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Strategies & Market Trends : Greater China Stocks

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From: tom pope	5/17/2012 8:47:00 AM
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7:11AM Dangdang beats by $0.02, misses on revs; guides Q2 revs below consensus ( DANG) 7.49 : Reports Q1 (Mar) loss of $0.20 per share, $0.02 better than the Capital IQ Consensus Estimate of ($0.22); revenues rose 58% year/year to $172.1 mln vs the $175.83 mln consensus. Co issues downside guidance for Q2, sees Q2 revs of RMB 1.186 bln vs. RMB 1.28 bln Capital IQ Consensus Estimate. Dangdang had about 6.1 million active customers in the first quarter of 2012, representing a 44% increase from the corresponding period in 2011. Total orders for the first quarter 2012 were ~11.8 million, a 48% increase from the corresponding period in 2011. Cost of revenues was RMB929.3 million ($147.6 million), representing 85.8% of total revenues, as compared to 80.5% in the corresponding period in 2011. The increased cost of revenues as a percentage of total revenues was primarily due to the increased percentage of the general merchandise products sold at Dangdang's website, which have lower gross margin than that of media products, especially in the case of general merchandise of new subcategories.

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