Retail Posts Loss as Revenue, User Growth Continues Inc. (NASDAQ: JD) reported fourth-quarter and full-year 2015 results before markets opened Tuesday. The Beijing-based online direct retailer reported a net loss 7.6 billion yuan and revenues of 54.6 billion yuan ($8.4 billion). For the full year, revenues totaled 181.3 billion yuan ($28 billion) and the net loss for the year totaled 6.46 billion yuan. The conversion rate used is one U.S. dollar is equal to 6.4778 yuan.

Net loss per American depositary share (ADS) for the fourth quarter of 2015 was 5.57 yuan ($0.86), compared with 0.33 yuan for the fourth quarter of 2014. Non-GAAP net loss per ADS for the fourth quarter of 2015 was 0.48 yuan ($0.07) as compared to non-GAAP net income per ADS of 0.06 yuan in the fourth quarter of 2014. One ADS is equal to two ordinary class A shares.

Net loss per ADS for the full year of 2015 was 6.86 yuan ($1.06), compared with 10.71 yuan for 2014. Non-GAAP net loss per ADS for the full year was 0.62 yuan ($0.10) as compared with non-GAAP net income per ADS of 0.30 yuan in 2014.

Gross merchandise value, the total value of sales transacted on the company’s websites, rose 69% year over year to 145.3 billion yuan ($22.1 billion) and annual active customer accounts increased by 71% to 155 million in the 12-month period to December 31.

Costs of revenues rose 54% to 46.8 billion yuan ($7.2 billion) year over year, primarily due to growth in the direct sales business and increased traffic acquisition costs. Fulfillment expenses, which include procurement, warehousing, delivery and customer service, rose 75% to 4.5 billion yuan ($700 million).

Net revenues for the first quarter of 2016 are expected to be between 53 billion and 55 billion yuan, representing a growth rate between 45% and 50% compared with the first quarter of 2015.

The company announced at the end of the third quarter that it would shut down its consumer-to-consumer website,, in order to “combat the marketing and sale of counterfeit products.” The fourth quarter’s net loss was attributed primarily to an impairment charge for Paipai.’s ADSs closed up about 1.2% on Monday at $25.71 and have traded up nearly 4% in Tuesday’s premarket session to $26.70. The 52-week trading range is $21.55 to $38.00. The consensus price target is $35.36 per ADS, and the high target is $47.21.