Chinese online retailer JD.com reported a 31% increase in revenues during the fourth quarter of the year to RMB224.3bn (£24.7bn).
The Q4 performance has beaten analyst expectations of RMB 220.3bn (£24bn) as the Covid-19 pandemic drove consumers to its online operations.
The retailer also reported that income from operations for the fourth quarter of 2020 was up to RMB594.9m (£65.4m) from RMB529.5m (£58.4m) during the same period last year.
It also revealed that annual active customer accounts grew to 471.9 million at the end of 2020, compared with 362 million in 2019.
It comes as the company said multiple fashion and luxury brands launched flagship stores on JD.com, including Hermès Group’s luxury shoe brand John Lobb, Italian luxury brand Stefano Ricci, British designer brand Vivienne Westwood, LVMH Group’s fashion brand JW Anderson. Furthermore, Prada and Miu Miu became the first batch of luxury brands to partner with JD.com to implement pioneering omni-channel initiatives.
Richard Liu, chairman and CEO of JD.com, said: “JD saw accelerated revenue and user growth during the fourth quarter driven by our long-term operating philosophy and customer-centric value proposition despite the ongoing market challenges.
“During this quarter, JD continued its strategic transformation into a supply chain-based technology and service company with increasingly diversified sources of revenues. With a strong momentum going into 2021 and with our recently optimised organisational structure, JD will continue to invest in innovative, high potential businesses to drive long-term sustainable growth.”
Sandy Xu, CFO of JD.com, added: “We are pleased to conclude the year on a strong note with another quarter of solid top and bottom-line results as well as excellent cash flow.
“Our operational efficiency continued to improve driven by technology and innovation. We have also made progress in a number of new businesses that we have been incubating, including the successful IPO of JD Health, the submission of JD Logistics’s listing application to the Hong Kong Stock Exchange and the progress of JD Property’s series A financing.”