LightInTheBox Reports Improved Results for Q2
The online retailer said it shifted focus to fashion, food and home products to boost sales.
LightInTheBox Holding Co. Ltd. (NYSE: LITB) reported improved performance for the second quarter, sending its stock 1 cent higher intraday Monday, to $1.40 per share.
The Beijing-based online retail company, which sells clothing, electronics, and accessories, operates through a mobile platform available in 25 major languages and covers more than 140 countries.
LITB said its revenue reached $58.1 million in the second quarter, up 5 percent year-over-year. Net loss narrowed to $7.3 million, or 11 cents per American depositary share, compared with $9.5 million, or 14 cents per ADS, a year ago.
LITB attributed its revenue growth in the second quarter to its revenues from product sales, which reached $57.1 million, compared with $52 million in the corresponding period a year ago.
Jian He, the chief executive officer of LITB, said in a statement on Monday, "For the past few quarters, we have been emphasizing that – we're right now focusing on higher-margin categories like fashion, food and bev, home and garden. If you look at our gross margin, it's actually a very positive growth as compared to 2017 and 2018."
As a result of this shift of focus, LITB's gross margin expanded 42 percent in the second quarter year-over-year, the company said in its statement.
LITB said it processed 1.3 million orders in the second quarter, compared with 900,000 in the corresponding period in 2018. The number of its customers was 900,000 compared with 700,000 a year ago, according to the report.
Last month, LITB announced that Hanhua Wang would serve as the company's new independent director, replacing Kai-Fu Lee, who resigned due to personal reasons.