Benzinga | Mar 30, 2021 09:09AM EDT

Vipshop Initiates $500M Share Buyback Program

* Chinese online discount retailer Vipshop Holdings Ltd's (NYSE: VIPS) board authorized a share buyback program of up to $500 million over a 24-month tenure.

* Active customer growth drove a 22% year-on-year revenue growth to $5.5 billion in the fourth quarter of FY20. Operating income rose 46% to $396.9 million with a margin expansion of 110 basis points to 7.2%, and the EPS increased 30% to $0.57.

* The company held cash and cash equivalents of $2 billion as of Dec. 31, 2020.

* VIPS stock has gained 102% in the last year.

* Price action: VIPS shares traded higher by 6.22% at $30.24 in the premarket session on the last check Tuesday.