Vipshop reports Q1 2026 revenue up 1.2%, net income rises 13.6%, driven by strong apparel sales and customer growth.

Vipshop Holdings Limited announced a 1.2% year-over-year increase in total net revenues to RMB26.6 billion (US$3.9 billion) for Q1 2026, with net income attributable to shareholders rising 13.6% to RMB2.2 billion (US$319.8 million). Growth was driven by strong apparel sales during the Chinese New Year and an increase in active and SVIP customers. Gross profit and operating margins improved, supported by a better product mix and disciplined operations. The company expects Q2 2026 revenues to decline slightly or remain flat, reflecting current market conditions, but remains confident in long-term sustainable growth.