LightInTheBox Reports 2nd Quarter 2023 Financial Results.

SINGAPORE: LightInTheBox Holding Co., Ltd. (NYSE: LITB) ("LightInTheBox" or the "Company"), an apparel e-commerce retailer that ships products to consumers worldwide, today announced its unaudited financial results for the second quarter ended June 30, 2023.

Second Quarter and First Half 2023 Financial Highlights

Three Months Ended

Year-over-

Six Months Ended

Year-over-

In millions,

June 30,

June 30,

Year %

June 30,

June 30,

Year %

except percentages

2022

2023

Change

2022

2023

Change

Total revenues

$

132.4

$

191.8

44.9

%

$

226.1

$

339.5

50.2

%

- Apparel sales

$

108.7

$

163.2

50.1

%

$

175.9

$

282.5

60.5

%

Apparel sales/total

revenues

82.1

%

85.1

%

3.0

%

77.8

%

83.2

%

5.4

%

Gross margin

55.3

%

57.5

%

2.2

%

53.4

%

56.7

%

3.3

%

Net loss

$

(2.4)

$

(1.5)

$

(7.9)

$

(5.4)

Adjusted EBITDA

$

(1.5)

$

(0.7)

$

(6.1)

$

(3.8)

As of June 30,

As of June 30,

In millions

2022

2023

Cash, cash equivalents and restricted cash

$

65.7

$

94.6

Mr. Jian He, Chairman and CEO of LightInTheBox, commented, "We're pleased to deliver a strong operational and financial performance in the second quarter of 2023. Amid a complex macro environment, we achieved the highest quarterly revenue in our history, primarily driven by apparel sales growth of 50% over one year ago. Meanwhile, our efforts to enhance operating efficiency paid off, evidenced by improved profitability with fulfillment and G&A expenses as a percentage of revenue at an all-time low. Furthermore, our cash balance was $95 million as of the end of this quarter, illustrating our robust free cash flow generation ability.

"These solid results once again demonstrate our effective business strategy, as well as our core competitive advantages across our value-for-money offerings, quality customer cohorts, and innovative technologies. 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. Nevertheless, we will continue to execute our proven business strategy and refine our operations to navigate the evolving market dynamics as we strive to deliver sustainable value to all of our stakeholders in the long run," Mr. He concluded.

Second Quarter 2023 Financial Results

Total revenues increased by 44.9% year-over-year to $191.8 million from $132.4 million in the same quarter of 2022. Sales from apparel increased by 50.1% to $163.2 million in the second quarter of 2023, compared with $108.7 million in...