LightInTheBox (LITB) Claws Back Some Gains After Tough Year
The company was trading higher on the announcement its board had authorized a repurchase program to secure $20 million of its outstanding American Depositary shares through to Dec. 15, 2014.
"The implementation of our share repurchase program reflects the confidence that our board and management have in LITB's growth prospects and operating fundamentals," said LightInTheBox CEO Alan Guo in a statement. "This repurchase program reflects a commitment by our board to enhance value for our shareholders while retaining adequate flexibility for future growth."LITB data by YCharts
In its most recent third quarter ended September, a net loss of 4 cents a share missed Thomson Reuters expectations by 9 cents. Revenue of $69.97 came in $1.9 million short of estimates.
The Beijing-based business plummeted in August after posting second-quarter revenue of $72.2 million which missed consensus by $3.6 million.