LightInTheBox Holding Co., Ltd. (NYSE:LITB) reported a fourth-quarter FY23 sales decline of 13.3% year-on-year to $135.6 million versus sales of $156.42 million last year.
Product sales decreased 14.3% to $130.9 million, and Services and others sales rose to $4.6 million. Sales from apparel decreased by 12.4% to $108.5 million in the fourth quarter of 2023.
The gross margin for the quarter expanded 170 basis points to 55.6%, and the gross profit fell 10.7% to $75.4 million.
The operating expense decreased 10.2% Y/Y to $80.2 million. The operating loss for the quarter remained flat at $(4.9) million.
Adjusted EBITDA for the quarter was $(3.3) million versus $(3.8) million last year. Loss per American Depositary Share (ADS) was $(0.04) versus $(0.43) last year.
The company held $71.7 million in cash and equivalents as of December 31, 2023. As of March 20, 2024, the company has repurchased 2.5 million ADSs with a total aggregate value of approximately $3.0 million.
"Our continuous efforts and investments in our proprietary technologies and data analytics capabilities enabled us to better align our products, services and marketing strategies with consumer preferences and demands," said Chairman CEO Jian He.
Outlook: For the first quarter of 2024, the company sees net revenues of $70 million – $80 million.
Price Action: LITB shares closed higher by 4.94% at $0.7929 on Friday.