라이트인데박스(LITB) 2026년 2분기 실적 발표 컨퍼런스 콜: 매출총이익률 66.1% 유지

핵심 요약

• 라이트인더박스(LightInTheBox)가 롱테일 제품을 의도적으로 축소함에 따라 2026년 2분기 매출은 전년 동기 대비 4% 감소한 5,700만 달러를 기록했습니다.
• 마진율이 높은 라이프스타일 제품에 더욱 집중함에 따라 매출총이익률은 전년 동기 65.9%에서 66.1%로 안정적인 수준을 유지했습니다.
• 2분기 순이익은 전년 동기 200만 달러에서 감소한 160만 달러를 기록했습니다. 조정 EBITDA는 190만 달러에 달했습니다.
• 총 영업비용은 3,500만 달러로 4% 감소했으며, 매출액 대비 영업비용 비중은 63%에서 62%로 개선되었습니다.
• 상반기 매출은 전년 동기 대비 3% 증가한 1억 880만 달러를 기록했습니다. 순이익은 약 28% 증가한 270만 달러, 조정 EBITDA는 330만 달러를 기록했습니다.
• 경영진은 아도르(Ador), 미스글래머(Msglamor), 스콜(Skol) 브랜드가 매출, 수익성, 재구매율 측면에서 성과를 내고 있으며, 브랜드 매트릭스를 확장하기 위해 추가 브랜드를 준비 중이라고 밝혔습니다.

주요 재무 데이터

사업 및 영업 실적

라이트인더박스는 롱테일 상품 중심에서 차별화된 고마진 라이프스타일 제품 중심으로 제품 포트폴리오를 지속해서 전환했습니다. 경영진은 의류 브랜드, 자체 제품 개발 및 생산 역량에 대한 선제적 투자를 통해 제품 차별화, 품질, 시장 출시 속도에 대한 통제력을 높였다고 설명했습니다.

또한 회사는 보다 광범위한 브랜드 매트릭스를 구축하고 있습니다. 경영진은 아도르(Ador), 미스글래머(Msglamor), 스콜(Skol) 브랜드 전반에서 매출, 수익성, 재구매율이 개선되는 등 진전이 있었다고 보고했습니다. 이번 실적 발표회에서 구체적인 출시 일정이나 재무 목표가 공개되지는 않았으나, 추가 브랜드 출식을 준비하고 있습니다.

경영진은 AI를 소비재 라이프스타일 기업으로 거듭나기 위한 라이트인더박스 혁신의 핵심 축으로 설명했습니다. 이 전략은 기술을 활용해 소비자의 구매 의도를 보다 정확히 이해하고 제품 검색, 개인화, 큐레이션을 개선하는 데 중점을 둡니다. 회사는 또한 자사 제품 전략을 자기 표현, 감성적 가치, 기억에 남는 경험에 집중할 계획입니다.

리스크 및 관전 포인트

경영진은 지정학적 불확실성이 2분기 국가 간(크로스보더) 물류 및 관련 비용 부담 요인으로 작용했다고 밝혔습니다. 미 달러화 약세 역시 라이트인더박스의 글로벌 영업 환경에 환율 관련 악재를 형성했습니다.

지속적인 롱테일 제품 축소 작업은 분기 매출에 부담을 주었습니다. 매출총이익률은 안정적으로 유지되고 영업비용은 줄어들었으나, 2분기 순이익은 전년 동기 200만 달러에서 160만 달러로 감소했습니다.

주주 Q&A 주요 내용

한 개인 투자자가 회사의 브랜드 매트릭스에 대해 질문했습니다. 경영진은 아도르(Ador), 미스글래머(Msglamor), 스콜(Skol) 브랜드가 매출과 순이익 모두에서 진전을 보이고 있으며 재구매율도 상승하고 있다고 답했습니다. 아울러 포트폴리오를 강화하기 위해 다른 브랜드들도 준비 중이라고 덧붙였습니다.

실적 발표 컨퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

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.