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Lightinthebox.com LightInTheBox Reports Second Quarter 2021 Financial Results September 7 , 2021 SHANGHAI , Sept. 7 , 2021 / PRNewswire / -- LightInTheBox Holding Co. , Ltd. ( NYSE : LITB ) ( " LightInTheBox " or the " Company " ) , a cross - border e - commerce platform that delivers products directly to consumers around the world , today announced its unaudited financial results for the second quarter ended June 30 , 2021 . Second Quarter and First Half 2021 Financial Highlights In millions , except percentages Three Months Ended June 30 , 2020 June 30 , Year - over- Year % Six Months Ended June 30 , Year - over- 2021 Change 2020 June 30 , 2021 Year % Change Total revenues $ 113.9 $ 122.2 7.3 % $ 165.4 $ 234.2 41.6 % Gross margin 43.5 % 46.8 % 44.4 % 46.7 % Net income $ 8.5 $ 9.5 Adjusted EBITDA $ 9.1 $ 14.5 11.6 % 59.0 % $ 9.2 $ 10.9 17.7 % $ 10.6 $ 16.8 59.0 % As of December 31 , As of June 30 , In millions 2020 2021 Cash , cash equivalents and restricted cash $ 65.5 $ 58.2 Mr. Jian He , Chief Executive Officer of LightInTheBox , commented , " During the quarter , we continued to deliver healthy financial results . Total revenues increased to $ 122.2 million in the second quarter of 2021 , compared with $ 113.9 million in the same quarter of 2020. We are facing more and more players in the highly competitive e - commerce market and the impact of COVID - 19 and the resulting macro - economic uncertainties continue to pose challenges in certain overseas markets . In the long term , we believe that we are well positioned to adapt to changes in highly competitive markets by staying on course with our values and going beyond our customers ' expectations as a comprehensive and reliable shopping destination . " Second Quarter 2021 Financial Results Total revenues increased by 7.3 % year - over - year to $ 122.2 million from $ 113.9 million in the same quarter of 2020. Revenues generated from product sales were $ 119.3 million , compared with $ 107.2 million in the same quarter of 2020. Revenues from service and others were $ 2.9 million , compared with $ 6.7 million in the same quarter of 2020. Included in product sales , revenues from apparel increased by 149 % to $ 74.0 million in the second quarter of 2021 , compared with $ 29.7 million in the same quarter of 2020 . Total cost of revenues was $ 65.1 million in the second quarter of 2021 , compared with $ 64.3 million in the same quarter of 2020. Cost for product sales was $ 64.0 million in the second quarter of 2021 , compared with $ 59.0 million in the same quarter of 2020. Cost for service and others was $ 1.1 million in the second quarter of 2021 , compared with $ 5.3 million in the same quarter of 2020 . Gross profit in the second quarter of 2021 was $ 57.1 million , compared with $ 49.6 million in the same quarter of 2020. Gross margin was 46.8 % in the second quarter of 2021 , compared with 43.5 % in the same quarter of 2020. The increase in gross margin was a result of the Company's continuous efforts to optimize the supply chain and product mix . Total operating expenses in the second quarter of 2021 were $ 60.6 million , compared with $ 41.4 million in the same quarter of 2020 . • Fulfillment expenses in the second quarter of 2021 were $ 7.6 million , compared with $ 7.4 million in the same quarter of 2020. As a percentage of total revenues , fulfillment expenses were 6.2 % in the second quarter of 2021 , compared with 6.5 % in the same quarter of 2020 and 6.5 % in the first quarter of 2021 . • Selling and marketing expenses in the second quarter of 2021 were $ 43.5 million , compared with $ 26.5 million in the same quarter of 2020. As a percentage of total revenues , selling and marketing expenses were 35.6 % for the second quarter of 2021 , compared with 23.3 % in the same quarter of 2020 and 31.8 % in the first quarter of 2021 . • G & A expenses in the second quarter of 2021 were $ 9.5 million , compared with $ 7.5 million in the same quarter of 2020 . As a percentage of total revenues , G & A expenses were 7.8 % for the second quarter of 2021 , compared with 6.6 % in the same quarter of 2020 and 7.5 % in the first quarter of 2021. Included in G & A expenses , R & D expenses in the second quarter of 2021 were $ 5.1 million , compared with $ 3.3 million in the same quarter of 2020 and $ 4.9 million in the first quarter of 2021 . Loss from operations was $ 3.5 million in the second quarter of 2021 , compared with income from operations of $ 8.2 million in the same quarter of 2020 . Other income , net in the second quarter of 2021 was $ 17.2 million , compared with $ 0.3 million in the same quarter of 2020. Included in other income , net in the second quarter of 2021 , $ 17.1 million was derived from change in fair value on our equity investment . The gain in fair value change on our equity investment , after respective income tax of $ 4.2 million , was $ 12.9 million .