Baozun Inc. (NASDAQ:BZUN) Q1 2020 Earnings Conference Call - Final Transcript
Jun 02, 2020 • 07:00 am ET
Good morning, ladies and gentlemen, and thank you for standing by for First Quarter of 2020 Earnings Conference Call. [Operator Instructions] As a reminder, today's conference call is being recorded.
I would now turn the meeting over to your host for today's call, Ms. Wendy Sun, Investor Relations Director of Baozun. Please proceed, Wendy. Thank you, operator. Hello, everyone, and thank you for joining us today. Baozun's first quarter 2020 earnings release was distributed earlier today and is available on our IR website at ir.baozun.com, as well as on GlobeNewswire Services. On the call today from Baozun, we have Mr. Vincent Qiu, Chairman and Chief Executive Officer; Mr. Junhua Wu, Chief Growth Officer; and Mr. Robin Lu, Chief Financial Officer. Mr. Qiu will review business operations and company highlights, followed by Mr. Lu, who will discuss financials and guidance. They will all be available to answer your questions during the Q&A session that follows. Before we begin, I would like to remind you that this conference call contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 as amended and as defined in the US Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the company's control, which may cause the company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the company's filings with the US SEC. The company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law. Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in RMB. It is now my pleasure to introduce our Chairman and Chief Executive Officer, Mr. Vincent Qiu. Vincent, please go ahead.
Vincent Wenbin Qiu
Thank you, Wendy, and thank you all for joining us. The world continues to feel the impact of the COVID-19 pandemic. During this difficult time, nothing is more important than ensuring the health and safety of you and your families. Hope you're all well and stay healthy. Like most companies in the world, we faced the challenging macroeconomic environment at the start of 2020 facing the challenge and taking proactive responses. We have shown great resilience and achieved another fruitful operating and financial results.
While COVID-19 impacted overall consumption and the growth of e-commerce during the quarter, we mitigated the impact by optimizing and innovating our operational and marketing capabilities. For the first quarter, both GMV and total net revenues grew by 18% year-over-year, exceeding our previous expectations. Although some brands temporarily delayed their e-commerce brands as a result of the pandemic, we continued to add many exciting new brands to our portfolio during