Lei Jianping on May 13
Dingdong Grocery (NYSE:DDL) today announced its financial results for the first quarter of 2024 ended March 31. According to the financial report, Dingdong's revenue in the first quarter of 2024 will be 5.0240 billion yuan, compared with 4.9975 billion yuan in the same period of 2023;
Dingdong's net profit in the first quarter of 2024 was 12.3 million yuan, compared with a net loss of 52.4 million yuan in the same period in 2023; Non-GAAP, net profit was 41.5 million yuan, a year-on-year increase of 583.2%.
Dingdong's Q1 revenue was 5.024 billion, an increase of 1% year-on-year
Dingdong's total revenue for the first quarter of 2024 was 5,024.0 million yuan (about $695.8 million), an increase of 1% from 4,997.5 million yuan in the same period of 2023.
Among them, Dingdong's product revenue in the first quarter of 2024 will be 4,944.3 million yuan (about 684.8 million US dollars), compared with 4,937.8 million yuan in the same period of 2023, and its service revenue will be 79.8 million yuan (about 11 million US dollars), compared with 59.7 million yuan in the same period in 2023.
Dingdong's Q1 cost of buying vegetables was 5.045 billion, which was the same as the same period last year
Dingdong's total operating costs and expenses for the first quarter of 2024 were RMB5,045.0 million (approximately US$698.7 million), essentially unchanged from RMB5,043.3 million in the same period of 2023.
Among them, the cost of goods sold in the first quarter of 2024 was 3,488.7 million yuan (about 483.2 million US dollars), an increase of 0.8% from 3,462.3 million yuan in the same period of 2023; Compliance expenditure was RMB1,147 million (approximately US$158.9 million), down 3.9% from RMB1,193.8 million in the same period of 2023; sales and marketing expenses were RMB111.0 million (approximately US$15.4 million), an increase of 23.7% from RMB89.8 million in the same period of 2023;
Dingdong's general and administrative expenses for the first quarter of 2024 were RMB105.0 million (approximately US$14.5 million), an increase of 20.9% from RMB86.8 million in the same period of 2023; Product R&D expenditure was RMB193.3 million (approximately US$26.8 million), down 8.2% from RMB210.6 million in the same period of 2023.
Dingdong Grocery Q1 operating loss of 11.1 million operating margin -0.2%
Dingdong Grocery will have an operating loss of 11.1 million yuan in the first quarter of 2024, compared with an operating loss of 50.1 million yuan in the same period in 2023; Non-GAAP operating profit for the first quarter was 18.1 million yuan, an increase of 115.2% from the operating profit of 8.4 million yuan in the same period in 2023.
Dingdong bought vegetables Q1 net profit of 12.3 million
Dingdong's net profit in the first quarter of 2024 was 12.3 million yuan, compared with a net loss of 52.4 million yuan in the same period in 2023. Non-GAAP, Dingdong's net profit in the first quarter of 2024 was 41.5 million yuan, compared with 6.1 million yuan in the same period last year;
Dingdong's net profit margin for the first quarter of 2024 was 0.8%, compared to 0.1% for the same period in 2023.
As of March 31, 2024, Dingdong had cash and cash equivalents, restricted cash and short-term investments of RMB4,510.1 million (approximately US$624.6 million), compared to RMB5,309.7 million as of December 31, 2023.
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