LightInTheBox Q1 financial report: Revenue exceeded RMB 100 million for 4 consecutive quarters, and net profit almost doubled

On June 1, Beijing time, cross-border e-commerce company LightInTheBox announced its unaudited first quarter 2021 financial report ending March 31, 2021. The financial report shows that LightInTheBox's revenue and net profit in the first quarter of 2021 both achieved year-on-year growth.

Specific information shows that as of March 31, 2021, Lazada's revenue in the first quarter doubled year-on-year, with Q1 revenue of US$112 million , an increase of 117.5% from US$520,000 in the same period last year, achieving four consecutive quarters of revenue above US$100 million.

Moreover, judging from the disclosed data, Lazada has gradually explored a path for sustainable profit development .

In the first quarter, LightInTheBox's profits increased significantly. Net profit growth was quite impressive, almost doubling from the same period last year to $1.4 million , compared with $740,000 in the same period last year; in the first quarter, adjusted EBITDA also increased by 59.4% year-on-year, achieving a positive profit of $2.3 million; it is worth noting that LightInTheBox's gross profit margin in the first quarter (46.6%) was almost the same as the same period last year (46.4%).

In addition, in order to enhance user experience, Lazada continued to increase its R&D investment in the first quarter of this year. Moreover, compared with the same period last year, the group's cash flow increased significantly, proving that the company's operations are stable and improving, and it can better withstand liquidity risks.

Overall, LightInTheBox had a stable start in the first quarter of this year and is pursuing long-term healthy growth. Based on the current business performance , the group expects net revenue in the second quarter of 2021 to be between US$130 million and US$145 million, a year-on-year increase of 48% to 65% .

He Jian, CEO of LightInTheBox, said: "In the past two years of innovation, we have focused on "efficiency" and "focus", and have made significant progress in all aspects of our business, from revenue to profit. In the first quarter of this year, we continued to double our revenue year-on-year, and our cash flow increased significantly year-on-year, laying a solid foundation for the implementation of the next "development period" strategy. We will continue to increase our R&D investment firmly, use technology to improve user experience, optimize the supply chain and improve efficiency, so as to continuously improve customer satisfaction.

Lazada's development continues to improve. In May this year, in the BrandZ™ Top 50 Chinese Global Brands list just released by Kantar and Google, Lazada was once again selected for the 2021 BrandZ TM Top 50 Chinese Global Brands list, with a brand power of 291 .

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