Q2 2024 LightInTheBox Holding Co Ltd Earnings Call Transcript
Key Points
- LightInTheBox Holding Co Ltd (LITB) achieved a net income of $0.6 million for the second quarter of 2024, compared to a loss in the same period last year and the first quarter of this year.
- Gross margins improved to 62.4% this quarter from 57.5% in the same period last year, driven by product upgrades and supply chain advantages.
- Total operating expenses decreased by 62% year-over-year to $43 million, reflecting enhanced operational efficiency.
- Fulfillment expenses decreased by 49% year-over-year to $5 million, contributing to overall cost savings.
- Adjusted EBITDA turned positive with an income of $1.2 million compared to a loss of $0.7 million in the second quarter of 2023, indicating improved profitability.
- Total revenues decreased by 64% year-over-year to $69 million, primarily due to intense competition in the global e-commerce industry.
- Gross profit dropped significantly to $43 million from $110 million in the same quarter of last year, in line with the decrease in sales.
- Selling and marketing expenses decreased by 66% year-over-year to $32 million, indicating potential challenges in maintaining market presence.
- R&D expenses were maintained at a relatively high level, which could strain resources despite being essential for product differentiation.
- The company faces high traffic acquisition costs, which continue to weigh on the top line.
Hello, ladies and gentlemen. Thank you for standing by, for LightInTheBox second quarter 2024 earnings conference call. (Operator Instructions) Today's conference is call is being recorded. I will now turn the call over to your host, Ms. Jenny Cai. Please go ahead, Jenny.
Thank you, operator. Hello, everyone, and welcome to LightInTheBox second quarter 2024 earnings conference call. The company's earnings results were released via Newswire services earlier today and are available on the company's IR website at ir.lightinthebox.com.
On the call from LightInTheBox today are, Mr. Jian He, Chairman and CEO, Ms. Yuanjun Ye, Chief Financial Officer, and Ms. Wenyu Liu, Chief Growth Officer. Mr. He will provide an overview of the company's strategies and recent developments, followed by Ms. Ye, who will go over its financial results. Following our prepared remarks, we'll open the call to questions.
Before we proceed, please note that today's discussion may contain forward-looking
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