Dallas, Texas 05/16/2014 (FINANCIALSTRENDS) –E-Commerce China Dangdang Inc. (ADR) (NYSE:DANG) recently reported its 1Q14 earnings for a quarter ended March 31, 2014. The company reported total net revenues of $279.2 million (RMB 1,735.8 million) for 1Q14 which marks 30.1% increased from 1Q13. The increase was largely attributed to 33.3% year over year increase in Media Product revenue which was recorded at $185.3 million (RMB 1,151.7 million) during 1Q14. General Merchandise revenue grew 25.5% and other revenue grew 16%, on a year over year basis, to $83.1 million (RMB 516.7 million) and $10.9 million (RMB 67.4 million), respectively.
Financial Highlights:
1Q14 gross margin was recorded at 18.2%, up from 17.2% recorded during 1Q13 and 17.6% during 4Q13. The company reported 1Q14 operating income of $1.6 million (RMB 10.1 million) which accounted for 0.6% of total net revenues as compared to an operating loss of RMB 80.4 million (negative 6% of total net revenues) reported during 1Q13.
E-Commerce China Dangdang Inc. (ADR) (NYSE:DANG) reported 1Q14 net income of $0.3 million (RMB 2 million) which accounted for 0.1% of total net revenues as compared to a net loss of RMB 72.7 million (negative 5.5% of total net revenues) reported during 1Q13.
Operational Highlights:
The company reported 8.6 million active customers during 1Q14 which also included addition of around 2.8 million new customers. Active customers and new customers increased 16% and 17%, respectively, on a year over year basis. Total orders for 1Q14 were reported at 16.4 million which suggests an 11% increase from 1Q13.
E-Commerce China Dangdang Inc. (ADR) (NYSE:DANG) reported 103% year over year increase in Gross Merchants Value which was reported at $190.8 million (RMB 1,186 million) during 1Q14.
Stock Update:
On Thursday, the stock closed at $9.87, losing 14.47% from its previous close. The stock has traded flat year to date with just about 0.2% gain.