Jumei Q2 Profit Up 54%

(RTTNews) - Jumei International Holding Ltd. (JMEI), a Chinese online retailer of beauty products, reported net income for the second quarter of US$15.4 million or US$0.13 per ADS, compared to US$10.0 million or US$0.12 per ADS for the year-ago quarter.

Excluding items, adjusted net income for the second quarter was US$17.8 million or US$0.16 per ADS, compared to US$10.6 million or US$0.13 per ADS in the prior year quarter.

Total net revenues for the second quarter rose 42% to US$154.4 million from US$108.8 million in the second quarter of 2013.

Analysts polled by Thomson Reuters expected the company to earn US$0.12 per ADS on revenue of US$149.61 million for the second quarter.

For the full year 2014, the company expects its adjusted net income to be between US$81 million and US$87 million, representing a year-over-year growth rate of about 40% to 50%.

Jumei's ADS began trading on the New York Stock Exchange or NYSE on May 16 following an initial public offering.