LightInTheBox GAAP net revenues $81 million higher than expectedStaff writer ▼ | April 12, 2016
LightInTheBox Holding announced its unaudited financial results for the fourth quarter and full year ended December 31, 2015.
Online retail GAAP net revenues were $87.5 million
Non-GAAP net revenues were $95.9 million. Non-GAAP net income was $5.5 million, compared with non-GAAP net loss of $0.5 million in the same quarter of 2014. GAAP net loss was $3.5 million, compared with GAAP net loss of $8.8 million during the same quarter last year.
Non-GAAP gross margin was 40.9%, compared with 39.5% in the same quarter of 2014. GAAP gross margin was 35.3%, compared with 35.2% during the same period last year.
Mobile revenue increased to 37.0% of total net revenues, compared with 29.7% in the same quarter of 2014, and 34.6% in the third quarter of 2015.
Alan Guo, chairman and CEO of LightInTheBox, commented, "We made significant progress in further improving our operational efficiency during the quarter, which, as expected, resulted in a substantially improved bottom line. We are also pleased to see our revenue exceed guidance due to strong sales during the Christmas holiday season. As a more recent development, we are very pleased to welcome Zall Development as a strategic partner."
Robin Lu, CFO of LightInTheBox commented, "We again exceeded the high end of our revenue guidance during the quarter. On a GAAP basis, our bottom line improved substantially as our cost cutting measures and improved operational efficiency continued to bear fruit. We believe we will see further improvements of our bottom line during the first quarter of 2016."
Full year 2015 highlights
GAAP net revenues were $323.8 million. Non-GAAP net revenues were $366.2 million. Non-GAAP net income was $7.2 million, compared with non-GAAP net loss of $19.5 million in 2014. GAAP net loss was $39.4 million.
Non-GAAP gross margin was 43.4%, compared with 39.0% in 2014. GAAP gross margin was 36.0%, compared with 38.0% last year. Mobile revenue increased to 33.5% of total net revenues, compared with 26.8% last year. ■