- LightInTheBox (LITB -39%) extends losses it suffered AH yesterday following its disappointing Q2 results.
- With revenue growth slowing in Q2 to 52.6% Y/Y and guidance for Q3 Y/Y growth of 33%-37%, Barron's wonders how the cross-border retailer can reach the annual revenue growth target of 64% it reportedly ponied during its roadshow.
- Credit Suisse cut the stock to Underperform earlier today. T.H. Capital's Tian Thou raised concerns about the security of LightInTheBox's competitive pricing advantage as COGS of Chinese products rises and the Renminbi appreciates. And Oppenheimer's Andrew Yeung notes, " A majority of products on sale at LITB are white-label or generic products and repeat customer sales account[ed] for less than 25% of total sales in 2012." That metric has expanded to 32.4% in Q2.
- The stock now sits up 23.6% from its IPO price, after being up as much as 146.1% in Aug.
- Shares of other Chinese Internet retailers are taking a sympathy dive: Vipshop (VIPS -5.4%), Dangdang (DANG -5.7%).
LightInTheBox continues descent, analysts raise concerns
Aug 20 2013, 10:18 ET