LightInTheBox Holding Co., Ltd. Q1 FY2024 earnings call

• Faced macroeconomic headwinds and increasing competition in Q1 2024, shifted from prioritizing sales growth to focusing on profitability improvement.
• Fostering new brands and initiating strategy adjustments to further differentiate offerings and align with consumer preferences.
• Refining localized operations and marketing campaigns in key markets like the US to optimize marketing ROI, drive user traffic, and cultivate loyal customer base.
• Executing optimized brand strategy, leveraging proprietary technologies to enhance operational efficiency and customer service.
• Share repurchase program: since April 17, 2024, repurchased 3.2 million ADS with a total aggregate value of approximately $3.5 million.

In the first quarter, total revenues decreased by 52% year-over-year to $71 million. Total operating expenses decreased by 47% year-over-year to $45 million. Net loss narrowed to $3.8 million from $4 million in the same quarter of 2023. Adjusted EBITDA was a loss of $3.1 million compared with a loss of $3.1 million in the first quarter of 2023. Fulfillment expenses decreased by 33% year-over-year to $5.7 million. Selling and marketing expenses decreased by 53% year-over-year to $33 million. G&A expenses decreased by 20% year-over-year to $7.3 million. R&D expenses in the first quarter of 2024 were $4.6 million compared with $5.2 million in the same quarter of last year.

• For Q2 2024, based on current info and business seasonality, expect total revenue to be between $60 million and $70 million.

• Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from current expectations. Factors to consider are in the company's Form 20-F filed with the SEC.

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