LightInTheBox Holding Co., Ltd. (NYSE: LITB) saw its shares drop sharply Thursday morning, on announcing financial results for fiscal 2018’s second quarter.
The Beijing-based company, a global online retail company that delivers products directly to consumers around the world, reported net revenues decreased 29.4% year-over-year to $55.4 million from $78.5 million in the same quarter of 2017. Net revenues from product sales were $52.0 million, compared with $73.7 million in the same quarter of 2017.
Net revenues from service and others were $3.4 million, compared with $4.8 million in the same quarter of 2017. As a percentage of net revenues, service and others accounted for 6.1% during the second quarter of 2018.
Loss from operations was $9.7 million in the second quarter of 2018, compared with a loss from operations of $2.0 million in the same quarter of 2017.
Net loss was $9.5 million in the second quarter of 2018, compared with a net loss of $1.8 million in the same quarter of 2017.
In June 2017, the Company announced the extension of its existing share repurchase program for an additional 12-month period from June 15, 2017 through June 14, 2018 to continue to repurchase up to the remaining balance of the $10 million of its American Depositary Shares ("ADSs"). As of June 30, 2018, the Company had repurchased a total of $7.2 million of its ADSs.
Shares began Thursday down 24 cents, or 24%, to 76 cents
