Chinese online discount retailer Vipshop on Thursday reported strong fourth-quarter results but projected that revenue in the first quarter of 2020 will fall dramatically due to impact of the ongoing Covid-19 outbreak.

For the three months through December, the New York-listed company booked 29.3 billion yuan ($4.2 billion) in net revenue and 7 billion yuan ($1 billion) in gross profit, up 12.4% and 30% respectively from the same period in 2018.

Vipshop grew its number of active customers by 19% to 38.6 million in the fourth quarter. Quarterly total orders amounted to 174.6 million, up 24% from 2018, while gross merchandise value jumped by 14% to 47.6 billion yuan.

In the last three months of 2019, apparel accounted for more than 70% of Vipshop’s quarterly gross merchandise value, the company said, adding that it discontinued the delivery unit operated by its wholly-owned subsidiary Pinjun to save significant costs in the quarter.

However, for the first quarter of this year, the company expects its net revenue to be between 17.1 billion yuan and 18.1 billion yuan, representing a year-on-year decline of 15% to 20%, primarily thanks to the short-term impact of the novel coronavirus, which has killed thousands of people in China, sickened tens of thousands more, and led to dramatic restrictions on movement and trade.

Vipshop’s share price had risen by 26.98% to $16.66 as of 11 a.m. Friday.

Contact reporter Ding Yi (yiding@caixin.com)

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