LightInTheBox Holding Co Ltd LITB reported second-quarter FY23 sales growth of 44.9% year-on-year to $191.77 million versus $132.35 million last year.
Product sales increased 46.1% to $189.7 million, and services and others sales fell 19.3% to $2 million.
The gross margin for the quarter expanded 220 basis points to 57.5%, and the gross profit rose 50.5% to $110.2 million.
The operating expense increased 47.8% Y/Y to $111.8 million. The operating loss for the quarter was $(1.6) million against a loss of $(2.5) million last year.
Adjusted EBITDA for the quarter was $(0.7) million versus $(1.5) million last year.
Loss per American Depositary Share (ADS) was $(0.01) versus $(0.02) last year.
The company held $94.6 million in cash and equivalents as of June 30, 2023.
As of September 12, 2023, the company has repurchased 517,240 ADSs with a total aggregate value of approximately $0.7 million.
"As we move into the third quarter 2023, we are seeing that macroeconomic turbulence, together with normal seasonality in the apparel sector, is impacting on our top-line performance. Nevertheless, we will continue to execute our proven business strategy and refine our operations to navigate the evolving market dynamics as we strive to deliver sustainable value to all of our stakeholders in the long run," said Chairman CEO Jian He.
Outlook: For Q3, the company sees net revenues of $145 million - $160 million versus $121.0 million posted in the third quarter of 2022.
Price Action: LITB shares are trading higher by 5.38% at $1.37 on Friday.
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