Boston, MA 03/05/2014 (wallstreetpr) – E-Commerce China Dangdang Inc. (ADR) (NYSE:DANG) which is a leading consumer business in china has announced an audited results for its fourth quarter and full year for the period ending December 31, 2013. This was a massive year for the company in terms of performance considering it returned to profitability in the fourth quarter.
Dangdang fourth quarter revenue growth surpassed the industry average performing better than expected as sales increased as a result of an increase in active customers. The company plans to commit considerable resources in the expansion of books and media market.
Fourth quarter results
Total net revenues for the fourth quarter clocked in at $325.7 million an increase of 22.1% compared to the same quarter in 2012. Media product revenues were up by 27.9% in the quarter compared to the same quarter, clocking in at $197.4 million. General merchandise revenue was also up by 12.8% to come in at highs of $111.9 million.
Net income for the fourth quarter was a record high of $3.6 million representing 1.1% of the total revenues and an improvement when compared to a net loss of RMB122.1 million reported in the fourth quarter of 2012. Gross margin for the fourth quarter was also up to 17.6%, up from 13.4% in Q4 of F2012 but remained flat compared to the third quarter of the same year.
E-Commerce China Dangdang Inc. (ADR) (NYSE:DANG) saw a surge in its active customer base which reached highs of 8.9 million in the year with the additional of 3.1 million new customers in the fourth quarter alone. Total orders for the fourth quarter were thus positively impacted as a result of an increase in active customers, growing by 13% to reach highs of 18.1 million
Dangdang 2014 Outlook
E-Commerce China Dangdang Inc. (ADR) (NYSE:DANG) expects total revenue for the first quarter to be around RMB1, 734 which should be an impressive growth of 30% compared to the same quarter a year ago.
E-Commerce China Dangdang Inc. (ADR) (NYSE:DANG) was trading high on Tuesday with its stock surging by 15.37% to close at a high of $17.11.