LightInTheBox Q2 non-GAAP net revenues $90.8 millionStaff writer ▼ | September 17, 2015
LightInTheBox Holding announced its unaudited financial results for the second quarter ended June 30, 2015. Non-GAAP net revenues were $90.8 million, compared to non-GAAP net revenues of $88.4 million in the second quarter of 2014. GAAP net revenues were $78.4 million.
LightInTheBox Holding Non-GAAP net income was $7.1 million
Non-GAAP gross margin was 46.1% compared to non-GAAP gross margin of 41.7% last quarter and 38.6% during the same period last year. GAAP gross margin was 37.5%, compared to gross margin of 34.0% last quarter.
Total operating expenses were reduced by 30.9% sequentially to $35.4 million Mobile revenue increased to 32.9% of total net revenues, compared with 28.2% in the same quarter of 2014, and 30.4% in the first quarter of 2015.
GAAP Net revenues decreased 12.6% year-over-year to $78.4 million from $89.8 million in the second quarter of 2014. Excluding the $12.4 million unfavorable impact of year-over-year changes in foreign exchange rates, non-GAAP net revenues were $90.8 million during the second quarter of 2015.
Total orders decreased 7.2% year-over-year to 2.0 million during the second quarter of 2015, while the total number of customers who made a purchase decreased 6.0% year-over-year to 1.6 million. Revenues from repeat customers increased to 46.1% of total net revenues, compared with 40.4% in the same quarter of 2014, while mobile revenue increased to 32.9% of total net revenues, compared with 28.2% for the corresponding period of 2014.
Revenues in the apparel category decreased 1.3% year-over-year to $34.9 million for the second quarter of 2015 despite a strong performance in the ready-to-wear apparel business. As a percentage of total net revenues,apparel revenues were 44.6%, compared with 39.5% in the same quarter of 2014. Revenues from other general merchandise decreased by 20.0% year-over-year to $43.5 million during the second quarter of 2015.
Revenues from Europe decreased by 19.5% to $44.6 million, representing 56.8% of total net revenues during the second quarter of 2015. Revenues from North America increased by 18.2% to $23.6 million, representing 30.1% of total net revenues during the quarter, while revenues from other countries decreased by 28.9% to $10.2 million, representing 13.1% of total net revenues this quarter.
Gross profit for the second quarter of 2015 was $29.5 million, down from $35.5 million in the same period of 2014. Gross margin was 37.5% in the second quarter of 2015, compared with 39.5% in the same quarter of 2014. The decrease in gross margin was primarily attributable to a stronger U.S. dollar over the last year and shifts in product mix. Excluding the unfavorable changes in foreign exchange rates, non-GAAP gross margin during the second quarter of 2015 was 46.1%.
Total operating expenses in the second quarter of 2015 were $35.4 million, compared with $41.8 million in the same quarter of 2014.
On December 16, 2013, the Company announced a $20 million share repurchase program. On December 16, 2014, the Company extended its existing share repurchase program for an additional 12-month period through December 15, 2015. As of June 30, 2015, the Company had repurchased a total of $17.7 million of its ADSs.
For the third quarter of 2015, based on estimated changes in foreign exchange rates, the Company expects net revenues to be between $67.0 million and $70.0 million. These forecasts reflect the Company's current and preliminary view on the market and operational conditions, which are subject to change. ■