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LightInTheBox Holding Co., Ltd. (LITB) a global online retail company that delivers products directly to consumers about the world, reported its unaudited financial results for the third quarter of 2017.

THIRD QUARTER 2017 Financial Results

Net revenues rose 19.8% year-over-year to $77.1 million from $64.4 million in the same quarter of 2016. Net revenues from product sales were $72.4 million, compared with $56.0 million in the same quarter of 2016. Net revenues from service and others were $4.7 million, compared with $8.4 million in the same quarter of 2016. As a percentage of net revenues, service and others accounted for 6.1% during the third quarter of 2017.

Total orders of product sales were 1.7 million for the 3rd quarter of 2017, compared with 1.4 million in the same quarter of 2016. Total number of product sales consumers was 1.3 million for the third quarter of 2017, compared with 1.1 million in the same quarter of 2016.

Product sales in the apparel category were $25.7 million for the 3rd quarter of 2017, compared with $19.1 million in the same quarter of 2016. As a percentage of product sales, apparel revenues accounted for 35.5% for the third quarter of 2017, compared with 34.1% in the same quarter of 2016. Product sales from other general merchandise were $46.7 million for the third quarter of 2017.

Product sales from Europe were $38.4 million for the 3rd quarter of 2017, compared with $28.8 million in the same quarter of 2016, representing 53.0% of total product sales for the third quarter of 2017. Product sales from North America were $17.7 million, compared with $16.5 million in the same quarter of 2016, representing 24.5% of total product sales for the third quarter of 2017, while product sales from other countries were $16.3 million, representing 22.5% of total product sales for the same quarter.

Total cost of revenues was $50.5 million in the 3rd quarter of 2017, compared with $41.8 million in the same period of 2016. Cost for product sales was $46.0 million in the third quarter of 2017, compared with $34.0 million in the same period of 2016. Cost for service and others was $4.5 million in the third quarter of 2017, compared with $7.8 million in the same period of 2016.

Gross profit for the 3rd quarter of 2017 was $26.6 million, compared with $22.5 million in the same period of 2016. Gross margin was 34.5% in the third quarter of 2017, compared with 35.0% in the same quarter of 2016.

Total operating expenses in the 3rd quarter of 2017 were $28.6 million, compared with $25.0 million in the same quarter of 2016.

• Fulfillment expenses in the 3rd quarter of 2017 were $4.2 million, compared with $3.9 millionin the same quarter of 2016. As a percentage of total net revenues, fulfillment expenses were 5.4% for the third quarter of 2017, compared to 6.0% in the same quarter of 2016 and 5.5% in the q2 of 2017.
• Selling and marketing expenses in the 3rd quarter of 2017 were $17.8 million, compared with $13.3 millionin the same quarter of 2016. As a percentage of total net revenues, selling and marketing expenses were 23.1% for the third quarter of 2017, compared to 20.6% in the same quarter of 2016 and 23.1% in the q2 of 2017.
• General and administrative (G&A) expensesin the third quarter of 2017 were $6.6 million, compared with $7.8 million in the same quarter of 2016. As a percentage of total net revenues, G&A expenses were 8.6% for the third quarter of 2017, compared with 12.2% in the same quarter of 2016 and 9.1% in the q2 of 2017. G&A expenses in the third quarter of 2017 included $2.5 million in technology investments, compared with $3.1 million in the same quarter of 2016.

Loss from operations was $2.0 million in the third quarter of 2017, compared with a loss from operations of $2.5 million in the same quarter of 2016.

Net loss was $1.8 million in the third quarter of 2017, compared with a net loss of $2.3 million in the same quarter of 2016.

Net loss per American Depository Share (“ADS”) was $0.03 in the third quarter of 2017, compared with net loss per ADS of $0.03 in the same quarter of 2016. Each ADS represents two ordinary shares.

Non-GAAP net loss was $2.9 million in the third quarter of 2017, compared with non-GAAP net loss of $1.1 million in the same quarter of 2016.

Non-GAAP net loss per ADS was $0.04 in the third quarter of 2017, compared with non-GAAP net loss per ADS of $0.02 in the same quarter of 2016.

For the third quarter of 2017, the Company’s weighted average number of ADSs used in computing the loss per ADS was 68,817,110.