LightInTheBox sees strong third-quarter growth
Beijing-based e-commerce retailer LightInTheBox achieved US$59.9 million sales in its third quarter to September, up 35 percent year on year.
LightInTheBox said third-quarter net income was US$10 million, in contrast to a loss of US$17.8 million in the same quarter a year ago.
Taking into account the change in fair value of the convertible promissory notes associated with the acquisition of Singapore-based e-commerce platform Ezbuy, net income stood at US$10.3 million.
“Our results this quarter are a strong reflection of the significant progress we have made since we began implementing our strategy to turn the business around last year,” said CEO Jian He.
The company attributed the strong growth to its focus on improving product optimization, driving customer engagement and expanding market scale.
“We remain focused on executing our strategy to generate sustainable long-term growth and are very encouraged by our improvements to date. We will continue to implement our strategies in order to maintain the trend of improvement,” he added.
The third quarter results have made the company’s outlook for the fourth quarter more bullish, expecting net revenue to rise up to US$75 million.
LightInTheBox operates e-commerce sites including Light in the box, Mini in the box and Ezbuy.