{"id":393998,"date":"2020-12-07T06:03:37","date_gmt":"2020-12-07T11:03:37","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=393998"},"modified":"2020-12-07T06:03:37","modified_gmt":"2020-12-07T11:03:37","slug":"lightinthebox-reports-third-quarter-2020-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/lightinthebox-reports-third-quarter-2020-financial-results\/","title":{"rendered":"LightInTheBox Reports Third Quarter 2020 Financial Results"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n

\n BEIJING<\/span>, Dec. 7, 2020<\/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, 2020<\/span>.<\/p>\n

\n Thir<\/b>
\n d Quarter and First Nine Months 2020 Financial Highlights<\/b>\n <\/p>\n

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

\n
\n Three\u00a0Months\u00a0Ended<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n
\n Nine\u00a0Months\u00a0Ended<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n
\n September\u00a030,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n September\u00a030,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n Year\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n September\u00a030,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n September\u00a030,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n Year\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n In\u00a0millions,\u00a0except\u00a0percentages<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 2019<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n
\n 2019<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

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

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

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

\n

\n 59.9<\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n 100.0<\/span>\n <\/p>\n<\/td>\n

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

\n 67.0<\/span>\n <\/p>\n<\/td>\n

\n

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

\n

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

\n

\n 168.9<\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n 265.4<\/span>\n <\/p>\n<\/td>\n

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

\n 57.1<\/span>\n <\/p>\n<\/td>\n

\n

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

\n

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

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

\n 42.3<\/span>\n <\/p>\n<\/td>\n

\n

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

\n

\n 43.1<\/span>\n <\/p>\n<\/td>\n

\n

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

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

\n 39.9<\/span>\n <\/p>\n<\/td>\n

\n

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

\n

\n 43.9<\/span>\n <\/p>\n<\/td>\n

\n

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

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

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

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

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

\n

\n 10.0<\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n 7.3<\/span>\n <\/p>\n<\/td>\n

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

\n (26.7)<\/span>\n <\/p>\n<\/td>\n

\n

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

\n

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

\n

\n (11.4)<\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n 16.5<\/span>\n <\/p>\n<\/td>\n

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

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

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

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

\n

\n 0.5<\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n 12.7<\/span>\n <\/p>\n<\/td>\n

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

\n 2372.7<\/span>\n <\/p>\n<\/td>\n

\n

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

\n

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

\n

\n (6.5)<\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n 23.3<\/span>\n <\/p>\n<\/td>\n

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

\u00a0<\/p>\n

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

\n
\n As\u00a0of\u00a0December\u00a031,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n As\u00a0of\u00a0September\u00a030,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n In\u00a0millions<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 2019<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

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

\n

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

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

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

\n

\n 48.2<\/span>\n <\/p>\n<\/td>\n

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

Mr. Jian He<\/span>, Chief Executive Officer of LightInTheBox, commented, “During the quarter, we continued to deliver healthy and stable growth operationally and financially. Total revenues were $100.0 million<\/span> in the third quarter, compared with $59.9 million<\/span> in the same quarter of 2019. At the same time, we achieved adjusted EBITDA of $12.7 million<\/span> and $23.3 million<\/span> for the third quarter and the first nine months ended September 30, 2020<\/span>, respectively, in comparison with adjusted EBITDA of $0.5 million<\/span> and a loss of $6.5 million<\/span> in the same periods of last year. These results reflect the growing success of our revamped strategy, which is to focus on optimizing product and category mix, enhancing supply chain management and driving customer engagement. Looking ahead, we will continue to execute our growth strategy, further enhance our partnership with key suppliers and improve customer experience within the regions we operate. We are confident that our sound strategy and solid execution positions us well to consistently achieve growth in profit and create long-term value for our shareholders.”<\/p>\n

\n Third Quarter 2020 Financial Results<\/b>\n <\/p>\n

\n Total revenues <\/b>increased by 67.0% year-over-year to $100.0 million<\/span> from $59.9 million<\/span> in the same quarter of 2019. Revenues generated from product sales were $95.4 million<\/span>, compared with $58.1 million<\/span> in the same quarter of 2019. Revenues from service and others were $4.6 million<\/span>, compared with $1.8 million<\/span> in the same quarter of 2019.<\/p>\n

Total cost of revenues was $56.9 million<\/span> in the third quarter of 2020, compared with $34.6 million<\/span> in the same quarter of 2019. Cost for product sales was $53.9 million<\/span> in the third quarter of 2020, compared with $33.8 million<\/span> in the same quarter of 2019. Cost for service and others was $3.1 million<\/span> in the third quarter of 2020, compared with $0.8 million<\/span> in the same quarter of 2019.<\/p>\n

\n Gross profit <\/b>in the third quarter of 2020 was $43.1 million<\/span>, compared with $25.3 million<\/span> in the same quarter of 2019. Gross margin was 43.1% in the third quarter of 2020, compared with 42.3% in the same quarter of 2019. The increase in gross margin was a result of the Company’s continuous efforts to optimize the supply chain and product mix.<\/p>\n

\n Total operating expenses <\/b>in the third quarter of 2020 were $41.5 million<\/span>, compared with $25.7 million<\/span> in the same quarter of 2019.<\/p>\n