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Mecox Lane Limited Announces Third Quarter 2010 Results

SHANGHAI, China, Nov. 29, 2010 (GLOBE NEWSWIRE) -- Mecox Lane Limited ("Mecox Lane" or the "Company") (Nasdaq:MCOX), which operates China's leading online platform for apparel and accessories as measured by revenues in 2009, today announced its unaudited financial results for the third quarter ended September 30, 2010.

Third Quarter 2010 Highlights

  • Net revenues increased 36.0% year-over-year to $55.3 million from $40.7 million in the year-ago period
  • Gross profit increased 23.8% year-over-year to $22.0 million from $17.8 million in the year-ago period [1]
  • Income from operations increased 410.2% year-over-year to $0.9 million from $0.2 million in the year-ago period
  • Net income increased 246.4% year-over-year to $0.8 million from $0.2 million in the year-ago period
  • Non-GAAP net income [2] increased 59.5% year-over-year to $1.6 million from $1.0 million in the year-ago period

"The B2C e-commerce business is entering a period of rapid growth and we believe Mecox Lane is well positioned to benefit from this trend," said Mecox Lane's Director and Chief Executive Officer Alfred Gu. "On the back of a successful IPO, we have seized the opportunity to capitalize on China's growing e-commerce industry as well as the rise of consumption levels in China, as evidenced by our strong third quarter results. Going forward, we will continue to build up our leading market position by expanding our product offering, growing our customer base and enhancing our customer service platform to deliver an exceptional online shopping experience."

Third Quarter 2010 Results

Due to the seasonal nature of its business, the Company presents its financial results on a year-over-year basis between the third quarter of 2010 and the third quarter of 2009 as in the following paragraphs.

Total Net Revenues

Total net revenues were $55.3 million in the third quarter of 2010, an increase of 36.0% from $40.7 million in the third quarter of 2009.The increase in the Company's net revenues was primarily due to an increase in net revenues from the online platform and to a lesser extent due to an increase in net revenues from franchised stores. This was partially offset by a decrease in net revenues from directly operated stores during the third quarter of 2010.

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