BRIEF: LightInTheBox revenue plunges on shift to focus on profitability
E-commerce company LightInTheBox Holding Co. Ltd. (LITB.US) said on Tuesday its revenue plunged 63% in the third quarter year-on-year to $57 million, reflecting its decision to prioritize profitability over scale. As it made that shift, the company reported its profit for the period rose to $266,000, triple the $89,000 in the year-ago period.
The company’s third-quarter operating expenses fell 63% year-on-year to $34 million, in line with its revenue decline. Meantime, its gross margin rose slightly to 61% from 60% a year earlier as it focused on higher-margin, proprietary products.
CEO He Jian said LightInTheBox is in the process of transforming from an e-commerce retailer into a brand-focused apparel designer with the launch of its new brand, Ador.com. The company’s stock rose 3.1% in Tuesday trade after the results were announced. But the stock is still down 71% this year.
By Doug Young
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