2023-09-15 10:27:38 ET
LightInTheBox ( NYSE: LITB ) shares rose nearly 7% in morning trade on Friday after the apparel e-commerce retailer posted nearly 45% jump in second-quarter revenue, driven by higher sales for clothing.
The Singapore-based company reported revenue of $191.8 million during the quarter, with revenues from apparel representing 85.1% of total revenues in the second quarter.
LightInTheBox also forecast net sales between $145 million and $160 million for the third quarter.
However, the company warned that it is expecting growth to moderate in the third quarter given external factors.
“As we move into the third quarter 2023, we are seeing that macroeconomic turbulence, together with normal seasonality in the apparel sector, is impacting on our top-line performance,” said chief executive officer Jian He.
Net loss during the reported quarter ending June 30, stood at $1.5 million, compared to $2.4 million, a year ago.
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LightInTheBox rises on posting higher sales