- LightInTheBox Holding Co Ltd (NYSE:LITB), a cross-border e-commerce platform, reported first-quarter FY23 sales growth of 57.6% year-over-year to $147.8 million, versus $93.8 million last year.
- Sales from Apparel increased by 77.3% Y/Y to $119.2 million, representing 80.7% of total revenues.
- Loss per American Depositary Share was $(0.03) versus $(0.05) last year.
- The gross margin for the quarter expanded 516 bps to 55.8%, and the gross profit rose 73.6% Y/Y to $82.5 million.
- The operating loss for the quarter reduced to $(3.96) million against a loss of $(6.38) million last year.
- Adjusted EBITDA was negative $(3.1) million, compared with negative $(4.6) million in 1Q23.
- As of March 31, 2023, LITB had cash and equivalents of $73.6 million.
- “Our improved financial performance during the first quarter reflects the appeal of our growing business operations, which we have built on a foundation of robust value-for-money offerings, quality customer cohorts, and innovative technologies. In particular, our AI-powered technologies enable us to target consumers’ evolving demands efficiently and fulfill their needs through our value-for-money products while also enhancing our operational efficiency,” commented Jian He, Chairman and CEO of LightInTheBox.
- 2Q23 Outlook: LightInTheBox expects net revenues to be $180 million-$200 million.
- Price Action: LITB shares are trading higher by 21.680% at $1.74 premarket on Friday.
TechnipFMC (FTI) Gets Technical Services Contract From Neptune
TechnipFMC (NYSE: FTI) was recently awarded a new contract by Neptune Energy to provide technical services for its Norwegian operations. The technical service agreement, which builds on an already existing contract between the two firms, has now been optimized to cater to Neptune's future needs.
