February 26, 2014, 12:04 PM

Web sales grow 46.2% for LightInTheBox in 2013

Mobile sales grew five times faster than desktop sales.

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Web-only mass merchant LightInTheBox Holding Co. Ltd. announced a 46.2% increase in web sales for 2013. Most of the China-based retailer’s orders are placed outside of China, with more than half of its sales coming from Europe.

For the year ended December 31, LightInTheBox, No. 28 in the Internet Retailer 2014 China 500 reported:

  • Web sales increased 46.2% to $292.4 million in 2013 from $200 million in 2012.
  • Total number of customers served grew 73.1% year over year.
  • Gross margin increased to 43.5% from 41.8% in 2012.
  • Net loss was $4.8 million in 2013, compared with a net loss of $4.2 million in 2012.
  • Mobile revenue grew more than five times faster than PC business revenue in 2013.

“We are pleased that our total net revenues came in above our guidance, supported by better-than-expected performance from our apparel category and from strong mobile commerce sales,” chairman and CEO Alan Guo says. “We are continuing to build a uniquely positioned, global cross-border, e-commerce platform. As we move into 2014, we will continue to focus on leveraging this platform on behalf of manufacturers and suppliers based in China.”

For the fourth quarter:

  • Web sales increased 21.6% to $78.8 million from $64.8 million in the fourth quarter of 2012.
  • Total number of customers in the fourth quarter of 2013 grew 42.5% over the year-earlier quarter.
  • Net loss was $5.6 million, compared with net income of $1.1 million in the same quarter of 2012.
  • Revenue from repeat customers accounted for 37% of total fourth quarter revenue.

Europe remained LightInTheBox’s largest market in Q4 2013, growing 25.1% over the same period in 2012 to $57.7 million and accounting for 65.3% of the retailer’s total revenue in the quarter. North American sales grew 8.6% year-over-year to $13.1 million and accounted for 16.7% of total fourth quarter revenue. “In the fourth quarter, we reignited growth in our apparel category as we successfully diversified our product offerings in ready-to-wear apparel and increased our marketing efforts to overseas regions,” Guo says.

For the first quarter of 2014, LightInTheBox expects revenue to range from $78 million to $80 million, representing an increase of 6% to 9% from the first quarter of 2013.

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