VIPshop posts stronger-than-expected earnings

China's leading online flash sales retailer, VIPshop Holdings Ltd, on Wednesday said its net revenue in the third quarter topped 155.9 million dollars, up 197 percent when compared with a year ago.

Donghao Yang, CFO of VIPshop, contributed the stronger-than-expected earnings to a fast expanding retail e-commerce business and a growing middle class in China.

The company also expects its net revenue for the fourth quarter of 2012 to be between 235 million dollars and 240 million dollars, or a year-on-year growth rate of 123 percent to 128 percent, and its net revenue to hit between 627 million dollars and 632 million dollars for the whole year of 2012, up 176 percent to 178 percent year on year.

VIPshop Holdings Ltd, based in Guangzhou, south China's Guangdong Province, was listed in the New York Stock Exchange in March 23, 2012.