Gelonghui, May 28 | LITB.US (LITB.US) announced financial results for the first quarter of 2024. Total revenue for the first quarter of 2024 was US$71.2 million, down 51.8% year on year. The net loss for the first quarter of 2024 was $3.8 million, compared to a net loss of $4 million for the same period in 2023. Adjusted EBITDA lost $3.1 million in the first quarter of 2024, compared with a loss of $3.1 million for the same period in 2023. Clothing sales for the first quarter of 2024 were $56.4 million, compared to $119.2 million for the same period in 2023.

Looking ahead to the second quarter, the company expects net revenue to be between $60 million and $70 million. The net loss per American Depositary Receipt (ADS) share for the first quarter of 2024 was $0.03 compared to $0.03 for the same period in 2023.

He Jian, Chairman and CEO of Lanting Jiushi, said, “In the first quarter of 2024, we faced macroeconomic headwinds and increasingly fierce competition. We have addressed complex situations through high-quality development strategies, shifting from prioritizing sales growth to focusing on profitability. We are also working to increase brand awareness and optimize our consumer experience through cost-effective products.”