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Omar Venerio
Omar Venerio
Articles (1256) 

Wall Street Falls Tuesday Morning

Vipshop higher on revenue growth

U.S. market indexes were in the red Tuesday morning, with investors awaiting inflation data.

Shares of Vipshop Holdings Litd. (NYSE:VIPS) rose almost 10% on the back of the company posting its financial results for the fourth quarter. The online retail company reported annual net sales growth of 23.3% to $3.70 billion, while its profit advanced to 22 cents per share. Moreover, the results exceeded analysts’ earnings estimates by two cents and revenue expectations by $20 million. In addition, the gross profit increased 17.3% to $805.4 million.

During the quarter, Tencent (HKSE:00700) and JD.com (NASDAQ:JD) also invested $863 million in Vipshop, which served as a catalyst for its market share growth.

Chairman and CEO Eric Shen said he was pleased with the company's performance as well as the new investments.

“In addition, we are delighted to have become the sponsor and exclusive Chinese e-commerce partner for London Fashion Week, further strengthening our leadership in our core categories and solidifying our strong position in the fashion industry," Shen said. "Through this partnership, we aim to introduce more desirable brands to the Vipshop platform and increase our exposure in the global fashion scene."

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Global markets

The main European stock markets closed in negative territory. The U.K.'s FTSE 100 lost 0.13%, France's CAC 40 retreated 0.60%, Germany's Dax declined 0.70% and Spain's Ibex 35 slid 1.23%.

In Asia, Japan's Nikkei 225 lost 0.65%, while Hong Kong's Hang Seng gained 1.29%, India’s BSE Sensex advanced 0.87% and China's SSE Composite rose 0.98%.

Disclosure: The author holds no positions in any stocks mentioned.

About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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