LightInTheBox Holding Co., Ltd. announced its unaudited financial results for the third quarter ended September 30, 2024, reporting a net income of $0.266 million. This represents a notable increase from the $0.089 million net income recorded in the third quarter of 2023, signaling a successful shift towards profitability.
Total revenues for the quarter reached $57.0 million, a decrease from $154.3 million in the prior year's third quarter. Despite the revenue fluctuation, the company's gross profit stood at $34.836 million, and Adjusted EBITDA improved to $0.828 million from $0.801 million year-over-year.
CEO Jian He stated that the company made a strategic decision not to chase market share at any cost, instead focusing on protecting margins and enhancing profitability. This approach has enabled the company to achieve profitability amidst a competitive landscape, with the launch of Ador.com as a design-driven proprietary apparel brand central to this transformation.
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