LightInTheBox: Growth Slowing, But Margins Improving
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PR Newswire (Jun 17, 2014)
PR Newswire (Jun 11, 2014)
PR Newswire (Jun 4, 2014)
PR Newswire (May 23, 2014)
at CNBC.com (Mar 24, 2014)
at CNBC.com (Mar 14, 2014)
at CNBC.com (Dec 11, 2013)
at CNBC.com (Nov 5, 2013)
at CNBC.com (Sep 12, 2013)
at MarketWatch.com (Aug 19, 2013)
at MarketWatch.com (Jun 6, 2013)
Yesterday, 5:30 PM
Fri, Jun. 27, 9:39 AM| Comment!
Wed, May. 21, 1:29 PM
- LightInTheBox (LITB +2.6%) expects Q2 revenue of $84M-$86M, above an $83.1M consensus.
- EPS was once more pressured (previous) by a declining gross margin: Q1 GM fell 410 bps Y/Y to 41.3%, something LITB blames on apparel product mix changes and "pricing adjustments in the company's wedding business."
- Also: Opex rose 40.7% Y/Y to $42.3M, easily outpacing rev. growth of 11.2%. Sales/marketing spend +41.4% to $25.9M, G&A +42.5% to $11.4M, fulfillment +33.1% to $5M.
- European sales (66.4% of total) +14.2% Y/Y, North America (20.1% of total) +13%, South America (6.3% of total) flat.
- Q1 results, PR
Wed, May. 21, 6:11 AM| Comment!
Tue, May. 20, 5:30 PM
Wed, Feb. 26, 2:29 PM
- Though it beat Q4 revenue estimates (while missing on EPS), LightInTheBox (LITB -13.1%) is guiding for Q1 revenue of $78M-$80M, below an $84.7M consensus. The company expects Y/Y growth to pick up starting in Q2.
- Q4 EPS was pressured by a 320 bps Y/Y drop in gross margin to 39.1%, a 59% increase in sales/marketing spend to $24.7M, and a 48.2% increase in fulfillment spend to $4.7M. For reference, revenue growth was 21.6%.
- The margin pressure is blamed on apparel mix, the sales/marketing spend on a drop in average order size (again due to mix), and the fulfillment spend on Chinese facility expansion.
- Total orders +61.5% to 2M (nearly 3x revenue growth), total customers +42.5% to 1.6M. Electronics/general merchandise sales +25.1% to $57.7M, apparel sales +12.9% to $21.1M.
- European sales +27.7% to $51.4M, North America +8.6% to $13.1M, South America +25.3% to $6.3M.
- Q4 results, PR, CC transcript
Wed, Feb. 26, 6:06 AM| Comment!
Wed, Feb. 26, 12:05 AM
Tue, Feb. 25, 5:30 PM
Nov. 19, 2013, 10:03 AM
- In addition to missing Q3 estimates, LightInTheBox (LITB -19.8%) is guiding for Q4 revenue of $75M-$77M, below an $83.1M consensus. The Chinese e-commerce firm says sales in its apparel category (the company's second-largest) are "undergoing adjustments," and that it's enhancing its offerings in this space by "placing greater emphasis on other product lines beyond wedding and special occasion wear."
- Gross margin was 43.9%, up 160 bps Y/Y but down 210 bps Q/Q. Total customers amounted to 1.3M (+75% Y/Y), up from 1.2M in Q2, and total orders rose 80% Y/Y to 1.6M.
- Heavy spending also pressured EPS: Sales/marketing spend rose 53.8% to $21.6M, and fulfillment spend rose 52% Y/Y to $3.8M. Both growth rates outpaced rev. growth of 33.4%.
- Europe accounted for 58.8% of revenue, down from 61% in Q2 but up from 40.8% in the year-ago period.
- Peer Vipshop (VIPS -5.1%), which jumped last week after providing a Q3 beat and strong Q4 guidance, is also off. HSBC started coverage at Overweight this morning.
- Q3 results, PR
Nov. 19, 2013, 6:54 AM| Comment!
Nov. 19, 2013, 12:05 AM
Nov. 18, 2013, 5:30 PM
Nov. 14, 2013, 9:25 AM
- Though Dangdang's (DANG) Q3 revenue was slightly below the guidance range it provided in its Q3 warning, the Chinese e-commerce firm posted Q3 EPS of -$0.06, beating a -$0.09 consensus. A key reason: Dangdang had a gross margin of 17.6%, up 50 bps Q/Q and 240 bps Y/Y.
- As noted in the warning, Dangdang has been trying to cut its dependence on lower-margin goods (even if doing so hurts near-term sales), and is transitioning from being an online bookseller to a provider of a wide variety of products aimed at "mid- to high-end customers."
- Also boosting EPS: fulfillment spend fell to 11.7% of revenue from 12% in Q2 and 14.4% a year ago, and tech/content spend fell to 2.9% of revenue from 3.1% in Q2 and 3.2% a year ago. Marketing spend was 3.8% of revenue, down from 5.1% in Q2 and up from 3.6% a year ago.
- The company had 8.4M active customers in Q3, up from 7.6M in Q2 and up 21% Y/Y; Q2 growth was 28%. Total orders rose to 15.7M from Q2's 15M, and were up 13% Y/Y. That's a notable slowdown from Q2's 25% growth.
- Dangdang is guiding for Q4 revenue of RMB1.938B ($318.3M), below a $321.4M consensus.
- Peer LightInTheBox (LITB) is up 5% premarket. The company reports on the morning of Nov. 19.
- Q3 results, PR
Nov. 13, 2013, 3:49 PM
- Six days after dropping in the face of Twitter's strong debut, high-flying Internet names are rallying in the wake of Chinese microblogging leader Sina's Q3 beat and strong Q4 guidance.
- The day has also seen a dismal IPO from online textbook rental leader Chegg, a WSJ report of a rejected $3B+ Facebook offer for Snapchat, and a vague afternoon rumor about M&A interest in Trulia from Realogy.
- U.S. standouts: ZNGA +7.4%. LNKD +4.8%. P +3.3%. ANGI +2.6%. GSVC +4.1% (owns a Chegg stake).
- Chinese standouts: QIHU +8.9%. SFUN +7.5%. LITB +6.4%. YY +6.9%. CYOU +6.3%. QUNR +5.7%. CTRP +3.7%.
- Baidu (BIDU +1.4%) is up moderately following news Chinese online video rivals Sohu (SOHU +1.7%) and Youku (YOKU +3%) have joined the MPAA and various entertainment/media companies in suing it for piracy. The assorted parties accuse Baidu of enabling piracy through its video search engine, as well as through video player apps and a TV dongle.
- The suit comes as Baidu ramps its content spending for its iQiyi and PPS video sites.
Aug. 19, 2013, 4:06 PM| Comment!
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LightInTheBox Holding Co Ltd is a global online retail company that delivers products directly to consumers around the world. It engages in selling small accessories and gadgets, apparels and home and garden products.