Summary by Moomoo AI
LightInTheBox Holding Co., Ltd. reported total revenues of $255.3 million for fiscal year 2024, compared with $629.4 million in 2023. Gross margin improved to 60.1% from 57.2% in the prior year, driven by successful introduction of higher-margin proprietary product lines. Net loss narrowed to $2.5 million from $9.6 million in 2023.The Company is undergoing a strategic transformation from traditional e-commerce retail into brand-focused apparel design with the launch of new brands. The first brand Ador targets women aged 35-55, while a second golf apparel brand focuses on female golfers aged 35 and above. The Company aims to leverage shared infrastructure including design studios, photography capabilities and supply chain resources to efficiently develop and launch new brands.The Company maintained a solid balance sheet with $19.7 million in cash and cash equivalents as of December 31, 2024. Operating expenses as a percentage of revenues were 61.0% compared to 58.8% in 2023. The Company continues to focus on improving operating efficiencies and enhancing its brand matrix strategy to drive long-term sustainable growth.
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