{"id":13857,"date":"2022-11-25T11:00:00","date_gmt":"2022-11-25T11:00:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/3946928_CN46928_0"},"modified":"2022-11-25T11:00:00","modified_gmt":"2022-11-25T11:00:00","slug":"lightinthebox-reports-third-quarter-2022-financial-results","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=13857","title":{"rendered":"LightInTheBox Reports Third Quarter 2022 Financial Results"},"content":{"rendered":"
\n

SINGAPORE<\/span><\/span>, Nov. 25, 2022<\/span><\/span> \/PRNewswire\/ — LightInTheBox Holding Co., Ltd. (NYSE: LITB) (“LightInTheBox” or the “Company”), a cross-border e-commerce platform that delivers products directly to consumers around the world, today announced its unaudited financial results for the third quarter ended September 30, 2022<\/span>.<\/p>\n

Third Quarter and First Nine Months 2022 Financial Highlights<\/b><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n\n

Three Months Ended<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

Year-
over-<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

Nine Months Ended<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

Year-
over-<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n\n

September
30,<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

September
30,<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

Year %<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

September
30,<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

September
30,<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

Year %<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

In millions, except
percentages<\/span><\/p>\n<\/td>\n

<\/td>\n\n

2021<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2022<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

Change<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2021<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2022<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

Change<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Total revenues<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

98.7<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

121.0<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

22.6<\/span><\/p>\n<\/td>\n

\n

%<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

333.0<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

347.2<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

4.3<\/span><\/p>\n<\/td>\n

\n

%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

– Apparel sales<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

61.9<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

99.6<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

60.8<\/span><\/p>\n<\/td>\n

\n

%<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

196.3<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

275.6<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

40.4<\/span><\/p>\n<\/td>\n

\n

%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Apparel sales\/total revenues<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

62.7<\/span><\/p>\n<\/td>\n

\n

%<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

82.3<\/span><\/p>\n<\/td>\n

\n

%<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n\n

59.0<\/span><\/p>\n<\/td>\n

\n

%<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

79.4<\/span><\/p>\n<\/td>\n

\n

%<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Gross margin<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

44.5<\/span><\/p>\n<\/td>\n

\n

%<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

57.9<\/span><\/p>\n<\/td>\n

\n

%<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n\n

46.0<\/span><\/p>\n<\/td>\n

\n

%<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

54.9<\/span><\/p>\n<\/td>\n

\n

%<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Net (loss) \/ income<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

(6.1)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

(0.4)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

4.7<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

(8.3)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Adjusted EBITDA<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

(5.1)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

0.4<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

11.7<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

(5.7)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n
\n\n\n\n\n\n
<\/td>\n<\/td>\n\n

As of
September 30,<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

As of 
September 30,<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

In millions<\/span><\/p>\n<\/td>\n

<\/td>\n\n

2021<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2022<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Cash, cash equivalents and restricted cash<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

50.2<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

57.0<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

Mr. Jian He, Chief Executive Officer of LightInTheBox, commented, “We delivered solid financial performance in the third quarter of 2022 despite macro headwinds including rampant inflation, foreign exchange volatility, high energy prices and consumption contraction in many of our markets. Revenue growth accelerated with a 23% year-over-year increase, adjusted EBITDA was $0.4 million<\/span>, and net loss narrowed further to $0.4 million<\/span>. This is again a testament to our proven strategy, strong execution capabilities and differentiated competitiveness, making us stand out in a tough market. This improved performance is primarily the result of our ongoing product shift to mainly apparels. Going forward, we will embark on a campaign to re-position our brand among our valued customers in line with this our product strategy. We will continue to consolidate our strengths in supply chain management, optimize operational efficiency and customer experience to navigate through uncertainties and deliver long-term growth.”<\/p>\n

Third Quarter 2022 Financial Results<\/b><\/p>\n

Total revenues <\/b>increased by 22.6% year-over-year to $121.0 million<\/span> from $98.7 million<\/span> in the same quarter of 2021. Sales from apparel increased by 60.8% to $99.6 million<\/span> in the third quarter of 2022, compared with $61.9 million<\/span> in the same quarter of 2021. Revenues from apparel represented 82.3% of total revenues in the third quarter of 2022, and 62.7% in the same quarter of 2021.<\/p>\n

Total cost of revenues was $51.0 million<\/span> in the third quarter of 2022, compared with $54.8 million<\/span> in the same quarter of 2021.<\/p>\n

Gross profit <\/b>in the third quarter of 2022 was $70.0 million<\/span>, compared with $43.9 million<\/span> in the same quarter of 2021. Gross margin was 57.9% in the third quarter of 2022, compared with 44.5% in the same quarter of 2021. The increase in gross margin was a result of the Company’s continuous efforts to optimize its product mix to apparel sales.<\/p>\n

Total operating expenses <\/b>in the third quarter of 2022 were $70.5 million<\/span>, compared with $50.5 million<\/span> in the same quarter of 2021.<\/p>\n