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Secoo Net Profit Up 38.3% In Q3 2019

Chinese luxury e-commerce platform recently published its financial report for the third quarter of 2019, stating that the company’s total operating revenue was CNY1.942 billion, which was about USD271.6 million and a year-on-year increase of 23.5%; and its net profit was CNY62.1 million, which was about USD8.7 million and a year-on-year increase of 38.3%.

If calculated by non-GAAP, Secoo’s net profit was CNY64.7 million, which was about USD9.1 million and a year-on-year increase of 32%.

According to the report, Secoo’s GMV in the third quarter was CNY3.661 billion, an increase of 66.8% compared with the same period of last year; its total orders increased by 74.2% year-on-year to 1.035 million; and its number of active users increased by 58.7% year-on-year to 482,500.

During the third quarter of 2019, Secoo’s revenue cost was CNY1.612 billion, a year-on-year increase of 23.8%; and its operating expense was CNY234.5 million, a year-on-year increase of 17.6%.

By September 30, 2019, the company had CNY758.7 million in cash and restricted cash.

For the next quarter, Secoo predicted that its operating revenue would reach CNY2.2 billion to CNY2.3 billion, marking a year-on-year increase of 22.7% to 28.3%.