- LightInTheBox Holding Co Ltd LITB, a cross-border e-commerce platform, reported fourth-quarter FY22 sales growth of 38.2% year-on-year to $156.42 million, versus $113.15 million last year.
- Product sales increased 38.3% to $152.8 million, and services and others jumped 34% to $3.6 million.
- The gross margin for the quarter expanded 670 basis points to 53.9%, and the gross profit rose 58% to $84.4 million.
- The operating expense increased 46.6% Y/Y to $89.3 million. The operating loss for the quarter was $(4.9) million against a loss of $(7.5) million last year.
- Impairment loss on investment for Q4 was $56.1 million, made on its equity investment in live stream retailer Shenzhen Maikailai Technologies Co Ltd.
- Adjusted EBITDA for the quarter was $(3.8) million versus $16.2 million last year.
- Loss per American Depositary Share (ADS) was $(0.43) versus an income per ADS of $0.07 last year.
- The company held $94.6 million in cash and equivalents as of Dec. 31, 2022.
- "The impairment charge was made due to the extreme and rapid deterioration of the operations of the investee in the last quarter of 2022, from the adverse change of market conditions," said CEO Jian He.
- "The impairment has no impact on our own business operations, which, as demonstrated by our operating performance, remain healthy and continue to grow."
- Outlook: For Q1, the company sees net revenues of $135 million - $145 million, an increase of 44% - 54% Y/Y.
- Price Action: LITB shares closed higher by 0.85% at $1.20 on Friday.
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