Good CC to explain bad numbers. Buy the dip for sure...for a Bounce!!
LightInTheBox Holding Co., Ltd. (NYSE:LITB) ("LightInTheBox" or the "Company"), a global online retail company that delivers products directly to consumers around the world, today announced its unaudited financial results for the third quarter of 2013, ended September 30, 2013.
Third Quarter 2013 Highlights
-- Net revenues were $68.1 million, an increase of 33.4% from $51.1 million
in the same quarter of 2012, primarily driven by an increase of 74.7% in
total number of customers served in the third quarter of 2013.
-- Gross margin increased by 160 basis points to 43.9% from 42.3% in the
same quarter of 2012.
-- Adjusted operating loss (non-GAAP) (1) was $2.5 million, compared to an
adjusted operating income of $0.4 million in the same quarter of 2012.
-- Net loss was $2.4 million, compared to a net loss of $1.0 million in the
same quarter of 2012.
-- Adjusted net loss (non-GAAP) (2) was $1.9 million, compared to an
adjusted net loss of $0.2 million in the same quarter of 2012.
-- Revenue attributed to repeat customers increased 92.0% to $23.8 million
from the same quarter of 2012.
Mr. Alan Guo, Chairman and CEO of LightInTheBox, commented, "Our net revenues in the third quarter, which is a seasonally weaker quarter, grew by 33.4% compared to our prior year period, meeting our revenue forecast range. Geographically, Europe and South America contributed most significantly to our year-over-year growth, increasing by 92.2% and 105.0%, respectively. Excluding the revenue contribution from our apparel category, third quarter revenue from our other categories increased 59.6% from the prior year period. In terms of revenue growth in our product categories, our largest contributors in percentage terms came from our small accessories and gadgets and home and garden product categories."
"Responding to both customer needs and the competitive environment, our apparel category, which remains our second largest product category, is undergoing adjustments. We are implementing improvements within customized wedding and special occasion apparel in the areas of management, merchandising, supply chain, and customer service. We are enhancing our product offerings in the apparel segment by placing greater emphasis on other product lines beyond wedding and special occasion wear, such as fast fashion apparel, which are resulting in increased purchase levels among our customers for such products. We believe this expanded apparel offering will provide us with increased ability to accelerate sales of both new and repeat customers."
"Our total number of customers increased by 74.7% to 1.3 million and our total number of orders increased by 80.0% to 1.6 million in the third quarter compared to the prior year period, demonstrating the growing consumer attraction of our online retail platform. We added 8 new languages to our website in the third quarter. Recently, we made good progress in revenues from mobile ecommerce and recently we launched an updated version of our LightInTheBox app, as well as our first MiniInTheBox app for the iPhone platform to further improve our mobile customer experience. We are excited by our opportunities ahead as we continue to build a strong growth platform that we believe will result in improved operating performance and profitability in the coming quarters."
^$ for a Bounce!!!
