LightInTheBox Holding Co., Ltd. Q2 FY2024 earnings call

• The second quarter was challenging due to intensified competition and high traffic acquisition costs in the global e-commerce market. - Strategic adjustments to prioritize profitability in the first quarter were effective, leading to a net income in the second quarter. - The company remains agile in the evolving competitive environment, focusing on strengthening localized operations in key markets, elevating product quality, and refining differential strategy. - Operational efficiency and profitability enhancement are top priorities, with efforts to upgrade products, services, and customer experience while building brand loyalty.

In the second quarter of 2024, total revenues decreased by 64% year-over-year to $69 million. Gross profit was $43 million, compared to $110 million in the same quarter last year. Gross margin improved to 62.4% from 57.5% in the prior year. Total operating expenses decreased by 62% year-over-year to $43 million. Net income was $0.6 million, compared to a loss of $1.5 million in the same quarter last year. Adjusted EBITDA was $1.2 million, up from a loss of $0.7 million in the second quarter of 2023.

• Continue to execute the enhanced profitability strategy. - Further refine products and customer services.

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