compensation expenses
|
|
2,492
|
|
1,487
|
|
2,941
|
Non-GAAP income from
operations
|
|
23,563
|
|
15,555
|
|
16,968
|
|
|
|
|
|
|
|
Net income
attributable to Jumei's ordinary shareholders
|
|
15,354
|
|
15,692
|
|
17,139
|
Share-based
compensation expenses
|
|
2,492
|
|
1,487
|
|
2,941
|
Non-GAAP net income
attributable to Jumei's ordinary
shareholders
|
|
17,846
|
|
17,179
|
|
20,080
|
|
|
|
|
|
|
|
Non-GAAP net
income per share attributable to Jumei's
ordinary shareholders
|
|
|
|
|
|
|
- Basic
|
|
0.17
|
|
0.12
|
|
0.14
|
- Diluted
|
|
0.16
|
|
0.11
|
|
0.13
|
Non-GAAP net
income per ADS attributable to Jumei's
ordinary shareholders (1 ordinary share equals to 1
|
|
|
|
|
|
|
ADS)
|
- Basic
|
|
0.17
|
|
0.12
|
|
0.14
|
- Diluted
|
|
0.16
|
|
0.11
|
|
0.13
|
Weighted average
shares outstanding used in computing
|
|
|
|
|
|
|
non-GAAP net income per share attributable to
Jumei's
ordinary shareholders:
|
- Basic
|
|
102,350,714
|
|
145,203,770
|
|
145,470,065
|
- Diluted
|
|
114,512,550
|
|
150,084,009
|
|
150,360,439
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/jumei-reports-unaudited-second-quarter-2015-financial-results-300130792.html
SOURCE Jumei International Holding Limited