LightInTheBox (LITB) 2026年第2四半期決算説明会：売上総利益率は66.1%を維持

主要なポイント

• LightInTheBoxがロングテール製品の段階的廃止を意図的に進めたことで、2026年第2四半期の売上高は前年同期比4%減の5,700万ドルとなりました。
• 利益率の高いライフスタイル製品への注力強化に支えられ、粗利率は前年同期の65.9%から66.1%へと安定した水準を維持しました。
• 第2四半期の純利益は前年同期の200万ドルから減少して160万ドルとなり、調整後EBITDAは190万ドルに達しました。
• 営業費用合計は4%減の3,500万ドルとなり、売上高に対する営業費用の比率は63%から62%へと改善しました。
• 上半期の売上高は前年同期比3%増の1億880万ドルとなりました。純利益は約28%増の270万ドルに増加し、調整後EBITDAは330万ドルに達しました。
• 経営陣によると、Ador、Msglamor、Skolの各ブランドで売上高、収益性、リピート購入率が向上しており、同社はブランドマトリックスを拡大するための追加ブランドを準備中です。

主要財務データ

事業および営業業績

LightInTheBoxは、製品ミックスをロングテール商品から差別化された高利益率のライフスタイル製品へ移行し続けました。経営陣は、アパレルブランド、自社製品開発、生産能力へのこれまでの投資により、製品の差別化、品質、市場投入スピードに関する管理能力が高まったと述べました。

同社はまた、より幅広いブランドマトリックスを構築しています。経営陣は、Ador、Msglamor、Skolの各ブランドで売上高、収益性、リピート購入率の向上などの進展が見られたと報告しました。追加ブランドの準備を進めていますが、説明会では投入スケジュールや財務目標は示されませんでした。

経営陣は、AIをLightInTheBoxのコンシューマー・ライフスタイル企業への変革における重要な要素と位置付けました。この戦略は、テクノロジーを活用して消費者の意図をより深く理解し、製品の発見、パーソナライズ、キュレーションを改善することに焦点を当てています。また同社は、自己表現、感情的価値、心に残る体験に商品戦略を集中させる計画です。

リスクと注目点

経営陣は、第2四半期において地政学的混乱がクロスボーダー物流および関連コストに圧力をかけたことを挙げました。また、米ドル安もLightInTheBoxのグローバル事業にとって為替上の逆風となりました。

進行中のロングテール製品の段階的廃止が四半期売上高の重荷となりました。粗利率は安定を維持し、営業費用は減少したものの、第2四半期の純利益は前年同期の200万ドルから160万ドルに減少しました。

投資家質疑応答の主な内容

個人投資家から同社のブランドマトリックスに関する質問がありました。経営陣は、Ador、Msglamor、Skolの業績が売上・利益ともに進展しており、リピート購入率も向上していると回答しました。また同社は、ポートフォリオを強化するために他のブランドの準備も進めています。

決算説明会文字起こし全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Hello, ladies and gentlemen. Thank you for standing by for LightInTheBox's Second Quarter 2026 Earnings Conference Call. [Operator Instructions]

Today's conference call is being recorded. I will now turn the call over to your host, Ms. Serena Huang. Please go ahead, Serena.

Serena Huang

Thank you, operator. Hello, everyone, and welcome to LightInTheBox's Second Quarter 2026 Earnings Conference Call. The company's earnings results were released by Newswire services earlier today and are available on the company's IR website at ir.ador.com.

On the call from LightInTheBox today are Mr. Jian He, CEO; and Ms. Wenyu Liu, CFO. Mr. He will provide an overview ofthe company's Q2 highlights, followed by Mr. Liu, who will go over its financial results. Following our prepared remarks, we will open the call to questions.

Before we proceed, please note that today's discussion may contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from the company's current expectations.

To understand the factors that could cause results to materially differ from those in forward-looking statements, please refer to the company's Form 20-F filed with the SEC -- the company does not assume any obligation to update any forward-looking statements, except as required under applicable law.

Please also note that LightInTheBox's earnings press release and this conference call includes discussions of unaudited GAAP financial measures as well as unaudited non-GAAP financial measures. Please refer to the company's earnings press release, which contains a reconciliation of the unaudited non-GAAP measures to the unaudited GAAP measures.

Now I'd like to turn the call over to LightInTheBox CEO, Mr. He. Please go ahead.

Jian He

Good morning, and good evening, everyone. Thank you for joining LightInTheBox's Second Quarter 2026 Earnings Call. We are pleased to report excellent results for the first half and the second quarter of 2026.

Our first half results provide a clear view of the progress we are making. Revenue increased 3% year-over-year to $108.8 million. Net income grew by approximately 28% to $2.7 million. Adjusted EBITDA also improved to $3.3 million. In the second quarter, revenue declined marginally as we phase out the long tail products despite a challenging external environment, gross margin remained resilient at 66%. Through its disciplined expense management we remain profitable, delivering net income of $1.6 million and adjusted EBITDA of $1.9 million.

Over the past several years, we have steadily reshaped LightInTheBox and laid the foundation for sustainable profitable growth. From 2023 to 2024, we invested in our property apparel brands and strengthened our in-house product development and the production capabilities. These investments gave us greater control over product differentiation, quality and speed to market.

In 2025, we made meaningful progress in evolving the LightInTheBox online platform into a consumer lifestyle company by developing a deeper understanding of consumer preference and sentiment. We delivered a differentiated products. The force engagement and build a stronger emotional connection with consumers.

This year, we are seeing another important shift. AI is rapidly becoming embedded in how people work, communicate, create and make the decisions. We believe it will transform to owning core consumers discover, evaluate and purchase products, but also what the value and seeking the daily list.

As technology becomes more deeply integrated into everyday life, we believe the design for emotional connection, self-expression, individuality, a better quality of life and memorable experiences will become even more important. As a lifestyle company, we are well positioned to address these evolving needs. Our transformation from the AI goes beyond adopting technology tools. It requires a deeper understanding of consumer intent.

Through our AI strategy, we are focused on using technologies to anticipate evolving consumer needs and connect them more effectively with product discovery, personalization and curation. At the same time, we will continue to evolve our product strategy around growing human aspiration for self-expression, emotional value, and memorable experience.

With that, I will now hand the call over to Wenyu to go through our financial results.

Wenyu Liu

Thank you, Mr. He. Good morning and good evening, everyone. Before we go over our financials, please note that unless otherwise stated, all figures are presented in U.S. dollars. In the second quarter, our total revenues were $57 million, a modest 4% decrease year-over-year as we deliberately phased out long-tail products. This quarter was affected by a challenging external environment. Geopolitical disruptions increased pressure on cross-border logistics and related costs, while the weaker U.S. dollar created additional foreign exchange headwinds for our global operations.

Despite these factors, gross margin remained very stable at 66.1% compared with 65.9% a year ago, reflecting our continued efforts on higher-margin lifestyle products. Total operating expenses in the second quarter decreased by 4% year-over-year to $35 million, of which fulfillment expenses decreased by 3% to $4 million.

Selling and marketing expenses decreased by 4% to $27 million, and G&A expenses decreased by 5% to $5 million. Total operating expenses as a percentage of revenue decreased from 63% to 62%. Our net income in the second quarter reached $1.6 million compared to $2 million in the same quarter last year.

This concludes my remarks. We are now open to your questions. Operator, please continue.

Operator

[Operator Instructions] Your question comes from [indiscernible], a private investor.

Unknown Attendee

I have questions relating to 2 topics and 2 topics are insider ownership and your brand matrix strategy, and I'll start with the first topic. I would appreciate if you could provide an update on how many shares are in the public float, and how much do insiders own of the company.

Wenyu Liu

Thank you for your question. Related to insider share percentage, you may refer to our IR website for more details.

Unknown Attendee

My second question was concerning the brand matrix strategy. At an investor conference earlier this year, the company stated that its 3 brands are Ador, Msglamor and Skol. And I was wondering if you could provide any details about any of the brands. And also, you mentioned potentially adding maybe 1 to 2 brands a year if you find the right market? And just would appreciate any thoughts about plans for new brands in this year or the next.

Wenyu Liu

Thank you for your question. For these 3 brands, we do see good progress in terms of top line as well as bottom line, and we do see repeat purchase rates are increasing. So these brands are progressing really good. At the same time, we are preparing other brands as well to enhance the brand matrix.

Operator

Thank you. There are no further phone questions at this time, and that does conclude our conference for today. Thank you for participating. You may now disconnect.