Shares of Chinese online discount retailer Vipshop Holdings Limited (VIPS)are rising more than 8% Monday morning on the back of improved second-quarter profit.
On Friday the company reported net income of RMB1.3 billion or $191.5 million in the second quarter, up 17.4% year over year from RMB1.1 billion. Excluding one-time items, earnings were RMB1.6 billion or $237.7 million.
Revenues for the quarter were RMB24.5 billion or $3.7 billion, compared with RMB29.6 billion in the prior year period.
For the third quarter of 2022, the company expects its net revenues to be between RMB21.2 billion and RMB22.4 billion, a year-over-year decrease of approximately 15% to 10%.
VIPS, currently at $10.89, has traded in the range of $5.75-$16.42 in the past 52 weeks.
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