LightInTheBox Holding Co Ltd (NYSE: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,” 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.
