LightInTheBox forecasts third-quarter revenue below expectations, shares slump
(Reuters) - Online retailer LightInTheBox Holding Co Ltd (LITB.N) reported a second-quarter profit below analysts' estimates as costs rose, and forecast current-quarter sales below expectations, sending its shares down 30 percent in after market trading.
The company forecast revenue of $68 million to $70 million for the third quarter. Analysts were expecting $75.8 million, according to Thomson Reuters I/B/E/S.
The company reported a net profit of $0.6 million, or breakeven per share, compared with a net loss of $1.4 million, or 6 cents per share, a year earlier.
Excluding items, the company earned 5 cents per share.
Revenue rose 52.6 percent to $72.2 million while operating costs rose 57 percent to $32.2 million.
Analysts had expected earnings of 6 cents per share on revenue of $75.8 million.
Shares of the company closed at $19.27 on the New York Stock Exchange on Monday.
(Reporting By Lehar Maan in Bangalore)