LightInTheBox Holding Co., Ltd. (NYSE:LITB) reported third-quarter FY23 sales growth of 27.5% year-on-year to $154.3 million versus $121 million last year.
Apparel sales increased 27.8% to $127.3 million. Earnings per American Depositary Share (ADS) stood at $0.00.
The gross margin for the quarter expanded 160 basis points to 59.5%. Gross profit in Q3 was $91.9 million, compared with $70 million in the year-ago period.
Total operating expenses in Q3 were $91.8 million, compared with $70.5 million in the same quarter a year ago.
Adjusted EBITDA for the quarter was $0.8 million in Q3, compared with $0.4 million a year ago.
As of September 30, 2023, the company had cash and equivalents of $80.0 million.
“Notably, our bottom line turned positive this quarter, driven by improving operating leverage and prudent cost management. Furthermore, our solid fundamentals and cash position continued to support our efficient business operations and high-quality development,” said Jian He, Chairman and CEO.
Outlook: For Q4, the company sees net revenues of $130 million-$145 million.
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Price Action: LITB shares are trading lower by 0.12% at $1.29 on the last check Tuesday.
