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LightInTheBox Holding Co., Ltd. (NYSE: LITB) is a global online retail company that delivers a broad range of products directly to consumers worldwide. Founded in 2007, LightInTheBox has streamlined online shopping through its websites www.lightinthebox.com, www.miniinthebox.com, and others, available in multiple major languages. The company offers items across three main categories: apparel, small accessories and gadgets, and home and garden products.
LightInTheBox's innovative data-driven business model enables it to deliver customized products, such as wedding and evening dresses, at scale. This model optimizes marketing, merchandising, and fulfillment processes, ensuring a seamless shopping experience. The company leverages its global supply chain and logistics networks, along with in-house R&D and design capabilities, to offer a wide selection of aesthetically pleasing apparel, particularly catering to middle-aged and senior customers.
Recent developments include the authorization of a share repurchase program by its board of directors on June 27, 2023. This program allows the company to repurchase up to $10 million of its ordinary shares in the form of American Depositary Shares by December 31, 2023. Financial highlights for the second quarter of 2023 showcased a record revenue of $191.8 million, driven by a 50% increase in apparel sales.
Despite macroeconomic challenges, the company continues to see growth in revenue and profitability, as evidenced by its robust financial performance in the third quarter of 2023, with total revenues increasing by 27.5% year-over-year to $154.3 million. The company remains focused on enhancing operational efficiency and profitability.
LightInTheBox has a presence in over 140 countries and regions, supported by multiple offices in Singapore, California, Shanghai, and Beijing. The company also takes forward-looking statements seriously, aligning its strategic goals with evolving market conditions.
LightInTheBox Holding Co., Ltd. (NYSE: LITB) has officially filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2022, with the U.S. Securities and Exchange Commission (SEC). This filing provides comprehensive details regarding the company’s financial performance and operations. Shareholders can access the report electronically via LightInTheBox's investor relations website or the SEC's site. Additionally, hard copies of the audited financial statements are available upon request. LightInTheBox is recognized as a global online retail company, delivering products directly to consumers across more than 140 countries.
LightInTheBox Holding Co., Ltd. (NYSE: LITB) announced management changes effective March 29, 2023. Zhi Yan and Gang Yu have resigned from their roles as Chairman and Director, respectively, due to personal reasons. Jian He has been appointed as the new Chairman of the Board, with Ge Yan and Wei Yu joining as Directors. Jian He, previously the CEO, has extensive experience in e-commerce and semiconductor industries. Ge Yan holds academic credentials in International Management and Urban Planning, while Wei Yu brings expertise in digital trade and logistics. The company values the contributions of the departing individuals and anticipates growth with the new leadership.
LightInTheBox (NYSE: LITB) reported its fourth quarter and full year 2022 financial results, showing a 38.2% increase in revenues to $156.4 million, compared to Q4 2021. For the full year, revenues rose 12.9% to $503.6 million. Apparel sales surged 59.2% in Q4, accounting for 79.3% of total revenues, while gross margin improved from 47.2% to 53.9%. However, the company faced a net loss of $48.3 million in Q4 due to a $56 million impairment charge on an equity investment. Looking ahead, LITB anticipates Q1 2023 net revenues between $135 million and $145 million, indicating a year-over-year increase of 44% to 54%.
LightInTheBox Holding Co., Ltd. (NYSE: LITB) plans to release its unaudited financial results for Q4 and the full year ending December 31, 2022, before U.S. markets open on March 20, 2023.
A conference call will follow at 8:00 a.m. ET on the same day to discuss the results. Participants can preregister for the call, which will also be available as a telephone replay until March 27, 2023.
LightInTheBox operates a cross-border e-commerce platform, offering a variety of products globally through its websites.
LightInTheBox reported its unaudited financial results for Q3 2022 with total revenues soaring by 22.6% year-over-year to $121.0 million. Apparel sales surged 60.8% to $99.6 million, comprising 82.3% of total revenues. Gross margin improved to 57.9%, reflecting the company's strategic shift toward higher-margin apparel products. The net loss narrowed significantly to $0.4 million from $6.1 million in Q3 2021. For the first nine months of 2022, total revenues increased by 4.3% to $347.2 million, but net loss reached $8.3 million, compared to net income in the previous year.
LightInTheBox Holding Co., Ltd. (NYSE: LITB) will release its unaudited financial results for Q3 2022 on November 25, 2022, before U.S. markets open. A conference call to discuss these results will take place at 8:00 a.m. ET on the same day. Participants must preregister to receive dial-in information. A replay will be available shortly after the call until December 2, 2022. LightInTheBox, a global cross-border e-commerce platform, provides a diverse range of products to consumers in over 140 countries through its multilingual websites.
LightInTheBox Holding Co., Ltd. (NYSE: LITB) will hold its 2022 annual general meeting of shareholders on December 16, 2022, at 10:00 a.m. in Singapore. No proposals will be submitted for shareholder approval, as the meeting will instead provide an open forum for discussions on company affairs. The record date for determining eligible shareholders to attend is set for November 4, 2022. Shareholders can view the company's annual report on Form 20-F on its website or the SEC's site.
LightInTheBox (LITB) reported its unaudited financial results for Q2 2022, showing a 8.3% year-over-year revenue increase to $132.4 million. Apparel sales surged 44.4%, contributing 82.1% of total revenues. However, the company experienced a net loss of $2.4 million, compared to a net income of $9.5 million in Q2 2021. Operating expenses rose to $75.6 million, leading to a loss from operations of $2.5 million. Despite challenges from macroeconomic factors, management highlighted improved operational efficiency and confidence in maintaining growth momentum for the second half of 2022.
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