Dingdong (Cayman) Limited (“Dingdong” or the “Company”), the fresh groceries e-commerce company in China, announced its unaudited financial results for the quarter ended 31st March, 2022.
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Report shows the total number of orders for the first quarter of 2022 increased by 15.6 percent year over year to 80.6 million from 69.8 million in the same quarter the previous year.
Some of the first quarter 2022 highlights include:
- GMV for the first quarter of 2022 increased by 36 percent year on year to CNY 5,851.3 million (USD 923.0 million) from CNY 4,303.5 million (USD 641 million) in the same quarter of 2021.
- Total revenue for the first quarter of 2022 increased by 43.2 perccent year over year to CNY 5,443.7 million (USD 858.7 million) from CNY 3,802.1 million (USD 567 million) in the same quarter of 2021, primarily driven by the robust growth in the Company’s GMV with a higher conversion ratio from GMV to revenue.
“During the first quarter of 2022, we maintained solid growth momentum in revenue, order numbers and average order value, while our net loss margin further narrowed substantially. Our strategy of prioritizing product capabilities as our primary growth driver has proven successful, and we believe that Dingdong is on a solid path to profitability,” said Changlin Liang, Founder and Chief Executive Officer of Dingdong.
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“Since we changed our strategy last August to ‘efficiency first, with due consideration to scale’, our non-GAAP net loss margin in the previous four quarters decreased sequentially from 37.2 percent to 31.9 percent, 18.9 percent and finally 7.8 percent. We expect our net loss margin to further narrow and bring us to profitability in the future,” said Le Yu, Chief Strategy Officer of Dingdong.