- LightInThe Box Holding LITB reported a first-quarter FY22 sales decline of 16.3% year-on-year to $93.8 million.
- Apparel sales increased 13.7% Y/Y to $67.2 million, representing 71.7% of total revenue.
- The gross margin for the quarter expanded 410 basis points to 50.7%.
- Loss from operations was $(6.4) million compared to an operating income of $1.4 million in the previous year.
- The company held $42.8 million in cash and equivalents as of March 31, 2022.
- Adjusted EBITDA was a $(4.6) million loss versus $2.3 million a year ago.
- Loss per ADS was $(0.05) compared to $0.01 profit last year.
- "Traditionally, the first quarter is slower in the e-commerce industry, but since the beginning of this year, we faced even more unprecedented challenges and macroeconomic uncertainties negatively affecting the supply chain and consumer sentiment," said CEO Jian He.
- Price Action: LITB shares are trading higher by 1.74% at $1.17 on the last check Thursday.
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