Secoo Holding Limited (NASDAQ:SECO) Q1 2020 Earnings Conference Call - Final Transcript
Jul 16, 2020 • 08:00 am ET
Hello, ladies and gentlemen. Thank you for standing by for Secoo Holding Limited's First Quarter 2020 Earnings Conference Call. [Operator Instructions] Today's conference call is being recorded.I will now turn the call over to your host, Ms. Jingbo Ma, Board Secretary of the Company. Please go ahead, Jingbo.
Hello, everyone, and welcome to the First Quarter 2020 Earnings Conference Call of Secoo Holding Limited. The Company's results were issued via Newswire services earlier today and have been posted online. You can download the earnings press release and sign up to the Company's e-mail alerts by visiting the IR section of our website at ir.secoo.com.
Mr. Richard Li, our Founder, Chairman and the Chief Executive Officer; and Mr. Shaojun Chen, our Chief Financial Officer, will start the call with their prepared remarks, followed by a question-and-answer session.
Before we continue, please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the Company's results may be materially different from the views expressed today.
Further information regarding this and other risks and uncertainties is included in the Company's registration statement on Form F-1 and Form 20-F as filed with the US Securities and Exchange Commission. The Company does not assume any obligation to update any forward-looking statements, except as required under applicable law.
Please also note that Secoo's earnings press release and this conference call includes discussions of unaudited GAAP financial information as well as unaudited non-GAAP financial measures. Secoo's earnings press release contains a reconciliation of the unaudited non-GAAP measures to the audited most directly comparable GAAP measures.
I will now turn the call over to our Chairman and CEO, Mr. Richard Li. Please go ahead.
Richard Rixue Li
Hello, everyone, and thank you for joining us today. In the first quarter of 2020, despite the coronavirus outbreak, which shocked the economy and posed certain impacts on the Company's operations, we achieved solid performance with a GMV of RMB2.476 billion, an increase of 12.2% year-over-year. We are also pleased that number of active customers increased by 11.5% year-over-year. Notwithstanding the challenges presented by the pandemic, it is fairly encouraging to see new opportunities blooming in the new normal after the coronavirus. To illustrate, the travel restrictions imposed during the pandemic have sharply reduced the chances of shopping abroad for Chinese.
Meanwhile, the consumer buying behavior have also been profoundly impacted due to the pandemic, as evidenced by the fact that people still refrain from going out and staying with crowds postpandemic. And that online shopping habit have been further reinforced. All these have contributed to a robust increase in the online penetration of high-end goods and services allowing us to gain ever broader recognition as to the go-to luxury e-commerce platform in China. Drawing on our well placed strategies, strong execution abilities and the technology-driven innovation capabilities, we will give full play to our strengths as an e-commerce platform in