LightInTheBox launches new service that lets customers in the United States try on wedding gowns at home

BEIJING, 2018-Feb-03 — /EPR Retail News/ — 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 (Feb. 1, 2018) announced that it has launched a “Cloud Fitting Room” service to allow customers in the United States to try on wedding gowns and bridesmaid dresses at home.

Leveraging the Company’s self-operated fulfillment center in the United States, LightInTheBox will ship up to three wedding gowns or bridesmaid dresses at a time to customers across the United States and allow them to try them on at home and mail back before they make their final purchase of a made-to-order customized dress. Customers will be charged US$10 for this service which will initially cover the Company’s wedding apparel category and is expected to expand to prom dresses and other made-to-order special occasion dress categories in the near future.

Mr. Alan Guo, Chairman and CEO of LightInTheBox, commented, “Based on customer feedback, we developed this service to allow customers to see and try on various dresses before they buy such an important clothing item such as a wedding gown or bridesmaid and prom dresses. We believe our innovative Cloud Fitting Room’ service will greatly improve our user experience by turning everyone’s home into a comfortable fitting room which they can share with their family or friends.”

Forward-Looking Statements

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets” and similar statements. Among other things, statements that are not historical facts, including statements about LightInTheBox’s beliefs and expectations, the business outlook and quotations from management in this announcement, as well as LightInTheBox’s strategic and operational plans, are or contain forward-looking statements. LightInTheBox may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission(the “SEC”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties.  Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: LightInTheBox’s goals and strategies; LightInTheBox’s future business development, results of operations and financial condition; the expected growth of the global online retail market; LightInTheBox’s ability to attract customers and further enhance customer experience and product offerings; LightInTheBox’s ability to strengthen its supply chain efficiency and optimize its logistics network; LightInTheBox’s expectations regarding demand for and market acceptance of its products; competition; fluctuations in general economic and business conditions and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in LightInTheBox’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and LightInTheBox does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About LightInTheBox Holding Co., Ltd.

LightInTheBox is a global online retail company that delivers products directly to consumers around the world. The Company offers customers a convenient way to shop for a wide selection of products at attractive prices through its www.lightinthebox.comwww.miniinthebox.com and other websites and mobile applications, which are available in 23 major languages and cover more than 80% of global Internet users.

For more information, please visit www.lightinthebox.com.

Investor Relations Contact:

Christensen
Ms. Xiaoyan Su
Tel: +86 (10) 5900 3429
Email: ir@lightinthebox.com

Christensen
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

SOURCE: LightInTheBox Holding Co., Ltd.

LightInTheBox introduces Bitcoin as new payment channel

BEIJING, 2018-Jan-15 — /EPR Retail News/ — 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 (Jan. 8, 2018) announced that bitcoin will now be accepted on the LightInTheBox.com and MiniInTheBox.com platforms as of January 5th, 2018. Bitcoin payments will be processed through BitPay.

Mr. Alan Guo, Chairman and CEO of LightInTheBox, commented, “I’m glad to bring Bitcoin as a new payment channel to our customers. We think blockchain could potentially be an important technology for us. We are intrigued to study and adapt this technology in the future.”

Forward-Looking Statements

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets” and similar statements. Among other things, statements that are not historical facts, including statements about LightInTheBox’s beliefs and expectations, the business outlook and quotations from management in this announcement, as well as LightInTheBox’s strategic and operational plans, are or contain forward-looking statements. LightInTheBox may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission(the “SEC”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: LightInTheBox’s goals and strategies; LightInTheBox’s future business development, results of operations and financial condition; the expected growth of the global online retail market; LightInTheBox’s ability to attract customers and further enhance customer experience and product offerings; LightInTheBox’s ability to strengthen its supply chain efficiency and optimize its logistics network; LightInTheBox’s expectations regarding demand for and market acceptance of its products; competition; fluctuations in general economic and business conditions and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in LightInTheBox’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and LightInTheBox does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About LightInTheBox Holding Co., Ltd.

LightInTheBox is a global online retail company that delivers products directly to consumers around the world. The Company offers customers a convenient way to shop for a wide selection of products at attractive prices through its www.lightinthebox.comwww.miniinthebox.com and other websites and mobile applications, which are available in 23 major languages and cover more than 80% of global Internet users.

For more information, please visit www.lightinthebox.com.

Investor Relations Contact:

Christensen
Ms. Xiaoyan Su
Tel: +86 (10) 5900 3429
Email: ir@lightinthebox.com

Christensen
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

SOURCE: LightInTheBox Holding Co., Ltd.

LightInTheBox’s 2017 annual general meeting of shareholders, December 15, 2017, Hong Kong

BEIJING, China, 2017-Nov-23 — /EPR Retail News/ — 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 it will hold its 2017 annual general meeting of shareholders at ICBC Tower, 35/F, 3 Garden Road, Hong Kong on December 15, 2017 at 10:00 a.m., local time.

No proposal will be submitted for shareholder approval at the annual general meeting. Instead, the annual general meeting will serve as an open forum for shareholders to discuss Company affairs with management.

The board of directors of the Company has fixed the close of business on November 21, 2017 as the record date (the “Record Date”) for determining the shareholders entitled to receive notice of the annual general meeting or any adjournment or postponement thereof.

Holders of record of the Company’s ordinary shares at the close of business on the Record Date are entitled to attend the annual general meeting and any adjournment thereof in person.

The Company has filed its annual report on Form 20-F, including its audited financial statements for the financial year ended December 31, 2016, with the U.S. Securities and Exchange Commission (the “SEC”). The Company’s annual report can be accessed on the Company’s website at http://ir.lightinthebox.com, as well as on the SEC’s website at http://www.sec.gov. Shareholders may request a hard copy of the Company’s annual report, free of charge, by contacting the Company at ir@lightinthebox.com.

About LightInTheBox Holding Co., Ltd.
LightInTheBox is a global online retail company that delivers products directly to consumers around the world. The Company offers customers a convenient way to shop for a wide selection of products at attractive prices through its www.lightinthebox.comwww.miniinthebox.com and other websites and mobile applications, which are available in 23 major languages and cover more than 80% of global Internet users.

For more information, please visit www.lightinthebox.com.

Investor Relations Contact

Christensen
Ms. Xiaoyan Su
Tel: +86 (10) 5900 3429
Email: ir@lightinthebox.com

OR

Christensen
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

SOURCE LightInTheBox Holding Co., Ltd.

LightInTheBox “Singles Day” sales increased by 15.6% from 2016

BEIJING, 2017-Nov-14 — /EPR Retail News/ — 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 (Nov. 13, 2017) announced that sales on Chinese “Singles Day”, which took place on November 11, 2017, increased 15.6% when compared to the same day last year. Sales made through the Company’s main platform LightInTheBox.com website and app increased 30% when compared to “Singles Day” 2016. Sales on mobile devices increased 84% including an over 200% increase in sales made through the Company’s mobile app when compared to the same day last year. Emerging markets such as India, Russia and the Gulf Corporation Council (GCC) demonstrated strong growth.

Mr. Alan Guo, Chairman and CEO of LightInTheBox, commented, “We are pleased with the 15.6% sales increase over ‘Singles Day’ 2016 which marks a great start to our holiday sales season.”

Forward-Looking Statements

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets” and similar statements. Among other things, statements that are not historical facts, including statements about LightInTheBox’s beliefs and expectations, the business outlook and quotations from management in this announcement, as well as LightInTheBox’s strategic and operational plans, are or contain forward-looking statements. LightInTheBox may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission(the “SEC”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties.  Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: LightInTheBox’s goals and strategies; LightInTheBox’s future business development, results of operations and financial condition; the expected growth of the global online retail market; LightInTheBox’s ability to attract customers and further enhance customer experience and product offerings; LightInTheBox’s ability to strengthen its supply chain efficiency and optimize its logistics network; LightInTheBox’s expectations regarding demand for and market acceptance of its products; competition; fluctuations in general economic and business conditions and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in LightInTheBox’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and LightInTheBox does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About LightInTheBox Holding Co., Ltd.

LightInTheBox is a global online retail company that delivers products directly to consumers around the world. The Company offers customers a convenient way to shop for a wide selection of products at attractive prices through its www.lightinthebox.comwww.miniinthebox.com and other websites and mobile applications, which are available in 23 major languages and cover more than 80% of global Internet users.

For more information, please visit www.lightinthebox.com.

Investor Relations Contact:

Christensen
Ms. Xiaoyan Su
Tel: +86 (10) 5900 3429
Email: ir@lightinthebox.com

Christensen
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

SOURCE: LightInTheBox Holding Co., Ltd.

LightInTheBox Q2 2017 financial results: Net revenues increased 19.6% year-over-year to $78.5 million

  • Net Revenues Increase 19.6% Year-over-Year
  • Conference Call to be Held at 8:00AM ET on September 18, 2017

BEIJING, 2017-Sep-20 — /EPR Retail News/ — 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 (Sept. 18, 2017) announced its unaudited financial results for the second quarter of 2017.

Financial Highlights

  • Net revenues increased 19.6% year-over-year to $78.5 million, in line with the Company’s guidance.
  • Non-GAAP net income was $0.3 million, compared with non-GAAP net loss of $1.0 million during the same quarter last year.
  • For the third quarter of 2017, the Company expects net revenues to be in the range of $75.0 to $78.0 million, representing an increase of 16.5% to 21.2% year-over-year.

Mr. Alan Guo, Chairman and CEO of LightInTheBox, commented, “We are happy to report a strong jump in second quarter net revenues which increased 19.6% year-over-year and non-GAAP net income of $0.3 million. This is our third consecutive quarter of revenue growth on a year-over-year basis and the highest year-over-year growth rate in the last two years. These strong results are directly attributable to the persistent execution of our strategy to strengthen supply chain management, improve customer satisfaction, leverage big data enabled product merchandising, expand into new markets with more localized products and focus on mobile internet opportunities.”

Second Quarter 2017 Financial Results

Net revenues increased 19.6% year-over-year to $78.5 million from $65.6 million in the same quarter of 2016. Net revenues from product sales were $73.7 million, compared with $59.4 million in the same quarter of 2016. Net revenues from service and others were $4.8 million, compared with $6.2 million in the same quarter of 2016. As a percentage of net revenues, service and others accounted for 6.2% during the second quarter of 2017.

Total orders of product sales were 1.7 million for the second quarter of 2017, compared with 1.4 million in the same quarter of 2016. Total number of product sales customers was 1.4 million for the second quarter of 2017, compared with 1.2 million in the same quarter of 2016.

Product sales in the apparel category were $27.0 million for the second quarter of 2017, compared with $24.1 million in the same quarter of 2016. As a percentage of product sales, apparel revenues accounted for 36.6% for the second quarter of 2017, compared with 40.6% in the same quarter of 2016. Product sales from other general merchandise were $46.7 million for the second quarter of 2017.

Product sales from Europe were $37.4 million for the second quarter of 2017, compared with $32.9 million in the same quarter of 2016, representing 50.7% of total product sales for the second quarter of 2017. Product sales from North America were $19.2 million, compared with $19.0 million in the same quarter of 2016, representing 26.1% of total product sales for the second quarter of 2017, while product sales from other countries were $17.1 million, representing 23.2% of total product sales for the same quarter.

Total cost of revenues was $50.9 million in the second quarter of 2017, compared with $41.2 million in the same period of 2016. Cost for product sales was $46.2 million in the second quarter of 2017, compared with $35.4 million in the same period of 2016. Cost for service and others was $4.7 million in the second quarter of 2017, compared with $5.8 million in the same period of 2016.

Gross profit for the second quarter of 2017 was $27.6 million, compared with $24.4 million in the same period of 2016. Gross margin was 35.2% in the second quarter of 2017, compared with 37.2% in the same quarter of 2016.

Total operating expenses in the second quarter of 2017 were $29.6 million, compared with $26.5 million in the same quarter of 2016.

  • Fulfillment expenses in the second quarter of 2017 were $4.3 million, compared with $4.1 million in the same quarter of 2016. As a percentage of total net revenues, fulfillment expenses were 5.5% for the second quarter of 2017, compared to 6.2% in the same quarter of 2016 and 5.2% in the first quarter of 2017.
  • Selling and marketing expenses in the second quarter of 2017 were $18.1 million, compared with $14.1 million in the same quarter of 2016. As a percentage of total net revenues, selling and marketing expenses were 23.1% for the second quarter of 2017, compared to 21.4% in the same quarter of 2016 and 20.9% in the first quarter of 2017.
  • General and administrative (G&A) expenses in the second quarter of 2017 were $7.2 million, compared with $8.3 million in the same quarter of 2016. As a percentage of total net revenues, G&A expenses were 9.1% for the second quarter of 2017, compared with 12.7% in the same quarter of 2016 and 10.8% in the first quarter of 2017. G&A expenses in the second quarter of 2017 included $2.7 million in technology investments, compared with $3.1 million in the same quarter of 2016.

Loss from operations was $2.0 million in the second quarter of 2017, compared with a loss from operations of $2.0 million in the same quarter of 2016.

Net loss was $1.8 million in the second quarter of 2017, compared with a net loss of $1.9 million in the same quarter of 2016.

Net loss per American Depository Share (“ADS”) was $0.03 in the second quarter of 2017, compared with net loss per ADS of $0.03 in the same quarter of 2016. Each ADS represents two ordinary shares.

Non-GAAP net income was $0.3 million in the second quarter of 2017, compared with non-GAAP net loss of $1.0 million in the same quarter of 2016.

Non-GAAP net income per ADS was $0.00 in the second quarter of 2017, compared with non-GAAP net loss per ADS of $0.01 in the same quarter of 2016.

For the second quarter of 2017, the Company’s weighted average number of ADSs used in computing the loss per ADS was 68,858,814.

As of June 30, 2017, the Company had cash and cash equivalents and restricted cash of $79.9 million, compared with $85.1 million as of March 31, 2017.

Share Repurchase Program Extension

On June 15, 2017, the Company announced the extension of its existing share repurchase program for an additional twelve month period from June 15, 2017 through June 14, 2018 to continue to repurchase up to the remaining balance of the $10 million of its American Depositary Shares (“ADSs”).  As of June 30, 2017, the Company had repurchased a total of $1.4 million of its ADSs.

Business Outlook

For the third quarter of 2017, based on current information available to the Company and business seasonality, the Company expects net revenues to be between $75.0 million and $78.0 million, which represents an increase of 16.5% to 21.2% year-over-year. These forecasts reflect the Company’s current and preliminary views on the market and operational conditions, which are subject to change.

Conference Call

The Company will hold a conference call at 8:00 a.m. Eastern Time on Monday, September 18, 2017 to discuss its financial results and operating performance for the second quarter 2017. To participate in the call, please dial the following numbers:

US Toll Free: 1-866-519-4004
Hong Kong Toll Free: 800-906-601
China: 400-620-8038
International: +65-6713-5090
Passcode: 84256833

A telephone replay will be available two hours after the conclusion of the conference call through September 25, 2017. The dial-in details are:

US: +1-646-254-3697
Hong Kong: +852-3051-2780
International: +61-2-8199-0299
Passcode: 84256833

A live and archived webcast of the conference call will be available on the Investor Relations section of LightInTheBox’s website at http://ir.lightinthebox.com.

About LightInTheBox Holding Co., Ltd.

LightInTheBox is a global online retail company that delivers products directly to consumers around the world. The Company offers customers a convenient way to shop for a wide selection of products at attractive prices through its www.lightinthebox.comwww.miniinthebox.com and other websites and mobile applications, which are available in 23 major languages and cover more than 80% of global Internet users.

For more information, please visit www.lightinthebox.com.

Use of Non-GAAP Financial Measures

LightInTheBox uses non-GAAP net income (loss) and non-GAAP net income (loss) per basic and diluted ADS, each of which is a non-GAAP financial measure. Non-GAAP net income (loss) is net income (loss) excluding the foreign exchange impact on net revenues, share-based compensation. Non-GAAP net income (loss) per basic and diluted ADS is non-GAAP net income (loss) divided by weighted average number of basic and diluted ADS, respectively. The Company continuously monitors the impact of currency exchange rates on net revenues given that it is a global company and has exposure to a variety of currencies. Starting in the fourth quarter of 2014, there was a significant impact on net revenues from changes in foreign currency exchange rates against the U.S. dollar. Due to the nature of its business, the Company believes that excluding the impact of such fluctuations more appropriately reflects the Company’s results of operations, and provides investors with a better understanding of the Company’s business performance. The Company believes that separate analysis and exclusion of foreign exchange impact on net revenues and the non-cash impact of share-based compensation adds clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses these non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of foreign exchange impact on net revenues, non-cash share-based compensation expenses, which have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net loss for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP. The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” at the end of this release.

Forward-Looking Statements

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets” and similar statements. Among other things, statements that are not historical facts, including statements about LightInTheBox’s beliefs and expectations, the business outlook and quotations from management in this announcement, as well as LightInTheBox’s strategic and operational plans, are or contain forward-looking statements. LightInTheBox may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission(the “SEC”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties.  Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: LightInTheBox’s goals and strategies; LightInTheBox’s future business development, results of operations and financial condition; the expected growth of the global online retail market; LightInTheBox’s ability to attract customers and further enhance customer experience and product offerings; LightInTheBox’s ability to strengthen its supply chain efficiency and optimize its logistics network; LightInTheBox’s expectations regarding demand for and market acceptance of its products; competition; fluctuations in general economic and business conditions and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in LightInTheBox’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and LightInTheBox does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact:

Christensen
Ms. Xiaoyan Su
Tel: +86 (10) 5900 3429
Email: ir@lightinthebox.com

Christensen
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

SOURCE: LightInTheBox Holding Co., Ltd.

LightInTheBox announces Gati as its first key local business partner in India

BEIJING, China, 2017-Sep-07 — /EPR Retail News/ — LightInTheBox Holding Co., Ltd. (NYSE: LITB) (“LightInTheBox” or the “Company”), a global online retail company that delivers differentiated products directly to customers around the globe, today announced that it has formed a strategic business partnership with Gati, India’s pioneer in express distribution and supply chain solutions, aimed at providing localized logistics and supply chain solutions for LightInTheBox customers in India in order to further capture India’s rapidly growing e-commerce market with attractive consumer products from China. Gati will become LightInTheBox’s first key local business partner in India.

LightInTheBox will leverage its extensive supply chain network in China to provide high quality products at attractive prices to over 100 million Indian online shoppers using Gati’s pan Indian expertise in logistics and warehousing to simplify the cross-border e-commerce shopping experience for Indian customers. Gati’s customized cross-border logistics solutions between China and India will significantly improve the speed, reliability, and cost of delivery of LightInTheBox parcels to India. Both companies will jointly explore online payment solutions, big data analytics, and general business development initiatives as well as local warehousing and fulfillment solutions in India to further reduce delivery times and improve customer satisfaction. In addition, LanTing ZhiTong, LightInTheBox’s global cross-border open logistics platform, will be integrated within Gati’slogistics and warehousing network providing online Chinese merchants with quick and easy access to the Indian market.

“We are very excited to begin working with Gati, whose strong local resources and knowledge will greatly help expand our presence in the market,” commented Mr. Alan Guo, Chairman and CEO of LightInTheBox. “I believe this strategic partnership demonstrates our localized strategy approach to the Indian market and our commitment to improve the customer experience.”

Mr. Dhruv Agarwal, Chief Strategy Officer of Gati Limited, added, “This is a key partnership for Gati and through our strong network and infrastructure we will help bring a large range of global products to customers across India.”

About LightInTheBox Holding Co., Ltd.
LightInTheBox is a global online retail company that delivers products directly to consumers around the world. The Company offers customers a convenient way to shop for a wide selection of products at attractive prices through its www.lightinthebox.comwww.miniinthebox.com  and other websites and mobile applications, which are available in 23 major languages and cover more than 90% of global Internet users.

About Gati Limited
Gati Limited (www.gati.com) is a pioneer and leader in Express Distribution and Supply Chain Solutions in India and delivers over 6 million packages a month. Gati started in 1989 as a cargo management company and expanded to serving complex business solutions in Air & Surface Distribution, e-Commerce logistics, Warehousing, eFulfilment, Freight Forwarding and Cold Chain. Gati has now grown into an organization with more than 5,000 business partners and a network reach of 672 out of total 676 districts in India. Gati has a 5000 plus strong fleet including refrigerated vehicles and world class warehousing facilities across India. Gati has a strong market presence in the Asia Pacific region and South Asian countries. Gati has offices in India, Singapore, Hong Kong, China, Nepal and Thailand.

Forward-Looking Statements

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets” and similar statements. Among other things, statements that are not historical facts, including statements about LightInTheBox’s beliefs and expectations, the business outlook and quotations from management in this announcement, as well as LightInTheBox’s strategic and operational plans, are or contain forward-looking statements. LightInTheBox may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission(the “SEC”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: LightInTheBox’s goals and strategies; LightInTheBox’sfuture business development, results of operations and financial condition; the expected growth of the global online retail market; LightInTheBox’sability to attract customers and further enhance customer experience and product offerings; LightInTheBox’s ability to strengthen its supply chain efficiency and optimize its logistics network; LightInTheBox’s expectations regarding demand for and market acceptance of its products; competition; fluctuations in general economic and business conditions and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in LightInTheBox’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and LightInTheBox does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

Christensen
Ms. Xiaoyan Su
Tel: +86 (10) 5900 3429
Email: ir@lightinthebox.com

OR

Christensen
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

SOURCE LightInTheBox Holding Co., Ltd.

LightInTheBox 1Q 2017 financial results: Net revenues increased 8.0% year-over-year to $72.7 million

  • Net Revenues Increase 8.0% Year-over-Year
  • Conference Call to be Held at 8:00 AM ET on June 15, 2017

BEIJING, 2017-Jun-19 — /EPR Retail News/ — 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(June 15, 2017) announced its unaudited financial results for the first quarter of 2017.

Financial Highlights

  • Net revenues increased 8.0% year-over-year to $72.7 million for the first quarter of 2017, above the high end of the Company’s guidance of $72.0 million.
  • Total operating expenses were $26.8 million for the first quarter of 2017, compared with $27.0 million during the same quarter last year.
  • For the second quarter of 2017, the Company expects net revenues to be in the range of $76.0 to $79.0 million, representing an increase of 15.8% to 20.3% year-over-year.

Mr. Alan Guo, Chairman and CEO of LightInTheBox, commented, “We are pleased to see that revenue exceeded the high-end of our guidance and grew on a year-over-year basis for the second consecutive quarter. Our success this quarter was a direct result of our persistence and the effectiveness of our strategy to improve our business through strengthened supply chain management, better product quality, and higher customer satisfaction.”

First Quarter 2017 Financial Results

Net revenues increased 8.0% year-over-year to $72.7 million from $67.3 million in the same quarter of 2016. Net revenues from product sales were $64.8 million, compared with $61.9 million in the same quarter of 2016. Net revenues from service and others were $7.9 million, compared with $5.4 million in the same quarter of 2016. As a percentage of net revenues, service and others accounted for 10.9% during the first quarter of 2017.

Total orders of product sales were 1.6 million for the first quarter of 2017, compared with 1.7 million in the same quarter of 2016. Total number of product sales customers was 1.2 million for the first quarter of 2017, compared with 1.4 million in the same quarter of 2016.

Product sales in the apparel category were $21.2 million for the first quarter of 2017, compared with $21.9 million in the same quarter of 2016. As a percentage of product sales, apparel revenues accounted for 32.8% for the first quarter of 2017, compared with 35.4% in the same quarter of 2016. Product sales from other general merchandise were $43.6 million for the first quarter of 2017.

Product sales from Europe were $33.5 million for the first quarter of 2017, compared with $36.5 million in the same quarter of 2016, representing 51.7% of total product sales for the first quarter of 2017. Product sales from North America were $17.4 million, compared with $19.6 million in the same quarter of 2016, representing 26.8% of total product sales for the first quarter of 2017, while product sales from other countries were $13.9 million, representing 21.5% of total product sales for the same quarter.

Total cost of revenues was $48.5 million in the first quarter of 2017, compared with $42.5 million in the same period of 2016. Cost for product sales was $41.0 million in the first quarter of 2017, compared with $37.6 million in the same period of 2016. Cost for service and others was $7.5 million in the first quarter of 2017, compared with $4.9 million in the same period of 2016.

Gross profit for the first quarter of 2017 was $24.2 million, compared with $24.8 million in the same period of 2016. Gross margin was 33.3% in the first quarter of 2017, compared with 36.8% in the same quarter of 2016.

Total operating expenses in the first quarter of 2017 were $26.8 million, compared with $27.0 million in the same quarter of 2016.

  • Fulfillment expenses in the first quarter of 2017 were $3.8 million, compared with $4.5 million in the same quarter of 2016. As a percentage of total net revenues, fulfillment expenses were 5.2% for the first quarter of 2017, compared to 6.7% in the same quarter of 2016 and 4.8% in the fourth quarter of 2016.
  • Selling and marketing expenses in the first quarter of 2017 were $15.2 million, compared with $14.2 million in the same quarter of 2016. As a percentage of total net revenues, selling and marketing expenses were 20.9% for the first quarter of 2017, compared to 21.1% in the same quarter of 2016 and 20.5% in the fourth quarter of 2016.
  • General and administrative (G&A) expenses in the first quarter of 2017 were $7.8 million, compared with $8.3 million in the same quarter of 2016. As a percentage of total net revenues, G&A expenses were 10.8% for the first quarter of 2017, compared with 12.3% in the same quarter of 2016 and 10.6% in the fourth quarter of 2016. G&A expenses in the first quarter of 2017 included $2.5 million in technology investments, compared with $3.5 million in the same quarter of 2016.

Loss from operations was $2.6 million in the first quarter of 2017, compared with a loss from operations of $2.2 million in the same quarter of 2016.

Net loss was $2.4 million in the first quarter of 2017, compared with a net loss of $2.1 million in the same quarter of 2016.

Net loss per American Depository Share (“ADS”) was $0.03 in the first quarter of 2017, compared with net loss per ADS of $0.04 in the same quarter of 2016. Each ADS represents two ordinary shares.

Non-GAAP net loss was $0.8 million in the first quarter of 2017, compared with non-GAAP net income of $0.9 million in the same quarter of 2016.

Non-GAAP net loss per ADS was $0.01 in the first quarter of 2017, compared with non-GAAP net income per ADS of $0.02 in the same quarter of 2016.

For the first quarter of 2017, the Company’s weighted average number of ADSs used in computing the loss per ADS was 68,880,539.

As of March 31, 2017, the Company had cash and cash equivalents and restricted cash of $85.1 million, compared with $91.1 million as of December 31, 2016.

Share Repurchase Program Extension

The Company’s Board of Directors has authorized the extension of its existing share repurchase program for an additional twelve month period. Upon such extension, LightInTheBox is authorized, but not obligated, to continue to repurchase up to the remaining balance of the US$10 million of its American Depositary Shares (“ADSs”) for an additional twelve months, from June 15, 2017 through June 14, 2018. As of March 31, 2017, the Company had repurchased a total of $1.0 million of its ADSs.

Share repurchases may be made by the Company from time to time in open market transactions at prevailing market prices or in privately negotiated transactions and are subject to relevant rules under the Securities Act of 1934, as amended (the “Act”). The Company will also effect repurchase transactions in compliance with Rule 10b5-1 under the Act and the Company’s insider trading policy. The share repurchase program will be funded with the Company’s cash from operations.

Business Outlook

For the second quarter of 2017, based on current information available to the Company and  business seasonality, the Company expects net revenues to be between $76.0 million and $79.0 million, which represents an increase of 15.8% to 20.3% year-over-year. These forecasts reflect the Company’s current and preliminary views on the market and operational conditions, which are subject to change.

Conference Call

The Company will hold a conference call at 8:00 a.m. Eastern Time on Thursday, June 15, 2017 to discuss its financial results and operating performance for the first quarter 2017. To participate in the call, please dial the following numbers:

US Toll Free: 1-866-519-4004
Hong Kong Toll Free: 800-906-601
China: 400-620-8038
International: +65-6713-5090
Passcode: 33730700

A telephone replay will be available two hours after the conclusion of the conference call through June 22, 2017. The dial-in details are:

US: +1-646-254-3697
Hong Kong: +852-3051-2780
International: +61-2-8199-0299
Passcode: 33730700

A live and archived webcast of the conference call will be available on the Investor Relations section of LightInTheBox’s website at http://ir.lightinthebox.com.

About LightInTheBox Holding Co., Ltd.

LightInTheBox is a global online retail company that delivers products directly to consumers around the world. The Company offers customers a convenient way to shop for a wide selection of products at attractive prices through its www.lightinthebox.com, www.miniinthebox.com and other websites and mobile applications, which are available in 23 major languages and cover more than 80% of global Internet users.

For more information, please visit www.lightinthebox.com.

Use of Non-GAAP Financial Measures

LightInTheBox uses non-GAAP net income (loss) and non-GAAP net income (loss) per basic and diluted ADS, each of which is a non-GAAP financial measure. Non-GAAP net income (loss) is net income (loss) excluding the foreign exchange impact on net revenues, share-based compensation and one-time expense. Non-GAAP net income (loss) per basic and diluted ADS is non-GAAP net income (loss) divided by weighted average number of basic and diluted ADS, respectively. The Company continuously monitors the impact of currency exchange rates on net revenues given that it is a global company and has exposure to a variety of currencies. Starting in the fourth quarter of 2014, there was a significant impact on net revenues from changes in foreign currency exchange rates against the U.S. dollar. Due to the nature of its business, the Company believes that excluding the impact of such fluctuations more appropriately reflects the Company’s results of operations, and provides investors with a better understanding of the Company’s business performance. The Company believes that separate analysis and exclusion of foreign exchange impact on net revenues and the non-cash impact of share-based compensation adds clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses these non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of foreign exchange impact on net revenues, non-cash share-based compensation expenses and one-time expense, which have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net loss for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP. The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” at the end of this release.

Forward-Looking Statements

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets” and similar statements. Among other things, statements that are not historical facts, including statements about LightInTheBox’s beliefs and expectations, the business outlook and quotations from management in this announcement, as well as LightInTheBox’s strategic and operational plans, are or contain forward-looking statements. LightInTheBox may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties.  Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: LightInTheBox’s goals and strategies; LightInTheBox’s future business development, results of operations and financial condition; the expected growth of the global online retail market; LightInTheBox’s ability to attract customers and further enhance customer experience and product offerings; LightInTheBox’s ability to strengthen its supply chain efficiency and optimize its logistics network; LightInTheBox’s expectations regarding demand for and market acceptance of its products; competition; fluctuations in general economic and business conditions and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in LightInTheBox’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and LightInTheBox does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

Ms. Xiaoyan Su
Tel: +86 (10) 5900 3429
Email: ir@lightinthebox.com

Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

SOURCE: LightInTheBox Holding Co., Ltd.