BZUN: Higher SSS Sales And Additional Clients Drive Positive 2Q20E Performance
BZUN will report 2Q20 results on August 21st before the markets open with a 7am EST conference call. We are positive on BZUN’s 2Q20 performance. The COVID-19 pandemic limited offline activities and pushed brands to put more efforts on their online stores. In 2Q20, BZUN added more brands including both domestic and international brands. Based on our data and model, we believe BZUN’s net revenue in 2Q20E is likely to be better than consensus at RMB2,077.0M.