Jumei Q2 Profit Rises

(RTTNews) - Jumei International Holding Ltd. (JMEI), a Chinese online retailer of beauty products, Wednesday reported an increase in profit for the second quarter, as revenues doubled from a year ago. Both earnings and revenues for the quarter trumped Wall Street estimates.

Beijing-based Juemi's second-quarter net income rose to $17.1 million from $15.4 million last year. On a per share basis, income per ADS dropped to $0.11 from $0.13 last year, on a higher number of shares.

Adjusted earnings for the quarter were $0.13 per ADS, down from $0.16 last year. On average, eight analysts polled by Thomson Reuters expected earnings of $0.12 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter doubled to $308.1 million from $154.4 million last year, driven largely by higher number of active customers and total orders. Analysts had a consensus revenue estimate of $274.78 million for the quarter.

The number of active customers increased 28 percent to about 6.4 million, while total orders increased 58.2 percent to around 17.4 million.

Gross profit margins dropped to 30.0 percent from 46.3 percent last year, hurt by the shift from beauty product marketplace sales to merchandise sales.

Looking forward to the third quarter, the company expects revenues of $287.0 million to $291.8 million. Analysts currently estimate revenues of $288.04 million for the quarter.

JMEI closed Wednesday's trading at $16.73, up $0.03 or 0.18%, on the Nasdaq. The stock, however, dropped $0.32 or 1.91% in the after-hours trade.