Ahead of the Bell: LightInTheBox sinks premarket
LightInTheBox shares tumble before opening bell after outlook falls short of Wall St. view
NEW YORK (AP) -- Shares of LightInTheBox Holding Co. tumbled before Tuesday's opening bell after the newly public, China-based online retailer's sales outlook for the current quarter fell short of Wall Street expectations.
In premarket trading, LightInTheBox's U.S.-traded shares dropped $7.06, or 37 percent, to $12.21. The company's initial public offering of stock in June priced shares at $9.50 each.
For the quarter ended June 30, LightInTheBox earned $35,000, or break-even per American depositary share. That compared with a loss of $2.1 million, or 12 cents per ADS, in the same quarter the year before. Excluding one-time items and stock-option expenses, the company said late Monday that it earned an adjusted profit of 10 cents per share for the recent quarter — double what analysts expected.
Revenue rose 53 percent to $72.2 million, as the number of customers served by the company more than doubled, to 1.2 million. But analysts polled by FactSet expected faster growth, to $75.8 million.
And the company projected that revenue growth would slow in the third quarter, to 33 to 37 percent — that's $68 million to $70 million. Analysts predict $78.5 million.
LightInTheBox's largest market is Europe. Revenue from that part of the world doubled to $44.1 million and accounted for 61 percent of the company's total for the quarter, up from 45 percent a year ago.
The company said that clothing, small accessories, along with gadgets, electronics and communications devices, were its top contributors to revenue during the recent quarter.
