Seeking Alpha

LightInTheBox -8%; margin worries overshadow top-line strength

  • Due to mix and pricing strategy changes, LightInTheBox's (NYSE:LITB) gross margin fell to 39.5% in Q2 from 41.3% in Q1 and 46% a year ago. That was a major reason EPS was only in-line in spite of a $5M revenue beat.
  • Rising opex also took a toll: Fulfillment spend grew to 6.1% of revenue from 5.2% a year ago due to smaller average order size; sales/marketing spend rose to 27.7% from 27.1%; and G&A spend rose to 12.9% from 12.2%.
  • Apparel revenue +43.5% to $35.4M, while electronics and general merchandise revenue +14.3% to $54.4M. Total orders +52.4% to 2.2M; active customers +44.2% to 1.7M. Mobile accounted for 28.2% of orders, up from 16.8% a year ago.
  • LightInTheBox expects Q3 revenue of $92M-$94M, above an $85M consensus.
  • Q2 results, PR
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