LightInTheBox Holding announced its unaudited financial results for the first quarter of 2018.
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Net revenues decreased 3.6% year-over-year to $70.1 million from $72.7 million in the same quarter of 2017.
LightInTheBox net revenues from product sales were $66.0 million, compared with $64.8 million in the same quarter of 2017.
Net revenues from service and others were $4.1 million, compared with $7.9 million in the same quarter of 2017. As a percentage of net revenues, service and others accounted for 5.8% during the first quarter of 2018.
LightInTheBox total orders of product sales were 1.3 million during the first quarter of 2018, compared with 1.6 million in the same quarter of 2017. Total number of product sales customers was 1.0 million, compared with 1.2 million in the same quarter of 2017.
Product sales in the apparel category were $19.9 million for the first quarter of 2018, compared with $21.2 million in the same quarter of 2017.
As a percentage of product sales, apparel revenues accounted for 30.2%, compared with 32.8% in the same quarter of 2017. Product sales from other general merchandise were $46.1 million for the first quarter of 2018.
Product sales from Europe were $33.9 million for the first quarter of 2018, compared with $33.5 million in the same quarter of 2017, representing 51.4% of total product sales for the first quarter of 2018.
Product sales from North America were $13.8 million, compared with $17.4 million in the same quarter of 2017, representing 20.9% of total product sales for the first quarter of 2018.
Product sales from GCC were $2.6 million for the first quarter of 2018, compared with $0.3 million in the same quarter of 2017, representing 4.0% of total product sales for the first quarter of 2018, while product sales from other countries were $15.7 million, representing 23.7% of total product sales for the same quarter.
Total cost of revenues was $49.6 million in the first quarter of 2018, compared with $48.5 million in the same quarter of 2017.
Cost for product sales was $45.9 million in the first quarter of 2018, compared with $41.0 million in the same quarter of 2017.
Cost for service and others was $3.7 million in the first quarter of 2018, compared with $7.5 million in the same quarter of 2017.
Gross profit for the first quarter of 2018 was $20.5 million, compared with $24.2 million in the same quarter of 2017. Gross margin was 29.2% in the first quarter of 2018, compared with 33.3% in the same quarter of 2017.
Total operating expenses in the first quarter of 2018 were $28.6 million, compared with $26.8 million in the same quarter of 2017. ■
The Kentucky State Board of Agriculture (SBOA) has unanimously approved Dr. Mark Roozen to serve as the new Deputy State Veterinarian at the Kentucky Department of Agriculture (KDA).