Vipshop's gross and operating margins both expanded annually during the quarter, indicating that its loss-leading model (which uses flash sales to spur purchases of full-priced products) is sustainable. Its total revenue rose 7% annually as its adjusted net income grew 12% (in RMB terms), and analysts anticipate 3% sales growth and 17% earnings growth (in USD terms) for the full year. That's a high growth rate for a stock that trades at just nine times forward earnings.