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News Article | May 3, 2017
Site: www.prnewswire.com

India Online Fashion Market to 2021 - Elevating Sales in Tier II and Tier III Cities is expected to Fuel the Market in Future provides a comprehensive analysis of the online fashion retail market in India. The report includes the cumulative GMV generated by the market players from the sales of online fashion products, including apparel, footwear and accessories. Availability of international brands and different style on one platform and varied offers and discounts provided by the ecommerce players on their website is the major factor responsible for increased sales of apparels on ecommerce portals. New players entering the ecommerce markets with wide offering range of apparels in their portfolio has further added to the increase in the share of online apparels. Moreover, it has been observed that various offline fashion apparel giants in India such as Lifestyle, Shopper Stop, and Pantaloons have started their online websites, which clearly advocates the growing demand for online apparel shopping across the country. Further, the market in the study is differentiated on the basis of tier cities into tier I, tier II, and tier III cities. The market is also segmented by four price segments - economy, mass, premium, and elite. The study also highlights the detailed information about logistics procedure followed in online fashion market and government regulations pertaining to the market, which will guide new entrants to plan their strategies accordingly. Convenience to purchase online, rising disposable income of people in India, easy availability of branded products and rising demand for ecommerce products in Tier II and Tier III cities are other major factors which have augmented the growth of online fashion market in India. Key Topics Covered: 1. Executive Summary 2. Research Methodology 3. India Online Fashion Market Introduction 4. Comparative Analysis of Online Fashion Market in India With offline Market 5. Business Models in Online Fashion Market 6. Logistics Handling in India Online Fashion Market 7. India Online Fashion Market Size by GMV, FY'2015-FY'2016 8. India Online Fashion Market Segmentation 9. Consumer Profile for India Online Fashion Market 10. Regulatory Landscape on India Online Fashion Market 11. Trends and Developments in India Online Fashion Market 12. Porter's Five Forces Analysis for India Online Fashion Market 13. Competitive Landscape of Major Players in Online Fashion Market 14. Company Profiles for Major Players in Online Fashion Market 15. India Online Fashion Market Future Outlook and Projections, FY'2017-FY'2021 16. Analyst Recommendations 17. Macroeconomic Indicators in India Online Fashion Market Companies Mentioned For more information about this report visit http://www.researchandmarkets.com/research/j39gnh/india_online Research and Markets Laura Wood, Senior Manager press@researchandmarkets.com For E.S.T Office Hours Call +1-917-300-0470 For U.S./CAN Toll Free Call +1-800-526-8630 For GMT Office Hours Call +353-1-416-8900 U.S. Fax: 646-607-1907 Fax (outside U.S.): +353-1-481-1716 To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/india-online-fashion-market-to-2021---research-and-markets-300450652.html


VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 8, 2017) - GMV Minerals Inc. (the "Company" or "GMV") (TSX VENTURE:GMV) is pleased to announce that it has received an Interpretive Report summarizing several geophysical surveys completed at the Mexican Hat Gold project in southeast Arizona. Zonge International Inc., a leading provider of geophysical field services, consulting and instrument development to geoscientists and geotechnical engineers worldwide, has completed extensive geophysical surveys for GMV Minerals including; (a) Audio-Frequency Magnetotellurics, (b) Gravity, and (c) Ground Magnetics. The primary objective of the surveys was to collect data that could be used to create electrical resistivity models that would guide mineral prospecting efforts and to identify drill targets in the area. Ian Klassen, President of the Company says "Zonge International's interpretation demonstrates that the known mineralized domains are characterized by both magnetic lows and more conductive zones, as expected for mineralization that is associated with hematite and carbonate in fractured rocks. We are extremely pleased that this mineralization has been traced to depths of at least 500 meters below surface. Other similar geophysical responses can be found in broad areas to the north that have no bedrock exposure and have not yet been drilled. These responses represent terrific exploration targets that require additional follow-up work. Confirmation of shallow cover over the bedrock was expected and supports GMV's low cost exploration and conceptual open pit extraction model. Additional geophysical surveys are being planned to extend the survey over an even broader area." GMV has completed its first diamond drillhole MHC 17-6, a 75m step-out to the west of the nearest drillhole completed on the Mexican Hat Deposit. It has intersected six hematite and carbonate-altered brecciated and fractured volcanic rocks, some with limonite alteration, before ending in fine-grained siliceous siltstones presumed to be Bisbee Group sediments at a depth of 217m. Three of the zones intersected correlate with the N, AN, and H2 Zones and three of the zones occur to the north of the N Zone and appear to correlate with trench exposures and two historic drillholes completed by previous operators. MHC 17-7 has been collared from the same location but is being drilled 30 degrees to the east of MHC 17-6 together with the third hole MHC 17-8, which will provide information to enable solids to be constructed for resource purposes. Dr. D.R. Webb, Ph.D., P.Geo., P.Eng. is the Q.P. for this release within the meaning of NI 43-101 and has reviewed the technical content of this release and has approved its content. GMV Minerals Inc. is a publicly traded exploration company focused on developing precious metal assets in Arizona. GMV, through its 100% owned subsidiary, has a 100% interest in a Mining Property Lease commonly referred to as the Mexican Hat project, located in Cochise County, Arizona, USA. The Mexican Hat property contains an inferred mineral resource of 23,452,000 tonnes grading 0.70 grams of gold per tonne hosting 531,400 troy ounces of gold. The project was initially explored by Placer Dome (USA) in the late 1980's to early 1990's. GMV is focused on developing the asset and realizing the full mineral potential of the property through near term gold production. ON BEHALF OF THE BOARD OF DIRECTORS Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements based on assumptions and judgments of management of the Company regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements except as may be required by law.


News Article | May 8, 2017
Site: globenewswire.com

BEIJING, May 08, 2017 (GLOBE NEWSWIRE) -- JD.com, Inc. (NASDAQ:JD), China’s largest online retailer, today announced its unaudited financial results for the quarter ended March 31, 2017. “The strong results across the board reflect that the Chinese market is embracing our model of a high-quality online shopping experience,” said Richard Liu, Chairman and CEO of JD.com. “China’s increasingly discerning consumers are migrating en masse to our unwavering vision of online retail that prioritizes quality and user experience above all else. Looking forward, we are focused on further enhancing our customer experience, while leveraging the capabilities of our platform to serve the needs of a broader business ecosystem.” “We are pleased to report another strong quarter of top and bottom line growth, as margins benefited from our rapidly growing scale across all of our product categories, as well as improved operating leverage,” said Sidney Huang, JD.com’s Chief Financial Officer. “In the quarters ahead, we will continue to invest in innovative technologies to ensure long-term growth across our platform.” GMV and Net Revenues.  GMV from the online direct sales business was RMB107.9 billion in the first quarter of 2017, up 42% from the first quarter of 2016. GMV from the online marketplace business was RMB76.2 billion in the first quarter of 2017, an increase of 43% from the first quarter of 2016. GMV from electronics and home appliance products was RMB92.6 billion in the first quarter of 2017, an increase of 37% from the first quarter of 2016, while GMV from general merchandise and others was RMB91.5 billion in the first quarter of 2017, an increase of 48% from the first quarter of 2016, and contributed 50% of total GMV, up from 48% in the first quarter of 2016. For the first quarter of 2017, JD.com reported net revenues of RMB76.2 billion (US$11.1 billion), representing a 41% increase from the same period in 2016. Net revenues from online direct sales increased by 40%, while net revenues from services and others increased by 62% in the first quarter of 2017, as compared to the first quarter of 2016. Net revenues excluding JD Finance increased by 40% to RMB75.2 billion in the first quarter of 2017, up from RMB53.8 billion in the same period last year. Cost of Revenues.  Cost of revenues increased by 38% to RMB64.0 billion (US$9.3 billion) in the first quarter of 2017 from RMB46.2 billion in the first quarter of 2016. This increase was primarily due to the growth of the company’s online direct sales business and interest expenses related to JD Finance. Fulfillment Expenses.  Fulfillment expenses, which primarily include procurement, warehousing, delivery and customer service expenses, increased by 30% to RMB5.9 billion (US$0.9 billion) in the first quarter of 2017 from RMB4.5 billion in the first quarter of 2016. Fulfillment expenses as a percentage of net revenues decreased to 7.7% compared to 8.3% in the prior year period. Marketing Expenses.  Marketing expenses increased by 28% to RMB2.7 billion (US$0.4 billion) in the first quarter of 2017 from RMB2.1 billion in the first quarter of 2016. Technology and Content Expenses.  Technology and content expenses increased by 40% to RMB1.6 billion (US$0.2 billion) in the first quarter of 2017 from RMB1.1 billion in the first quarter of 2016. General and Administrative Expenses.  General and administrative expenses increased by 43% to RMB1.3 billion (US$0.2 billion) in the first quarter of 2017 from RMB0.9 billion in the first quarter of 2016. Income/(loss) from operations and Non-GAAP income/(loss) from operations.  Income from operations for the first quarter of 2017 was RMB843.1 million (US$122.5 million), compared to loss from operations of RMB864.9 million for the same period last year. Non-GAAP income from operations for the first quarter of 2017 was RMB1.7 billion (US$0.2 billion) with a non-GAAP operating margin of 2.2%, as compared to non-GAAP loss from operations of RMB295.7 million in the first quarter of 2016. Non-GAAP EBITDA6 for the first quarter of 2017 totaled RMB2.2 billion (US$0.3 billion) with a non-GAAP EBITDA margin of 2.9%, as compared to RMB0.1 billion with a non-GAAP EBITDA margin of 0.2% for the first quarter of 2016. Share of results of equity investees.  Share of results of equity investees for the first quarter of 2017 was a loss of RMB520.7 million (US$75.6 million), compared to RMB164.0 million in the first quarter of 2016. The increase was primarily due to losses picked up from New Dada and Tuniu. Net income/(loss) and Non-GAAP Net income/(loss)7.  Net income for the first quarter of 2017 was RMB355.7 million (US$51.7 million), compared to net loss of RMB867.3 million for the same period last year. Non-GAAP net income for the first quarter of 2017 was RMB1.4 billion (US$0.2 billion), as compared to non-GAAP net loss of RMB0.2 billion in the first quarter of 2016. EPS and Non-GAAP EPS.  Net income per ADS for the first quarter of 2017 was RMB0.17 (US$0.02), compared to net loss per ADS of RMB0.66 for the first quarter of 2016. Non-GAAP net income per ADS for the first quarter of 2017 was RMB1.03 (US$0.15) as compared to non-GAAP net loss per ADS of RMB0.15 in the first quarter of 2016. For the first quarter of 2017, net revenues of the reported segments were as follows: As of March 31, 2017, the company’s cash and cash equivalents, restricted cash and short-term investments totaled RMB35.0 billion (US$5.1 billion). For the first quarter of 2017, free cash flow of the company was as follows: Net cash used in investing activities was RMB8.5 billion (US$1.2 billion) for the first quarter of 2017, consisting primarily of increases in investment in equity investees and investment securities of RMB1.8 billion, cash paid for capital expenditures of RMB0.7 billion, and increases in loan receivables and other investments of RMB6.3 billion. Net cash provided by financing activities was RMB8.0 billion (US$1.2 billion) for the first quarter of 2017, consisting primarily of net proceeds from JD Finance’s short-term borrowing, nonrecourse securitization debt and other financing activities. For working capital turnover days, see table under “Supplemental Financial Information and Business Metrics.” Net revenues for the second quarter of 2017 are expected to be between RMB88.0 billion and RMB90.5 billion, representing a growth rate between 35% and 39% compared with the second quarter of 2016. Net revenues excluding JD Finance for the second quarter of 2017 are expected to be between RMB86.6 billion and RMB89.1 billion, representing a growth rate between 33% and 37% compared with the second quarter of 2016. This forecast reflects JD.com’s current and preliminary expectation, which is subject to change. JD.com’s management will hold a conference call at 7:30 am Eastern Time on May 8, 2017 (7:30 pm Beijing/Hong Kong Time on May 8, 2017) to discuss the first quarter 2017 financial results. Listeners may access the call by dialing the following numbers: A replay of the conference call may be accessed by phone at the following numbers until May 16, 2017: Additionally, a live and archived webcast of the conference call will also be available on the company’s investor relations website at http://ir.jd.com. JD.com is the largest e-commerce company in China and the largest Chinese retailer, both in terms of revenue. The company strives to offer consumers the best online shopping experience. Through its user-friendly website, native mobile apps, and WeChat and Mobile QQ entry points, JD offers consumers a superior shopping experience. The company has the largest fulfillment infrastructure of any e-commerce company in China. As of March 31, 2017, JD.com operated 7 fulfillment centers and 263 warehouses covering 2,672 counties and districts across China, staffed by its own employees. JD.com is a member of the NASDAQ100 and a Fortune Global 500 company. In evaluating the business, the company considers and uses non-GAAP measures, such as non-GAAP income/(loss) from operations, non-GAAP operating margin, non-GAAP net income/(loss), non-GAAP net income/(loss) attributable to ordinary shareholders, non-GAAP net margin, free cash flow, non-GAAP EBITDA, non-GAAP EBITDA margin, non-GAAP net income/(loss) per weighted average number of shares and non-GAAP net income/(loss) per ADS, as supplemental measures to review and assess operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The company defines non-GAAP income/(loss) from operations as income/(loss) from operations excluding share-based compensation, amortization of intangible assets resulting from assets and business acquisitions, revenue from business cooperation arrangements with equity investees and impairment of goodwill and intangible assets. The company defines non-GAAP net income/(loss) as net income/(loss) excluding share-based compensation, amortization of intangible assets resulting from assets and business acquisitions, revenue from business cooperation arrangements with equity investees, gain on disposals of business, income from non-compete agreement, reconciling items on the share of equity method investments, impairment of goodwill, intangible assets and investments. The company defines non-GAAP net income/(loss) attributable to ordinary shareholders as net income/(loss) attributable to ordinary shareholders excluding share-based compensation, amortization of intangible assets resulting from assets and business acquisitions, revenue from business cooperation arrangements with equity investees, gain on disposals of business, income from non-compete agreement, reconciling items on the share of equity method investments, net income attributable to mezzanine classified non-controlling interest shareholders, impairment of goodwill, intangible assets and investments. The company defines free cash flow as operating cash flow adding back JD Finance net originations/(repayments) included in operating cash flow and less capital expenditures, which include purchase of property, equipment and software, cash paid for construction in progress, purchase of office building, intangible assets and land use rights. The company defines non-GAAP EBITDA as non-GAAP income/(loss) from operations plus depreciation and amortization excluding amortization of intangible assets resulting from assets and business acquisitions. The company presents these non-GAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. Non-GAAP income/(loss) from operations, non-GAAP net income/(loss), non-GAAP net income/(loss) attributable to ordinary shareholders and non-GAAP EBITDA reflect the company’s ongoing business operations in a manner that allows more meaningful period-to-period comparisons. Free cash flow enables management to assess liquidity and cash flow while taking into account the impact from JD Finance net originations/(repayments) included in operating cash flow and the demands that the expansion of fulfillment infrastructure and technology platform has placed on financial resources. The company also believes that the use of the non-GAAP financial measures facilitates investors to understand and evaluate the company’s current operating performance and future prospects in the same manner as management does, if they so choose. The company also believes that the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gain/loss and other items that are not expected to result in future cash payments or that are non-recurring in nature or may not be indicative of the company's core operating results and business outlook. The non-GAAP financial measures have limitations as analytical tools. The company’s non-GAAP financial measures do not reflect all items of income and expense that affect the company’s operations or not represent the residual cash flow available for discretionary expenditures. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The company encourages you to review the company’s financial information in its entirety and not rely on a single financial measure. 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," "confident" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as JD.com's strategic and operational plans, contain forward-looking statements. JD.com may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), 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 JD.com'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: JD.com's growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new customers and to increase revenues generated from repeat customers; its expectations regarding demand for and market acceptance of its products and services; trends and competition in China's e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of the Chinese e-commerce market; Chinese governmental policies relating to JD.com's industry and general economic conditions in China. Further information regarding these and other risks is included in JD.com's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and JD.com undertakes no obligation to update any forward-looking statement, except as required under applicable law. 1 The U.S. dollar (US$) amounts disclosed in this press release, except for those transaction amounts that were actually settled in U.S. dollars, are presented solely for the convenience of the readers. The conversion of Renminbi (RMB) into US$ in this press release is based on the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of March 31, 2017, which was RMB6.8832 to US$1.00. The percentages stated in this press release are calculated based on the RMB amounts. 2 The company anticipates the JD Finance reorganization may potentially be completed in the second quarter of 2017. To assist investors in gaining a better understanding of the trend of net revenues, the company discloses net revenues excluding JD Finance, which represent the net revenues on a pro forma basis as if the JD Finance reorganization had been closed at the beginning of the periods presented. 3 Non-GAAP income/(loss) from operations is defined to exclude share-based compensation, amortization of intangible assets resulting from acquisitions, and certain other non-cash gain or loss items from income/(loss) from operations. See “Reconciliation of GAAP and Non-GAAP Results” at the end of this press release. 4 Free cash flow, a non-GAAP measurement of liquidity, is defined as operating cash flow adding back JD Finance net originations included in operating cash flow and less capital expenditures, which include purchase of property, equipment and software, cash paid for construction in progress, purchase of office building, intangible assets and land use rights. 5 JD Finance net originations primarily include “Jingbaobei,” “Jingxiaodai” and “JD Baitiao” that the company provides to suppliers, merchants and consumers, respectively. 6 Non-GAAP EBITDA is defined as non-GAAP income/(loss) from operations plus depreciation and amortization excluding amortization of intangible assets resulting from assets and business acquisitions, and non-GAAP EBITDA margin is calculated by dividing non-GAAP EBITDA by net revenues. See “Reconciliation of GAAP and Non-GAAP Results” at the end of this press release. 7 Non-GAAP net income/(loss) is defined to exclude share-based compensation, amortization of intangible assets resulting from acquisitions, and certain other non-cash gain or loss items from net income/(loss), and non-GAAP net margin is calculated by dividing non-GAAP net income/(loss) by net revenues. See “Reconciliation of GAAP and Non-GAAP Results” at the end of this press release. 8 JD Mall represents the company’s traditional e-commerce business. New businesses of the company include JD Finance, O2O (deconsolidated since its merger with Dada Nexus to form New Dada on April 26, 2016), insurance, technology initiatives, as well as overseas business. 9 The inter-segment eliminations mainly consist of revenues related to payment processing and financing services provided by JD Finance to JD Mall, and promotion and advertising services provided by JD Mall to New Businesses. (1) As of March 31, 2017 and December 31, 2016, the balances of consumer financing, supply chain financing and business financing that affected the balances of accounts receivable, advance to suppliers, loan receivables, amount due from related parties, other non-current assets and accounts payable were as follows: The balances of consumer financing and business financing of RMB14.6 billion (US$2.1 billion) and RMB0.6 billion (US$0.1 billion), respectively, as of March 31, 2017 and RMB14.3 billion and RMB0.6 billion, respectively, as of December 31, 2016 were included in the accounts receivable. The balances of supply chain financing of RMB1.3 billion (US$0.2 billion) as of March 31, 2017 and RMB1.2 billion as of December 31, 2016 were included in advance to suppliers. The balances of consumer financing and supply chain financing provided in the marketplace business of RMB12.2 billion (US$1.8 billion) and RMB4.2 billion (US$0.6 billion), respectively, as of March 31, 2017 and RMB9.3 billion and RMB3.4 billion, respectively, as of December 31, 2016 were included in loan receivables. The balances of business financing of RMB0.1 billion (US$0.02 billion) as of March 31, 2017 and RMB0.1 billion as of December 31, 2016 were included amounts due from related parties. The balances of consumer financing of RMB2.3 billion (US$0.3 billion) as of March 31, 2017 and RMB1.7 billion as of December 31, 2016 were included in other non-current assets. The balances of supply chain financing of RMB6.9 billion (US$1.0 billion) as of March 31, 2017 and RMB7.0 billion as of December 31, 2016 were net off in the accounts payable. As the JD Finance business has changed from supporting the overall JD platform to an independently operated and self-funded business, loans to consumers and merchants in marketplace business and third parties are made mainly for investment purpose. Accordingly since the second quarter of 2016, cash flows resulted from loan receivables have been reclassified from operating activities in cash flows to investing activities in cash flows. Cash flows resulted from loan receivables of RMB0.6 billion for the first quarter of 2016 have been reclassified from operating activities to investing activities in cash flow statements. Free cash flow remains the same for all the presented and prior periods. (5) Inventory turnover days are the quotient of average inventory over five quarter ends to total cost of revenues for the last twelve months and then multiplied by 360 days. (6) Accounts payable turnover days are the quotient of average accounts payable over five quarter ends to total cost of revenues for the last twelve months and then multiplied by 360 days. Presented are the accounts payable turnover days for the online direct sales business excluding the impact from supplier financing. (7) Accounts receivable turnover days are the quotient of average accounts receivable over five quarter ends to total net revenues of the last twelve months and then multiplied by 360 days. Presented are the accounts receivable turnover days excluding the impact from consumer financing. (8) GMV is defined as the total value of all orders for products and services placed in the company’s online direct sales business and on the company’s online marketplaces, regardless of whether the goods are sold or delivered or whether the goods are returned. GMV includes the value from orders placed on the company’s websites and mobile applications as well as orders placed on third-party mobile applications that are fulfilled by the company or third-party merchants. The company’s calculation of GMV includes shipping charges paid by buyers to sellers and excludes any transactions in the company’s B2C business with order value exceeding RMB2,000 that are not ultimately sold or delivered. If the company’s calculation of GMV includes total value of all orders for products and services placed in the company’s online direct sales business and on the company’s online marketplaces, regardless of whether the goods are sold or delivered or whether the goods are returned and shipping charges paid by buyers to sellers, and excludes products or services with list prices above RMB100,000 as well as transactions conducted by buyers who make purchases exceeding RMB1,000,000 in the aggregate in a single day (similar to the practice of the company’s major industry peer), the company’s GMV for the first quarter of 2017 would have been RMB253.2 billion. (9) Orders fulfilled are defined as the total number of orders delivered, including the orders for products and services sold in the company’s online direct sales business and on the company’s online marketplaces, net of orders returned. (10) Annual active customer accounts are customer accounts that made at least one purchase during the twelve months ended on the respective dates, whether through online direct sales or online marketplaces.


News Article | May 8, 2017
Site: globenewswire.com

BEIJING, May 08, 2017 (GLOBE NEWSWIRE) -- JD.com, Inc. (NASDAQ:JD), China’s largest online retailer, today announced its unaudited financial results for the quarter ended March 31, 2017. “The strong results across the board reflect that the Chinese market is embracing our model of a high-quality online shopping experience,” said Richard Liu, Chairman and CEO of JD.com. “China’s increasingly discerning consumers are migrating en masse to our unwavering vision of online retail that prioritizes quality and user experience above all else. Looking forward, we are focused on further enhancing our customer experience, while leveraging the capabilities of our platform to serve the needs of a broader business ecosystem.” “We are pleased to report another strong quarter of top and bottom line growth, as margins benefited from our rapidly growing scale across all of our product categories, as well as improved operating leverage,” said Sidney Huang, JD.com’s Chief Financial Officer. “In the quarters ahead, we will continue to invest in innovative technologies to ensure long-term growth across our platform.” GMV and Net Revenues.  GMV from the online direct sales business was RMB107.9 billion in the first quarter of 2017, up 42% from the first quarter of 2016. GMV from the online marketplace business was RMB76.2 billion in the first quarter of 2017, an increase of 43% from the first quarter of 2016. GMV from electronics and home appliance products was RMB92.6 billion in the first quarter of 2017, an increase of 37% from the first quarter of 2016, while GMV from general merchandise and others was RMB91.5 billion in the first quarter of 2017, an increase of 48% from the first quarter of 2016, and contributed 50% of total GMV, up from 48% in the first quarter of 2016. For the first quarter of 2017, JD.com reported net revenues of RMB76.2 billion (US$11.1 billion), representing a 41% increase from the same period in 2016. Net revenues from online direct sales increased by 40%, while net revenues from services and others increased by 62% in the first quarter of 2017, as compared to the first quarter of 2016. Net revenues excluding JD Finance increased by 40% to RMB75.2 billion in the first quarter of 2017, up from RMB53.8 billion in the same period last year. Cost of Revenues.  Cost of revenues increased by 38% to RMB64.0 billion (US$9.3 billion) in the first quarter of 2017 from RMB46.2 billion in the first quarter of 2016. This increase was primarily due to the growth of the company’s online direct sales business and interest expenses related to JD Finance. Fulfillment Expenses.  Fulfillment expenses, which primarily include procurement, warehousing, delivery and customer service expenses, increased by 30% to RMB5.9 billion (US$0.9 billion) in the first quarter of 2017 from RMB4.5 billion in the first quarter of 2016. Fulfillment expenses as a percentage of net revenues decreased to 7.7% compared to 8.3% in the prior year period. Marketing Expenses.  Marketing expenses increased by 28% to RMB2.7 billion (US$0.4 billion) in the first quarter of 2017 from RMB2.1 billion in the first quarter of 2016. Technology and Content Expenses.  Technology and content expenses increased by 40% to RMB1.6 billion (US$0.2 billion) in the first quarter of 2017 from RMB1.1 billion in the first quarter of 2016. General and Administrative Expenses.  General and administrative expenses increased by 43% to RMB1.3 billion (US$0.2 billion) in the first quarter of 2017 from RMB0.9 billion in the first quarter of 2016. Income/(loss) from operations and Non-GAAP income/(loss) from operations.  Income from operations for the first quarter of 2017 was RMB843.1 million (US$122.5 million), compared to loss from operations of RMB864.9 million for the same period last year. Non-GAAP income from operations for the first quarter of 2017 was RMB1.7 billion (US$0.2 billion) with a non-GAAP operating margin of 2.2%, as compared to non-GAAP loss from operations of RMB295.7 million in the first quarter of 2016. Non-GAAP EBITDA6 for the first quarter of 2017 totaled RMB2.2 billion (US$0.3 billion) with a non-GAAP EBITDA margin of 2.9%, as compared to RMB0.1 billion with a non-GAAP EBITDA margin of 0.2% for the first quarter of 2016. Share of results of equity investees.  Share of results of equity investees for the first quarter of 2017 was a loss of RMB520.7 million (US$75.6 million), compared to RMB164.0 million in the first quarter of 2016. The increase was primarily due to losses picked up from New Dada and Tuniu. Net income/(loss) and Non-GAAP Net income/(loss)7.  Net income for the first quarter of 2017 was RMB355.7 million (US$51.7 million), compared to net loss of RMB867.3 million for the same period last year. Non-GAAP net income for the first quarter of 2017 was RMB1.4 billion (US$0.2 billion), as compared to non-GAAP net loss of RMB0.2 billion in the first quarter of 2016. EPS and Non-GAAP EPS.  Net income per ADS for the first quarter of 2017 was RMB0.17 (US$0.02), compared to net loss per ADS of RMB0.66 for the first quarter of 2016. Non-GAAP net income per ADS for the first quarter of 2017 was RMB1.03 (US$0.15) as compared to non-GAAP net loss per ADS of RMB0.15 in the first quarter of 2016. For the first quarter of 2017, net revenues of the reported segments were as follows: As of March 31, 2017, the company’s cash and cash equivalents, restricted cash and short-term investments totaled RMB35.0 billion (US$5.1 billion). For the first quarter of 2017, free cash flow of the company was as follows: Net cash used in investing activities was RMB8.5 billion (US$1.2 billion) for the first quarter of 2017, consisting primarily of increases in investment in equity investees and investment securities of RMB1.8 billion, cash paid for capital expenditures of RMB0.7 billion, and increases in loan receivables and other investments of RMB6.3 billion. Net cash provided by financing activities was RMB8.0 billion (US$1.2 billion) for the first quarter of 2017, consisting primarily of net proceeds from JD Finance’s short-term borrowing, nonrecourse securitization debt and other financing activities. For working capital turnover days, see table under “Supplemental Financial Information and Business Metrics.” Net revenues for the second quarter of 2017 are expected to be between RMB88.0 billion and RMB90.5 billion, representing a growth rate between 35% and 39% compared with the second quarter of 2016. Net revenues excluding JD Finance for the second quarter of 2017 are expected to be between RMB86.6 billion and RMB89.1 billion, representing a growth rate between 33% and 37% compared with the second quarter of 2016. This forecast reflects JD.com’s current and preliminary expectation, which is subject to change. JD.com’s management will hold a conference call at 7:30 am Eastern Time on May 8, 2017 (7:30 pm Beijing/Hong Kong Time on May 8, 2017) to discuss the first quarter 2017 financial results. Listeners may access the call by dialing the following numbers: A replay of the conference call may be accessed by phone at the following numbers until May 16, 2017: Additionally, a live and archived webcast of the conference call will also be available on the company’s investor relations website at http://ir.jd.com. JD.com is the largest e-commerce company in China and the largest Chinese retailer, both in terms of revenue. The company strives to offer consumers the best online shopping experience. Through its user-friendly website, native mobile apps, and WeChat and Mobile QQ entry points, JD offers consumers a superior shopping experience. The company has the largest fulfillment infrastructure of any e-commerce company in China. As of March 31, 2017, JD.com operated 7 fulfillment centers and 263 warehouses covering 2,672 counties and districts across China, staffed by its own employees. JD.com is a member of the NASDAQ100 and a Fortune Global 500 company. In evaluating the business, the company considers and uses non-GAAP measures, such as non-GAAP income/(loss) from operations, non-GAAP operating margin, non-GAAP net income/(loss), non-GAAP net income/(loss) attributable to ordinary shareholders, non-GAAP net margin, free cash flow, non-GAAP EBITDA, non-GAAP EBITDA margin, non-GAAP net income/(loss) per weighted average number of shares and non-GAAP net income/(loss) per ADS, as supplemental measures to review and assess operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The company defines non-GAAP income/(loss) from operations as income/(loss) from operations excluding share-based compensation, amortization of intangible assets resulting from assets and business acquisitions, revenue from business cooperation arrangements with equity investees and impairment of goodwill and intangible assets. The company defines non-GAAP net income/(loss) as net income/(loss) excluding share-based compensation, amortization of intangible assets resulting from assets and business acquisitions, revenue from business cooperation arrangements with equity investees, gain on disposals of business, income from non-compete agreement, reconciling items on the share of equity method investments, impairment of goodwill, intangible assets and investments. The company defines non-GAAP net income/(loss) attributable to ordinary shareholders as net income/(loss) attributable to ordinary shareholders excluding share-based compensation, amortization of intangible assets resulting from assets and business acquisitions, revenue from business cooperation arrangements with equity investees, gain on disposals of business, income from non-compete agreement, reconciling items on the share of equity method investments, net income attributable to mezzanine classified non-controlling interest shareholders, impairment of goodwill, intangible assets and investments. The company defines free cash flow as operating cash flow adding back JD Finance net originations/(repayments) included in operating cash flow and less capital expenditures, which include purchase of property, equipment and software, cash paid for construction in progress, purchase of office building, intangible assets and land use rights. The company defines non-GAAP EBITDA as non-GAAP income/(loss) from operations plus depreciation and amortization excluding amortization of intangible assets resulting from assets and business acquisitions. The company presents these non-GAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. Non-GAAP income/(loss) from operations, non-GAAP net income/(loss), non-GAAP net income/(loss) attributable to ordinary shareholders and non-GAAP EBITDA reflect the company’s ongoing business operations in a manner that allows more meaningful period-to-period comparisons. Free cash flow enables management to assess liquidity and cash flow while taking into account the impact from JD Finance net originations/(repayments) included in operating cash flow and the demands that the expansion of fulfillment infrastructure and technology platform has placed on financial resources. The company also believes that the use of the non-GAAP financial measures facilitates investors to understand and evaluate the company’s current operating performance and future prospects in the same manner as management does, if they so choose. The company also believes that the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gain/loss and other items that are not expected to result in future cash payments or that are non-recurring in nature or may not be indicative of the company's core operating results and business outlook. The non-GAAP financial measures have limitations as analytical tools. The company’s non-GAAP financial measures do not reflect all items of income and expense that affect the company’s operations or not represent the residual cash flow available for discretionary expenditures. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The company encourages you to review the company’s financial information in its entirety and not rely on a single financial measure. 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," "confident" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as JD.com's strategic and operational plans, contain forward-looking statements. JD.com may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), 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 JD.com'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: JD.com's growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new customers and to increase revenues generated from repeat customers; its expectations regarding demand for and market acceptance of its products and services; trends and competition in China's e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of the Chinese e-commerce market; Chinese governmental policies relating to JD.com's industry and general economic conditions in China. Further information regarding these and other risks is included in JD.com's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and JD.com undertakes no obligation to update any forward-looking statement, except as required under applicable law. 1 The U.S. dollar (US$) amounts disclosed in this press release, except for those transaction amounts that were actually settled in U.S. dollars, are presented solely for the convenience of the readers. The conversion of Renminbi (RMB) into US$ in this press release is based on the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of March 31, 2017, which was RMB6.8832 to US$1.00. The percentages stated in this press release are calculated based on the RMB amounts. 2 The company anticipates the JD Finance reorganization may potentially be completed in the second quarter of 2017. To assist investors in gaining a better understanding of the trend of net revenues, the company discloses net revenues excluding JD Finance, which represent the net revenues on a pro forma basis as if the JD Finance reorganization had been closed at the beginning of the periods presented. 3 Non-GAAP income/(loss) from operations is defined to exclude share-based compensation, amortization of intangible assets resulting from acquisitions, and certain other non-cash gain or loss items from income/(loss) from operations. See “Reconciliation of GAAP and Non-GAAP Results” at the end of this press release. 4 Free cash flow, a non-GAAP measurement of liquidity, is defined as operating cash flow adding back JD Finance net originations included in operating cash flow and less capital expenditures, which include purchase of property, equipment and software, cash paid for construction in progress, purchase of office building, intangible assets and land use rights. 5 JD Finance net originations primarily include “Jingbaobei,” “Jingxiaodai” and “JD Baitiao” that the company provides to suppliers, merchants and consumers, respectively. 6 Non-GAAP EBITDA is defined as non-GAAP income/(loss) from operations plus depreciation and amortization excluding amortization of intangible assets resulting from assets and business acquisitions, and non-GAAP EBITDA margin is calculated by dividing non-GAAP EBITDA by net revenues. See “Reconciliation of GAAP and Non-GAAP Results” at the end of this press release. 7 Non-GAAP net income/(loss) is defined to exclude share-based compensation, amortization of intangible assets resulting from acquisitions, and certain other non-cash gain or loss items from net income/(loss), and non-GAAP net margin is calculated by dividing non-GAAP net income/(loss) by net revenues. See “Reconciliation of GAAP and Non-GAAP Results” at the end of this press release. 8 JD Mall represents the company’s traditional e-commerce business. New businesses of the company include JD Finance, O2O (deconsolidated since its merger with Dada Nexus to form New Dada on April 26, 2016), insurance, technology initiatives, as well as overseas business. 9 The inter-segment eliminations mainly consist of revenues related to payment processing and financing services provided by JD Finance to JD Mall, and promotion and advertising services provided by JD Mall to New Businesses. (1) As of March 31, 2017 and December 31, 2016, the balances of consumer financing, supply chain financing and business financing that affected the balances of accounts receivable, advance to suppliers, loan receivables, amount due from related parties, other non-current assets and accounts payable were as follows: The balances of consumer financing and business financing of RMB14.6 billion (US$2.1 billion) and RMB0.6 billion (US$0.1 billion), respectively, as of March 31, 2017 and RMB14.3 billion and RMB0.6 billion, respectively, as of December 31, 2016 were included in the accounts receivable. The balances of supply chain financing of RMB1.3 billion (US$0.2 billion) as of March 31, 2017 and RMB1.2 billion as of December 31, 2016 were included in advance to suppliers. The balances of consumer financing and supply chain financing provided in the marketplace business of RMB12.2 billion (US$1.8 billion) and RMB4.2 billion (US$0.6 billion), respectively, as of March 31, 2017 and RMB9.3 billion and RMB3.4 billion, respectively, as of December 31, 2016 were included in loan receivables. The balances of business financing of RMB0.1 billion (US$0.02 billion) as of March 31, 2017 and RMB0.1 billion as of December 31, 2016 were included amounts due from related parties. The balances of consumer financing of RMB2.3 billion (US$0.3 billion) as of March 31, 2017 and RMB1.7 billion as of December 31, 2016 were included in other non-current assets. The balances of supply chain financing of RMB6.9 billion (US$1.0 billion) as of March 31, 2017 and RMB7.0 billion as of December 31, 2016 were net off in the accounts payable. As the JD Finance business has changed from supporting the overall JD platform to an independently operated and self-funded business, loans to consumers and merchants in marketplace business and third parties are made mainly for investment purpose. Accordingly since the second quarter of 2016, cash flows resulted from loan receivables have been reclassified from operating activities in cash flows to investing activities in cash flows. Cash flows resulted from loan receivables of RMB0.6 billion for the first quarter of 2016 have been reclassified from operating activities to investing activities in cash flow statements. Free cash flow remains the same for all the presented and prior periods. (5) Inventory turnover days are the quotient of average inventory over five quarter ends to total cost of revenues for the last twelve months and then multiplied by 360 days. (6) Accounts payable turnover days are the quotient of average accounts payable over five quarter ends to total cost of revenues for the last twelve months and then multiplied by 360 days. Presented are the accounts payable turnover days for the online direct sales business excluding the impact from supplier financing. (7) Accounts receivable turnover days are the quotient of average accounts receivable over five quarter ends to total net revenues of the last twelve months and then multiplied by 360 days. Presented are the accounts receivable turnover days excluding the impact from consumer financing. (8) GMV is defined as the total value of all orders for products and services placed in the company’s online direct sales business and on the company’s online marketplaces, regardless of whether the goods are sold or delivered or whether the goods are returned. GMV includes the value from orders placed on the company’s websites and mobile applications as well as orders placed on third-party mobile applications that are fulfilled by the company or third-party merchants. The company’s calculation of GMV includes shipping charges paid by buyers to sellers and excludes any transactions in the company’s B2C business with order value exceeding RMB2,000 that are not ultimately sold or delivered. If the company’s calculation of GMV includes total value of all orders for products and services placed in the company’s online direct sales business and on the company’s online marketplaces, regardless of whether the goods are sold or delivered or whether the goods are returned and shipping charges paid by buyers to sellers, and excludes products or services with list prices above RMB100,000 as well as transactions conducted by buyers who make purchases exceeding RMB1,000,000 in the aggregate in a single day (similar to the practice of the company’s major industry peer), the company’s GMV for the first quarter of 2017 would have been RMB253.2 billion. (9) Orders fulfilled are defined as the total number of orders delivered, including the orders for products and services sold in the company’s online direct sales business and on the company’s online marketplaces, net of orders returned. (10) Annual active customer accounts are customer accounts that made at least one purchase during the twelve months ended on the respective dates, whether through online direct sales or online marketplaces.


News Article | May 8, 2017
Site: globenewswire.com

BEIJING, May 08, 2017 (GLOBE NEWSWIRE) -- JD.com, Inc. (NASDAQ:JD), China’s largest online retailer, today announced its unaudited financial results for the quarter ended March 31, 2017. “The strong results across the board reflect that the Chinese market is embracing our model of a high-quality online shopping experience,” said Richard Liu, Chairman and CEO of JD.com. “China’s increasingly discerning consumers are migrating en masse to our unwavering vision of online retail that prioritizes quality and user experience above all else. Looking forward, we are focused on further enhancing our customer experience, while leveraging the capabilities of our platform to serve the needs of a broader business ecosystem.” “We are pleased to report another strong quarter of top and bottom line growth, as margins benefited from our rapidly growing scale across all of our product categories, as well as improved operating leverage,” said Sidney Huang, JD.com’s Chief Financial Officer. “In the quarters ahead, we will continue to invest in innovative technologies to ensure long-term growth across our platform.” GMV and Net Revenues.  GMV from the online direct sales business was RMB107.9 billion in the first quarter of 2017, up 42% from the first quarter of 2016. GMV from the online marketplace business was RMB76.2 billion in the first quarter of 2017, an increase of 43% from the first quarter of 2016. GMV from electronics and home appliance products was RMB92.6 billion in the first quarter of 2017, an increase of 37% from the first quarter of 2016, while GMV from general merchandise and others was RMB91.5 billion in the first quarter of 2017, an increase of 48% from the first quarter of 2016, and contributed 50% of total GMV, up from 48% in the first quarter of 2016. For the first quarter of 2017, JD.com reported net revenues of RMB76.2 billion (US$11.1 billion), representing a 41% increase from the same period in 2016. Net revenues from online direct sales increased by 40%, while net revenues from services and others increased by 62% in the first quarter of 2017, as compared to the first quarter of 2016. Net revenues excluding JD Finance increased by 40% to RMB75.2 billion in the first quarter of 2017, up from RMB53.8 billion in the same period last year. Cost of Revenues.  Cost of revenues increased by 38% to RMB64.0 billion (US$9.3 billion) in the first quarter of 2017 from RMB46.2 billion in the first quarter of 2016. This increase was primarily due to the growth of the company’s online direct sales business and interest expenses related to JD Finance. Fulfillment Expenses.  Fulfillment expenses, which primarily include procurement, warehousing, delivery and customer service expenses, increased by 30% to RMB5.9 billion (US$0.9 billion) in the first quarter of 2017 from RMB4.5 billion in the first quarter of 2016. Fulfillment expenses as a percentage of net revenues decreased to 7.7% compared to 8.3% in the prior year period. Marketing Expenses.  Marketing expenses increased by 28% to RMB2.7 billion (US$0.4 billion) in the first quarter of 2017 from RMB2.1 billion in the first quarter of 2016. Technology and Content Expenses.  Technology and content expenses increased by 40% to RMB1.6 billion (US$0.2 billion) in the first quarter of 2017 from RMB1.1 billion in the first quarter of 2016. General and Administrative Expenses.  General and administrative expenses increased by 43% to RMB1.3 billion (US$0.2 billion) in the first quarter of 2017 from RMB0.9 billion in the first quarter of 2016. Income/(loss) from operations and Non-GAAP income/(loss) from operations.  Income from operations for the first quarter of 2017 was RMB843.1 million (US$122.5 million), compared to loss from operations of RMB864.9 million for the same period last year. Non-GAAP income from operations for the first quarter of 2017 was RMB1.7 billion (US$0.2 billion) with a non-GAAP operating margin of 2.2%, as compared to non-GAAP loss from operations of RMB295.7 million in the first quarter of 2016. Non-GAAP EBITDA6 for the first quarter of 2017 totaled RMB2.2 billion (US$0.3 billion) with a non-GAAP EBITDA margin of 2.9%, as compared to RMB0.1 billion with a non-GAAP EBITDA margin of 0.2% for the first quarter of 2016. Share of results of equity investees.  Share of results of equity investees for the first quarter of 2017 was a loss of RMB520.7 million (US$75.6 million), compared to RMB164.0 million in the first quarter of 2016. The increase was primarily due to losses picked up from New Dada and Tuniu. Net income/(loss) and Non-GAAP Net income/(loss)7.  Net income for the first quarter of 2017 was RMB355.7 million (US$51.7 million), compared to net loss of RMB867.3 million for the same period last year. Non-GAAP net income for the first quarter of 2017 was RMB1.4 billion (US$0.2 billion), as compared to non-GAAP net loss of RMB0.2 billion in the first quarter of 2016. EPS and Non-GAAP EPS.  Net income per ADS for the first quarter of 2017 was RMB0.17 (US$0.02), compared to net loss per ADS of RMB0.66 for the first quarter of 2016. Non-GAAP net income per ADS for the first quarter of 2017 was RMB1.03 (US$0.15) as compared to non-GAAP net loss per ADS of RMB0.15 in the first quarter of 2016. For the first quarter of 2017, net revenues of the reported segments were as follows: As of March 31, 2017, the company’s cash and cash equivalents, restricted cash and short-term investments totaled RMB35.0 billion (US$5.1 billion). For the first quarter of 2017, free cash flow of the company was as follows: Net cash used in investing activities was RMB8.5 billion (US$1.2 billion) for the first quarter of 2017, consisting primarily of increases in investment in equity investees and investment securities of RMB1.8 billion, cash paid for capital expenditures of RMB0.7 billion, and increases in loan receivables and other investments of RMB6.3 billion. Net cash provided by financing activities was RMB8.0 billion (US$1.2 billion) for the first quarter of 2017, consisting primarily of net proceeds from JD Finance’s short-term borrowing, nonrecourse securitization debt and other financing activities. For working capital turnover days, see table under “Supplemental Financial Information and Business Metrics.” Net revenues for the second quarter of 2017 are expected to be between RMB88.0 billion and RMB90.5 billion, representing a growth rate between 35% and 39% compared with the second quarter of 2016. Net revenues excluding JD Finance for the second quarter of 2017 are expected to be between RMB86.6 billion and RMB89.1 billion, representing a growth rate between 33% and 37% compared with the second quarter of 2016. This forecast reflects JD.com’s current and preliminary expectation, which is subject to change. JD.com’s management will hold a conference call at 7:30 am Eastern Time on May 8, 2017 (7:30 pm Beijing/Hong Kong Time on May 8, 2017) to discuss the first quarter 2017 financial results. Listeners may access the call by dialing the following numbers: A replay of the conference call may be accessed by phone at the following numbers until May 16, 2017: Additionally, a live and archived webcast of the conference call will also be available on the company’s investor relations website at http://ir.jd.com. JD.com is the largest e-commerce company in China and the largest Chinese retailer, both in terms of revenue. The company strives to offer consumers the best online shopping experience. Through its user-friendly website, native mobile apps, and WeChat and Mobile QQ entry points, JD offers consumers a superior shopping experience. The company has the largest fulfillment infrastructure of any e-commerce company in China. As of March 31, 2017, JD.com operated 7 fulfillment centers and 263 warehouses covering 2,672 counties and districts across China, staffed by its own employees. JD.com is a member of the NASDAQ100 and a Fortune Global 500 company. In evaluating the business, the company considers and uses non-GAAP measures, such as non-GAAP income/(loss) from operations, non-GAAP operating margin, non-GAAP net income/(loss), non-GAAP net income/(loss) attributable to ordinary shareholders, non-GAAP net margin, free cash flow, non-GAAP EBITDA, non-GAAP EBITDA margin, non-GAAP net income/(loss) per weighted average number of shares and non-GAAP net income/(loss) per ADS, as supplemental measures to review and assess operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The company defines non-GAAP income/(loss) from operations as income/(loss) from operations excluding share-based compensation, amortization of intangible assets resulting from assets and business acquisitions, revenue from business cooperation arrangements with equity investees and impairment of goodwill and intangible assets. The company defines non-GAAP net income/(loss) as net income/(loss) excluding share-based compensation, amortization of intangible assets resulting from assets and business acquisitions, revenue from business cooperation arrangements with equity investees, gain on disposals of business, income from non-compete agreement, reconciling items on the share of equity method investments, impairment of goodwill, intangible assets and investments. The company defines non-GAAP net income/(loss) attributable to ordinary shareholders as net income/(loss) attributable to ordinary shareholders excluding share-based compensation, amortization of intangible assets resulting from assets and business acquisitions, revenue from business cooperation arrangements with equity investees, gain on disposals of business, income from non-compete agreement, reconciling items on the share of equity method investments, net income attributable to mezzanine classified non-controlling interest shareholders, impairment of goodwill, intangible assets and investments. The company defines free cash flow as operating cash flow adding back JD Finance net originations/(repayments) included in operating cash flow and less capital expenditures, which include purchase of property, equipment and software, cash paid for construction in progress, purchase of office building, intangible assets and land use rights. The company defines non-GAAP EBITDA as non-GAAP income/(loss) from operations plus depreciation and amortization excluding amortization of intangible assets resulting from assets and business acquisitions. The company presents these non-GAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. Non-GAAP income/(loss) from operations, non-GAAP net income/(loss), non-GAAP net income/(loss) attributable to ordinary shareholders and non-GAAP EBITDA reflect the company’s ongoing business operations in a manner that allows more meaningful period-to-period comparisons. Free cash flow enables management to assess liquidity and cash flow while taking into account the impact from JD Finance net originations/(repayments) included in operating cash flow and the demands that the expansion of fulfillment infrastructure and technology platform has placed on financial resources. The company also believes that the use of the non-GAAP financial measures facilitates investors to understand and evaluate the company’s current operating performance and future prospects in the same manner as management does, if they so choose. The company also believes that the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gain/loss and other items that are not expected to result in future cash payments or that are non-recurring in nature or may not be indicative of the company's core operating results and business outlook. The non-GAAP financial measures have limitations as analytical tools. The company’s non-GAAP financial measures do not reflect all items of income and expense that affect the company’s operations or not represent the residual cash flow available for discretionary expenditures. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The company encourages you to review the company’s financial information in its entirety and not rely on a single financial measure. 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," "confident" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as JD.com's strategic and operational plans, contain forward-looking statements. JD.com may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), 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 JD.com'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: JD.com's growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new customers and to increase revenues generated from repeat customers; its expectations regarding demand for and market acceptance of its products and services; trends and competition in China's e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of the Chinese e-commerce market; Chinese governmental policies relating to JD.com's industry and general economic conditions in China. Further information regarding these and other risks is included in JD.com's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and JD.com undertakes no obligation to update any forward-looking statement, except as required under applicable law. 1 The U.S. dollar (US$) amounts disclosed in this press release, except for those transaction amounts that were actually settled in U.S. dollars, are presented solely for the convenience of the readers. The conversion of Renminbi (RMB) into US$ in this press release is based on the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of March 31, 2017, which was RMB6.8832 to US$1.00. The percentages stated in this press release are calculated based on the RMB amounts. 2 The company anticipates the JD Finance reorganization may potentially be completed in the second quarter of 2017. To assist investors in gaining a better understanding of the trend of net revenues, the company discloses net revenues excluding JD Finance, which represent the net revenues on a pro forma basis as if the JD Finance reorganization had been closed at the beginning of the periods presented. 3 Non-GAAP income/(loss) from operations is defined to exclude share-based compensation, amortization of intangible assets resulting from acquisitions, and certain other non-cash gain or loss items from income/(loss) from operations. See “Reconciliation of GAAP and Non-GAAP Results” at the end of this press release. 4 Free cash flow, a non-GAAP measurement of liquidity, is defined as operating cash flow adding back JD Finance net originations included in operating cash flow and less capital expenditures, which include purchase of property, equipment and software, cash paid for construction in progress, purchase of office building, intangible assets and land use rights. 5 JD Finance net originations primarily include “Jingbaobei,” “Jingxiaodai” and “JD Baitiao” that the company provides to suppliers, merchants and consumers, respectively. 6 Non-GAAP EBITDA is defined as non-GAAP income/(loss) from operations plus depreciation and amortization excluding amortization of intangible assets resulting from assets and business acquisitions, and non-GAAP EBITDA margin is calculated by dividing non-GAAP EBITDA by net revenues. See “Reconciliation of GAAP and Non-GAAP Results” at the end of this press release. 7 Non-GAAP net income/(loss) is defined to exclude share-based compensation, amortization of intangible assets resulting from acquisitions, and certain other non-cash gain or loss items from net income/(loss), and non-GAAP net margin is calculated by dividing non-GAAP net income/(loss) by net revenues. See “Reconciliation of GAAP and Non-GAAP Results” at the end of this press release. 8 JD Mall represents the company’s traditional e-commerce business. New businesses of the company include JD Finance, O2O (deconsolidated since its merger with Dada Nexus to form New Dada on April 26, 2016), insurance, technology initiatives, as well as overseas business. 9 The inter-segment eliminations mainly consist of revenues related to payment processing and financing services provided by JD Finance to JD Mall, and promotion and advertising services provided by JD Mall to New Businesses. (1) As of March 31, 2017 and December 31, 2016, the balances of consumer financing, supply chain financing and business financing that affected the balances of accounts receivable, advance to suppliers, loan receivables, amount due from related parties, other non-current assets and accounts payable were as follows: The balances of consumer financing and business financing of RMB14.6 billion (US$2.1 billion) and RMB0.6 billion (US$0.1 billion), respectively, as of March 31, 2017 and RMB14.3 billion and RMB0.6 billion, respectively, as of December 31, 2016 were included in the accounts receivable. The balances of supply chain financing of RMB1.3 billion (US$0.2 billion) as of March 31, 2017 and RMB1.2 billion as of December 31, 2016 were included in advance to suppliers. The balances of consumer financing and supply chain financing provided in the marketplace business of RMB12.2 billion (US$1.8 billion) and RMB4.2 billion (US$0.6 billion), respectively, as of March 31, 2017 and RMB9.3 billion and RMB3.4 billion, respectively, as of December 31, 2016 were included in loan receivables. The balances of business financing of RMB0.1 billion (US$0.02 billion) as of March 31, 2017 and RMB0.1 billion as of December 31, 2016 were included amounts due from related parties. The balances of consumer financing of RMB2.3 billion (US$0.3 billion) as of March 31, 2017 and RMB1.7 billion as of December 31, 2016 were included in other non-current assets. The balances of supply chain financing of RMB6.9 billion (US$1.0 billion) as of March 31, 2017 and RMB7.0 billion as of December 31, 2016 were net off in the accounts payable. As the JD Finance business has changed from supporting the overall JD platform to an independently operated and self-funded business, loans to consumers and merchants in marketplace business and third parties are made mainly for investment purpose. Accordingly since the second quarter of 2016, cash flows resulted from loan receivables have been reclassified from operating activities in cash flows to investing activities in cash flows. Cash flows resulted from loan receivables of RMB0.6 billion for the first quarter of 2016 have been reclassified from operating activities to investing activities in cash flow statements. Free cash flow remains the same for all the presented and prior periods. (5) Inventory turnover days are the quotient of average inventory over five quarter ends to total cost of revenues for the last twelve months and then multiplied by 360 days. (6) Accounts payable turnover days are the quotient of average accounts payable over five quarter ends to total cost of revenues for the last twelve months and then multiplied by 360 days. Presented are the accounts payable turnover days for the online direct sales business excluding the impact from supplier financing. (7) Accounts receivable turnover days are the quotient of average accounts receivable over five quarter ends to total net revenues of the last twelve months and then multiplied by 360 days. Presented are the accounts receivable turnover days excluding the impact from consumer financing. (8) GMV is defined as the total value of all orders for products and services placed in the company’s online direct sales business and on the company’s online marketplaces, regardless of whether the goods are sold or delivered or whether the goods are returned. GMV includes the value from orders placed on the company’s websites and mobile applications as well as orders placed on third-party mobile applications that are fulfilled by the company or third-party merchants. The company’s calculation of GMV includes shipping charges paid by buyers to sellers and excludes any transactions in the company’s B2C business with order value exceeding RMB2,000 that are not ultimately sold or delivered. If the company’s calculation of GMV includes total value of all orders for products and services placed in the company’s online direct sales business and on the company’s online marketplaces, regardless of whether the goods are sold or delivered or whether the goods are returned and shipping charges paid by buyers to sellers, and excludes products or services with list prices above RMB100,000 as well as transactions conducted by buyers who make purchases exceeding RMB1,000,000 in the aggregate in a single day (similar to the practice of the company’s major industry peer), the company’s GMV for the first quarter of 2017 would have been RMB253.2 billion. (9) Orders fulfilled are defined as the total number of orders delivered, including the orders for products and services sold in the company’s online direct sales business and on the company’s online marketplaces, net of orders returned. (10) Annual active customer accounts are customer accounts that made at least one purchase during the twelve months ended on the respective dates, whether through online direct sales or online marketplaces.


— This report studies Automated Fare Collection System for Bus in Global market, especially in North America, China, Europe, Southeast Asia, Japan and India, with production, revenue, consumption, import and export in these regions, from 2012 to 2016, and forecast to 2022. This report focuses on top manufacturers in global market, with production, price, revenue and market share for each manufacturer, covering Advanced Card Systems Cubic Omron Thales Group Atos SE LG CNS NXP Semiconductor Samsung SDS Cubic Transportation Systems GMV Scheidt & Bachmann Siemens Sony Corporation ST Electronics Trapeze Group Vix Technology For more information or any query mail at sales@wiseguyreports.com By types, the market can be split into Single Journey Ticket Stored Value Ticket By Application, the market can be split into Subway Station Parking Lot Airport Other By Regions, this report covers (we can add the regions/countries as you want) North America China Europe Southeast Asia Japan India Global Automated Fare Collection System for Bus Market Professional Survey Report 2017 1 Industry Overview of Automated Fare Collection System for Bus 1.1 Definition and Specifications of Automated Fare Collection System for Bus 1.1.1 Definition of Automated Fare Collection System for Bus 1.1.2 Specifications of Automated Fare Collection System for Bus 1.2 Classification of Automated Fare Collection System for Bus 1.2.1 Single Journey Ticket 1.2.2 Stored Value Ticket 1.3 Applications of Automated Fare Collection System for Bus 1.3.1 Subway Station 1.3.2 Parking Lot 1.3.3 Airport 1.3.4 Other 1.4 Market Segment by Regions 1.4.1 North America 1.4.2 China 1.4.3 Europe 1.4.4 Southeast Asia 1.4.5 Japan 1.4.6 India 2 Manufacturing Cost Structure Analysis of Automated Fare Collection System for Bus 2.1 Raw Material and Suppliers 2.2 Manufacturing Cost Structure Analysis of Automated Fare Collection System for Bus 2.3 Manufacturing Process Analysis of Automated Fare Collection System for Bus 2.4 Industry Chain Structure of Automated Fare Collection System for Bus 8 Major Manufacturers Analysis of Automated Fare Collection System for Bus 8.1 Advanced Card Systems 8.1.1 Company Profile 8.1.2 Product Picture and Specifications 8.1.2.1 Product A 8.1.2.2 Product B 8.1.3 Advanced Card Systems 2016 Automated Fare Collection System for Bus Sales, Ex-factory Price, Revenue, Gross Margin Analysis 8.1.4 Advanced Card Systems 2016 Automated Fare Collection System for Bus Business Region Distribution Analysis 8.2 Cubic 8.2.1 Company Profile 8.2.2 Product Picture and Specifications 8.2.2.1 Product A 8.2.2.2 Product B 8.2.3 Cubic 2016 Automated Fare Collection System for Bus Sales, Ex-factory Price, Revenue, Gross Margin Analysis 8.2.4 Cubic 2016 Automated Fare Collection System for Bus Business Region Distribution Analysis 8.3 Omron 8.3.1 Company Profile 8.3.2 Product Picture and Specifications 8.3.2.1 Product A 8.3.2.2 Product B 8.3.3 Omron 2016 Automated Fare Collection System for Bus Sales, Ex-factory Price, Revenue, Gross Margin Analysis 8.3.4 Omron 2016 Automated Fare Collection System for Bus Business Region Distribution Analysis 8.4 Thales Group 8.4.1 Company Profile 8.4.2 Product Picture and Specifications 8.4.2.1 Product A 8.4.2.2 Product B 8.4.3 Thales Group 2016 Automated Fare Collection System for Bus Sales, Ex-factory Price, Revenue, Gross Margin Analysis 8.4.4 Thales Group 2016 Automated Fare Collection System for Bus Business Region Distribution Analysis 8.5 Atos SE 8.5.1 Company Profile 8.5.2 Product Picture and Specifications 8.5.2.1 Product A 8.5.2.2 Product B 8.5.3 Atos SE 2016 Automated Fare Collection System for Bus Sales, Ex-factory Price, Revenue, Gross Margin Analysis 8.5.4 Atos SE 2016 Automated Fare Collection System for Bus Business Region Distribution Analysis 8.6 LG CNS 8.6.1 Company Profile 8.6.2 Product Picture and Specifications 8.6.2.1 Product A 8.6.2.2 Product B 8.6.3 LG CNS 2016 Automated Fare Collection System for Bus Sales, Ex-factory Price, Revenue, Gross Margin Analysis 8.6.4 LG CNS 2016 Automated Fare Collection System for Bus Business Region Distribution Analysis 8.7 NXP Semiconductor 8.7.1 Company Profile 8.7.2 Product Picture and Specifications 8.7.2.1 Product A 8.7.2.2 Product B 8.7.3 NXP Semiconductor 2016 Automated Fare Collection System for Bus Sales, Ex-factory Price, Revenue, Gross Margin Analysis 8.7.4 NXP Semiconductor 2016 Automated Fare Collection System for Bus Business Region Distribution Analysis For more information or any query mail at sales@wiseguyreports.com ABOUT US: Wise Guy Reports is part of the Wise Guy Consultants Pvt. Ltd. and offers premium progressive statistical surveying, market research reports, analysis & forecast data for industries and governments around the globe. Wise Guy Reports features an exhaustive list of market research reports from hundreds of publishers worldwide. We boast a database spanning virtually every market category and an even more comprehensive collection of rmaket research reports under these categories and sub-categories. For more information, please visit https://www.wiseguyreports.com


News Article | May 4, 2017
Site: www.businessoffashion.com

NEW YORK, United States — In March 2017, PVH Corp., which owns globally recognised brands including Calvin Klein and boasts $8 billion in annual revenues, acquired San Francisco-based True & Co., a direct-to-consumer lingerie retailer driven by consumer data. Founded in 2012, True & Co. nudges first-time customers into taking a “fit quiz.” Answers are cross-referenced with millions of other data points and at the end of the quiz, the customer is presented with a personalised shopping list. On paper, the acquisition makes a lot of sense. PVH owns Warnaco and Olga, two “old school” bra companies that long ago took a backseat to Victoria’s Secret. And True & Co.’s analytical approach can be applied far beyond the lingerie category. In return, True & Co. — which raised just $13 million in venture capital, a relatively small amount compared to some of its competitors — will be able use PVH’s network of suppliers to make better products more cheaply. At the time of the announcement, PVH chief executive Emanuel Chirico said that the acquisition “demonstrates our commitment to making strategic investments in our digital platforms to support our long-term growth initiatives. We believe that we can leverage the analytics tools of this data-driven company, while leveraging PVH’s intimates category expertise, including global brand management, product know-how and supply chain.” The terms of the deal were not disclosed, but direct sources told industry trade site TechCrunch that “investors mostly got their money back, but nothing more," a figure that fell into the "tens of millions" of dollars. While it’s perhaps not the kind of runaway success story True & Co. may have been chasing, the deal reflects a larger trend: to better secure their futures, those being disrupted — traditional old-guard incumbents — are increasingly buying tech-enabled disruptors. Just look at Walmart’s recent acquisitions of startups like ModCloth — and potentially Bonobos. “We certainly think there’s going to be compelling opportunities for M&A activities between emerging businesses and old-guard retailers,” says Kirsten Green, founder of early-stage venture capital firm Forerunner Ventures, whose portfolio includes Warby Parker, Reformation and Dollar Shave Club, which was acquired by Unilever in 2016 for $1 billion. “The most compelling matchups will happen between companies when the incumbents are looking for brands that have growth and energy behind them. Models that promote engagement, that are good at using data to improve operations, inventory planning, marketing and promotion.” But while many of these ventures are compelling acquisition targets — whether because of their brand, business model, technology or a combination of the three — others have raised so much money in order to scale that they will either have to be acquired for an amount that does not offer much of a return, if any, to investors. Gilt Groupe, which was acquired for $250 million in January 2016 by Hudson’s Bay Company after raising $270 million, and the bankrupt Nasty Gal, which was bought by UK retailer Boohoo for just $20 million after raising $65 million, are examples of this. Other firms that have managed to successfully scale but will need even more capital in order to continue to fuel growth — in particular, multi-brand e-commerce players like FarFetch, the RealReal and Rent the Runway — are perhaps better candidates for an initial public offering on the stock exchange, which allows for more flexibility. So which ventures are healthy, growing and ripe for acquisition? BoF conducted its own internal research and analysis, and spoke with a number of industry experts, to identify 10 fashion and accessories startups that fit the bill. All Birds Founded in 2015 Estimated Revenue: $50 million in 2017 Estimated Funding: $10 million from investors including Maveron and Lerer Hippeau Ventures This fast-growing shoe brand — founded by Tim Brown, an ex-football player from New Zealand, and Joey Zwillinger, a San Francisco-based biotech engineer — flies under the radar in fashion circles. But the success of its ultra-comfortable, wool-upper trainers is evident in Silicon Valley, where venture capitalists and developers alike have adopted them as part of a tech-geek uniform. According to industry sources, All Birds is on track to generate $50 million in top-line revenue in 2017 and double that to $100 million in 2018. But much of its future success is dependent on its ability to sell more than one style. Right now, Brown and Zwillinger are touting a slip-on that it calls the “Lounger,” which feels like a cross between a slipper and a Vans classic skate shoe. Away Founded in 2015 Estimated Revenue: Undisclosed Estimated Funding: $11 million from investors including Global Founders Capital, Accel Partners, Andy Dunn and Forerunner Ventures Former Warby Parker executives Jen Rubio and Stephanie Korey took what they learned from that business’s disruption of the eyewear market and applied it to luggage, a category that has long suffered from bad design and over-inflated prices, adding a layer of technology to their under-$300 cases so that frequent fliers can easily charge their phones while in transit. LVMH’s $716 million purchase of an 80 percent majority stake in German luggage group Rimowa in 2016 helped to spur more interest in the market, but one investor notes that it was Rimowa’s wheel technology — which can be applied across LVMH’s brands — that sealed the deal. Away, on the other hand, has not developed its own wheel technology. Instead, the New York-based Away’s best asset is its already-well-honed brand. On the awning of its storefront in New York’s Soho neighborhood, a quote from Susan Sontag — “I haven't been everywhere, but it's on my list” — sums up the philosophy. Stitch Fix Founded in 2011 Estimated Revenue: $750 million - $1 billion in 2017 Estimated Funding: $42 million from investors including Benchmark, Baseline and Lightspeed Ventures It’s more likely that Stitch Fix, the personal styling service that uses an algorithm to send its customers a personalised kit — or “fix,” as it’s called internally — of clothes on a semi-regular basis, will file for an initial public offering than be acquired. But there’s no doubting it’s an attractive prospect to larger companies looking to tap into its rich data set. In 2016, Stitch Fix told BoF that 70 percent of clients return for a second “fix” within 90 days and 39 percent spend over half of their apparel wallet share with the service. The company also uses data to help create proprietary designs, although it also sells products from third-party vendors. While top-line revenue numbers do little to indicate how much product customers are actually keeping — Stitch Fix makes it easy to return items in your “fix” that you don’t want — the growth is real. According to private company financial intelligence firm PrivCo, Stitch Fix generated $242 million in top-line revenue in 2015, with a compounded annual growth rate of 76 percent from 2012-2015. Rockets of Awesome Founded in 2016 Estimated Revenue: Undisclosed Estimated Funding: Nearly $20 million from investors including August Capital, General Catalyst and Gwyneth Paltrow Founded by serial entrepreneur Rachel Blumenthal — and a part of M. Gemi chief executive Ben Fischman’s Launch incubator — Rockets of Awesome has taken Stitch Fix’s business model and applied it to the kidswear market. What differentiates Blumenthal’s venture is the design, which rivals popular kid’s lines including Stella McCartney in terms of quality, but with Gap Kids’ sale prices: $22 on average, per piece. The goodwill generated by Stitch Fix will likely bring more attention to Rockets, although the former could also choose to become a competitor and delve into the kids' category, as it has with men's and plus. Everlane Founded in 2011 Estimated Revenue: $51 million in 2015 Estimated Funding: $18 million from investors including 14W, Brian Sugar and Kleiner Perkins Caufield & Byers With its drip-feed product-distribution model, clean design aesthetic and focus on transparency, basics purveyor Everlane is the name on the tip of every old-guard fashion company’s tongue, cutting into the market share of established players such as Gap. In May 2016, retail giant Uniqlo tapped Everlane designer Rebekka Bay to lead its efforts in capturing more of the US market, indicating how closely the big guns are watching this San Francisco-based upstart. Last year, Everlane set out to raise a round of funding at a $250 million evaluation, according to Recode, although nothing further was announced. The company has been quiet about its funding efforts thus far, although Recode estimates that it had raised at least $18 million before 2016. For Everlane, the biggest challenge will be continued growth. (Last year it was on track to generate $100 million in sales, according to PrivCo.) Poshmark Founded in 2011 Estimated Revenue: $50 million in 2016, $100 million in 2017 Estimated Funding: $70 million from investors including GGV Capital and Menlo Ventures The fashion resale startup, which has co-opted social selling and an app-based model to help accelerate growth, keeps costs low by staying out of the inventory game — everything is peer-to-peer — and underscoring the entrepreneurial aspect of becoming a Poshmark seller. Like eBay, some of Poshmark’s 2.5 million individual sellers have made real businesses out of their accounts, generating upwards of $500,000 per year. Many have also taken to selling new product bought at wholesale, which Poshmark helps to facilitate. But like any marketplace, it will have to keep finding new avenues of growth. (This year, Poshmark is projected to reach $500 million in gross merchandise volume, compared to eBay’s $84 billion GMV in 2016.) Its latest app update, the “Posh Dressing Room,” a virtual personal-styling session between the seller and the buyer, is meant to help drive engagements. Reformation Founded in 2009 Estimated Revenue: $25 million in 2014 Estimated Funding: $12 million from investors including Andrew Rosen, Miroslava Duma and Stripes Group Best known for turning out sharp-and-sexy dresses and separates at a cadence that mirrors fast fashion, but with a distinct aesthetic that sets it apart, the Los Angeles-based Reformation is not only vertically integrated, but it’s also a certified B Corp with an overall score of 100 (median is 55). Chief executive Yael Aflalo, who started Reformation after her experience designing a wholesale-reliant contemporary brand, has been prudent about raising money and expansion, with just five physical stores —four permanent, one temporary — and expansion into categories including bridal and swim. Kendra Scott Founded in 2002 Estimated Revenue: $225 million in 2016 Estimated Funding: Undisclosed (Minority investor is private equity firm Berkshire Partners) Austin-based jewellery designer Kendra Scott famously started her business with $500 out of a second bedroom. But it's her focus on customisation, an accessible price point (average basket size is $100) and an oh-so-specific retail strategy — most of her stores are in college towns, or in cities or neighbourhoods where the brand’s online sales are high — that have resulted in annual revenue of $150 million and a valuation north of $1 billion. Warby Parker Founded in 2010 Estimated Revenue: Undisclosed Estimated Funding: $215 million with investors including First Round, General Catalyst and Menlo Ventures A $1.2 billion valuation makes Warby Parker one of fashion’s only unicorns, and it also makes it a strong candidate for an IPO. But the eyewear brand’s retail strategy is admired by mature retailers and upstarts alike that are struggling to get the in-store experience right. This year, the company has plans to expand its retail footprint to more than 70 stores, using the data it culls online to better define its brick-and-mortar experience. "I don't think retail is dead. Mediocre retail experiences are dead,” chief executive Neil Blumenthal — whose wife, Rachel Blumenthal, runs Rockets of Awesome — told the Wall Street Journal in January 2017. Outdoor Voices Founded in 2013 Estimated Revenue: Undisclosed Estimated Funding: Nearly $23 million with investors including 14W, Forerunner and Burch Creative Capital While the bloated activewear market softens, this community-driven label continues to capture the fascination of brands that operate far outside the category, collaborating with the likes of APC (whose founder, Jean Touitou, is also an investor), and plans to open four more stores in 2017 in addition to the four stores it already operates. “Being nimble is the one thing that we have prioritised,” Haney told BoF in 2016. “We are very quick to respond and I think the fashion industry has lost that.” The Top 10 Venture-Backed Fashion Startups is a BoF Professional report. Look out for our forthcoming BoF Professional report on The Top 10 M&A Targets in Beauty. The Top 10 M&A Targets in Fashion and Luxury Is Stitch Fix the Goldilocks of Fashion?


DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "India Online Fashion Market to 2021 - Elevating Sales in Tier II and Tier III Cities is expected to Fuel the Market in Future" report to their offering. India Online Fashion Market to 2021 - Elevating Sales in Tier II and Tier III Cities is expected to Fuel the Market in Future provides a comprehensive analysis of the online fashion retail market in India. The report includes the cumulative GMV generated by the market players from the sales of online fashion products, including apparel, footwear and accessories. Further, the market in the study is differentiated on the basis of tier cities into tier I, tier II, and tier III cities. The market is also segmented by four price segments - economy, mass, premium, and elite. The study also highlights the detailed information about logistics procedure followed in online fashion market and government regulations pertaining to the market, which will guide new entrants to plan their strategies accordingly. Convenience to purchase online, rising disposable income of people in India, easy availability of branded products and rising demand for ecommerce products in Tier II and Tier III cities are other major factors which have augmented the growth of online fashion market in India. 4. Comparative Analysis of Online Fashion Market in India With offline Market For more information about this report visit http://www.researchandmarkets.com/research/bctfsc/india_online


News Article | April 20, 2017
Site: news.yahoo.com

General Motors will immediately cease operations in the country of Venezuela after the U.S. automaker announced authorities there illegally seized its manufacturing plant and industrial hub. The hub, situated in Valencia, employs 2,678 workers. “Yesterday, GMV’s (General Motors Venezolana) plant was unexpectedly taken by the public authorities, preventing normal operations. In addition, other assets of the company, such as vehicles, have been illegally taken from its facilities,” the company said in a statement. GM went on to call the actions an "illegal judicial seizure of its assets." Venezuela remains in a deep state of economic crisis marked by protests as currency controls take effect and its raw material resources continue to dwindle. Large portions of the Venezuelan economy have been nationalized since 1999. According to CNN, the country's economy shrank by 18 percent in 2016 and the unemployment rate hovers around 25 percent. Other automakers have struggled in the country as it has become more difficult to access U.S. dollars and import essential mechanical parts. Ford wrote off its entire investment in Venezuela in 2015 by taking an $800 million pre-tax write-off. As of now, there seems to be no motive as to why authorities seized GM's operations. The automaker forecasts irreversible damage from the incident and expects its suppliers and 79 local dealers to see severe effects.


News Article | May 4, 2017
Site: www.businesswire.com

WASHINGTON--(BUSINESS WIRE)--Liquidity Services (NASDAQ:LQDT; www.liquidityservices.com), a global solution provider in the reverse supply chain with the world’s largest marketplace for business surplus, today announced financial results for the second quarter ended March 31, 2017. Q2-17 results were above the company’s guidance range for GAAP Net Loss, GAAP EPS and Non-GAAP Adjusted EBITDA, and within the guidance range for GMV and Non-GAAP Adjusted EPS. The company’s performance reflected an increase in buyer demand and seller growth in our GovDeals state and local government marketplace and strong GMV in our Network International energy marketplace. “We are pleased with our results this quarter which demonstrate the advancement of our long-term transformation plan and growth strategy. Investments in our global sales organization, enhanced service offerings, and buyer network have resulted in continued organic growth across our commercial and GovDeals marketplaces. Our Network International energy marketplace GMV was up 108%, our GovDeals state and local government marketplace GMV was up 30%, and our retail GMV was up 7% over the prior year period, demonstrating our ability to attract new clients and expand existing relationships across our entire business,” said Bill Angrick, chairman and chief executive officer of Liquidity Services. “Trends in globalization and innovation are driving the need for our sales channels and services. Moreover, our returns management solutions are well suited to the rapid growth of online retailing which is fueling higher product returns. Continued investments in our people, processes, and platform will enhance the value we bring to clients as the leading solution provider in the $100 billion reverse supply chain market. “Regarding our LiquidityOne transformation initiative,” continued Angrick, “this is an exciting time as we are on the cusp of delivering a new, mobile first e-commerce solution that will integrate our business processes and expand our ability to provide our clients and buyers with a streamlined user experience, enhanced functionality, and greater access to buy and sell surplus assets on a global scale. We are busy preparing the launch of our Network International energy marketplace on our new e-commerce platform and ERP systems for this summer. As we dedicate resources to this launch phase while also ramping up efforts and resources for the subsequent marketplace launches, we anticipate that our LiquidityOne program expenses in Q3 will exceed our average spend over the last several quarters. We retain a strong balance sheet and in addition to funding our platform investments we intend to invest in new products and services that will enable us to consolidate the large, fragmented reverse supply chain industry.” The company reported Q2-17 GMV, an operating measure of the total sales value of all merchandise sold through our marketplaces during the given period, of $163.7 million, up from $153.0 million in the prior year’s comparable period. Revenue for Q2-17 was $72.3 million, down from $86.9 million in the prior year’s comparable period. GAAP Net loss for Q2-17 was $(8.3) million, which resulted in a diluted loss per share of $(0.26) based on a weighted average of 31.4 million diluted shares outstanding, down from $(0.9) million and $(0.03) respectively, in the prior year’s comparable period. Non-GAAP adjusted net loss was $(6.6) million or $(0.21) adjusted diluted loss per share, down from net income of $1.1 million and $0.04 respectively, in the prior year’s comparable period. We exited Q2-17 in a strong financial position with $116 million in cash and a debt free balance sheet. Non-GAAP adjusted EBITDA, which excludes stock-based compensation, business realignment, disposal and acquisition costs, was $(4.4) million, a decrease from the prior year’s comparable period of $2.9 million. Comparative financial results reflect increased cost of sales and lower margins under the new Scrap contract, the transition to the new Surplus contract, under which we pay higher product costs, and the timing of large sales in our commercial business in the prior year. GMV and Revenue Mix —The table below summarizes GMV and revenue by pricing model. FY17 results are continuing to benefit from growth in our commercial and state and local government marketplaces as we advance our strategy to unify our business processes, global sales organization, and e-commerce marketplace platform. While the commercial businesses are showing overall improvement, profitability for the year will be impacted by the new pricing terms in our DoD Surplus and Scrap contracts, lower volumes in our DoD Surplus contract, continued investments in the deployment of our energy marketplace onto our new ecommerce platform, and continued investments in the design and deployment of our new e-commerce platform across our remaining commercial marketplaces. Our near-term outlook remains cautious due to the higher cost of goods sold and variable product mix under our DoD contracts, variability in the timing of large client projects in our capital assets business, higher cost of goods sold in selected commercial programs which may be offset over time by volume growth, and ongoing investments in our LiquidityOne transformation plan, which we expect to increase during the upcoming go-live deployments of our marketplaces onto the new platform. The following forward-looking statements reflect the following trends and assumptions for Q3-17: (i) increased investment spending under our LiquidityOne transformation initiative in conjunction with the go-live deployment of our Network International energy marketplace and new ERP system this summer; (ii) increased cost of sales and lower volume and margins under our DoD Surplus contract; (iii) continued strength in our state and local government marketplace and steady year-over-year growth; (iv) continued signs of improved liquidity in our energy marketplace; (v) investments in our sales teams to further accelerate the growth of new and expanded client relationships; (vi) mix shift to more consignment accounts in our retail business; and (vii) new pricing under our DoD Scrap contract and continued variability in commodities pricing, volumes received, and mix of commodities. For Q3-17 our guidance is as follows: GMV – We expect GMV for Q3-17 to range from $170 million to $190 million. GAAP Net Loss – We expect GAAP Net Loss for Q3-17 to range from $(10.0) million to $(7.) million. GAAP Diluted EPS - We expect GAAP diluted Loss Per Share for Q3-17 to range from $(0.32) to $(0.22). Non-GAAP Adjusted EBITDA –We expect non-GAAP Adjusted EBITDA for Q3-17 to range from $(7.0) million to $(4.0) million. Non-GAAP Adjusted Diluted EPS – We expect non-GAAP Adjusted Loss Per Diluted Share for Q3-17 to range from $(0.29) to $(0.19). This guidance assumes that our diluted weighted average number of shares outstanding for the quarter of 31.4 million and that we will not repurchase shares during the quarter with the approximately $10.1 million available under the share repurchase program. EBITDA and Adjusted EBITDA. EBITDA is a supplemental non-GAAP financial measure and is equal to net (loss) income plus interest and other expense, net; benefit for income taxes; and depreciation and amortization. Our definition of Adjusted EBITDA differs from EBITDA because we further adjust EBITDA for stock-based compensation, acquisition costs, and business realignment expense. Adjusted Net (Loss) Income and Adjusted Basic and Diluted Earnings Per Share. Adjusted net income is a supplemental non-GAAP financial measure and is equal to net income (loss) plus tax effected stock compensation expense and acquisition costs. Adjusted basic and diluted loss per share are determined using Adjusted Net (Loss) Income. For Q2-17 the tax rate used to tax effect stock compensation expense and acquisition costs was 33.2% compared to 28.6% used for the Q2-16 results. The 33.2% tax rate excludes the impact of the charge to our U.S. valuation allowance to provide a better comparison to the Q2-16 results. *Business realignment expenses are included within the Other operating expense line item in the Consolidated Statements of Operations. The Company will host a conference call to discuss the second quarter of fiscal year 2017 results at 10:30 a.m. Eastern Time today. Investors and other interested parties may access the teleconference by dialing (844) 795-4614 or (661) 378-9639 and providing conference identification number 9037971. A live web cast of the conference call will be provided on the Company's investor relations website at http://investors.liquidityservices.com. An archive of the web cast will be available on the Company's website until May 3, 2018 at 11:59 p.m. ET. An audio replay of the teleconference will also be available until May 11, 2017 at 11:59 p.m. ET. To listen to the replay, dial (855) 859-2056 or (404) 537-3406 and provide conference identification number 9037971. Both replays will be available starting at 1:30 p.m. ET on the day of the call. To supplement our consolidated financial statements presented in accordance with generally accepted accounting principles (GAAP), we use certain non-GAAP measures of certain components of financial performance. These non-GAAP measures include earnings before interest, taxes, depreciation and amortization (EBITDA), Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings per Share. These non-GAAP measures are provided to enhance investors’ overall understanding of our current financial performance and prospects for the future. We use EBITDA and Adjusted EBITDA: (a) as measurements of operating performance because they assist us in comparing our operating performance on a consistent basis as they do not reflect the impact of items not directly resulting from our core operations; (b) for planning purposes, including the preparation of our internal annual operating budget; (c) to allocate resources to enhance the financial performance of our business; (d) to evaluate the effectiveness of our operational strategies; and (e) to evaluate our capacity to fund capital expenditures and expand our business. Adjusted net income is used to arrive at EBITDA and adjusted EBITDA calculations, and adjusted EPS is the result of our adjusted net income and diluted shares outstanding. We believe these non-GAAP measures provide useful information to both management and investors by excluding certain expenses that may not be indicative of our core operating measures. In addition, because we have historically reported certain non-GAAP measures to investors, we believe the inclusion of non-GAAP measures provides consistency in our financial reporting. These measures should be considered in addition to financial information prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. A reconciliation of all historical non-GAAP measures included in this press release, to the most directly comparable GAAP measures, may be found in the financial tables included in this press release. We are not providing a reconciliation of our guidance for Non-GAAP Adjusted EBITDA to our guidance for GAAP Net Loss because this reconciliation would require us to make projections regarding the amount of stock based compensation expense and benefit for income taxes, which are reconciling items between net loss and Adjusted EBITDA, as well as the impact of foreign currency fluctuations. These items will impact net income and are out of our control and/or cannot be reasonably predicted due to their high variability and complexity, and inherent uncertainty. For example, equity compensation expense would be difficult to predict because it depends on our future hiring and retention needs, as well as the future fair market value of our common stock, all of which are subject to constant change. As a result, the reconciliation is not possible without unreasonable efforts. In addition, we believe such reconciliations could imply a degree of precision that might be confusing or misleading to investors. The actual effect of the reconciling items that we exclude from Adjusted EBITDA, when determined, may be significant to the calculation of GAAP Net Loss. As a result, there can be no assurance that such reconciling items will not materially affect our future GAAP Net Loss. To supplement our consolidated financial statements presented in accordance with GAAP, we use certain supplemental operating data as a measure of certain components of operating performance. We review GMV because it provides a measure of the volume of goods being sold in our marketplaces and thus the activity of those marketplaces. GMV and our other supplemental operating data, including registered buyers, auction participants and completed transactions, also provide a means to evaluate the effectiveness of investments that we have made and continue to make in the areas of customer support, value-added services, product development, sales and marketing and operations. Therefore, we believe this supplemental operating data provides useful information to both management and investors. In addition, because we have historically reported certain supplemental operating data to investors, we believe the inclusion of this supplemental operating data provides consistency in our financial reporting. This data should be considered in addition to financial information prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. This document contains forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. These statements are only predictions. The outcome of the events described in these forward-looking statements is subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. These statements include, but are not limited to, statements regarding the Company’s business outlook; the Company’s proprietary e-commerce marketplace platform; expected investments in sales teams; expected investment in, benefits of and timing of completion of the LiquidityOne transformation initiative; the pricing, the supply and mix of inventory under the DoD Scrap Contract; expected future commodity prices; expected future effective tax rates; the timing of large client projects; and trends and assumptions about future periods, including the third quarter FY-17. You can identify forward-looking statements by terminology such as "may," "will," "should," "could," "would," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continues" or the negative of these terms or other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in this document. Important factors that could cause our actual results to differ materially from those expressed as forward-looking statements are set forth in our filings with the SEC from time to time, and include, among others, our dependence on our contracts with the DoD for a significant portion of our revenue and profitability; variability in mix and volume of supply due to project based activity; variability in business related to mix, timing, and volume of supply; timing and speed of recovery in the energy sector macro conditions and commodity market prices; intense competition in our lines of business; our ability to successfully expand the supply of merchandise available for sale on our online marketplaces; our ability to attract and retain active professional buyers to purchase this merchandise; the timing and success of upgrades to our technology infrastructure; our ability to successfully develop and grow our new business ventures such as IronDirect; costs and timing of the wind-down of our Truckcenter business; our ability to attract and retain key employees; our ability to raise additional capital as and when required; the success of our recent business realignment in which we balance management time and resource to run our business with migrating our marketplaces to the new LiquidityOne platform; and the success of our LiquidityOne transformation initiative, including training and education of customers to adopt our new LiquidityOne platform. There may be other factors of which we are currently unaware or deem immaterial that may cause our actual results to differ materially from the forward-looking statements. All forward-looking statements attributable to us or persons acting on our behalf apply only as of the date of this document and are expressly qualified in their entirety by the cautionary statements included in this document. Except as may be required by law, we undertake no obligation to publicly update or revise any forward-looking statement to reflect events or circumstances occurring after the date of this document or to reflect the occurrence of unanticipated events. Liquidity Services (NASDAQ:LQDT) operates a network of leading e-commerce marketplaces that enable buyers and sellers to transact in an efficient, automated environment offering over 500 product categories. The company employs innovative e-commerce marketplace solutions to manage, value and sell inventory and equipment for business and government clients. Our superior service, unmatched scale and ability to deliver results enable us to forge trusted, long-term relationships with over 10,000 clients worldwide. With nearly $7 billion in completed transactions, and 3 million buyers in almost 200 countries and territories, we are the proven leader in delivering smart commerce solutions. Visit us at LiquidityServices.com.

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