- 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.
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