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Company Beats Top Range of Fourth Quarter Guidance Full Year 2010 Net Revenues Increased by 28% Year-Over-Year
SHANGHAI, China, March 1, 2011 (GLOBE NEWSWIRE) -- Mecox Lane Limited ("Mecox Lane" or the "Company") (Nasdaq:MCOX), which operates one of China's leading online platforms for apparel and accessories, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2010.
Fourth Quarter 2010 Highlights
Net revenues increased by 5.7% year-over-year to $64.2 million from $60.7 million in the year-ago period
Net income decreased by 61.7% year-over-year to $1.1 million from $2.9 million in the year-ago period
Gross profit 1 decreased by 9.3% year-over-year to $25.2 million from $27.8 million in the year-ago period
Full Year 2010 Highlights
Net revenues increased by 28.1% to $227.5 million for the full year 2010 from $177.7 million for the full year 2009
Net income decreased by 38.4% to $4.4 million for the full year 2010 from $7.2 million for the full year 2009
Gross profit 1 increased by 17.7% to $94.9 million for the full year 2010 from $80.6 million for the full year 2009
"In the fourth quarter of 2010, we saw heavy investments in China's B2C e-commerce industry, including aggressive advertising and marketing efforts by many of our e-commerce competitors. Such landscape changes have placed huge pressure on our call center business, and also to some extent, on our e-commerce business," said Mecox Lane's Director and Chief Executive Officer Alfred Gu.
"While e-commerce will continue to be highly competitive in China, we believe there are tremendous business opportunities in this sector as online sales become an increasingly important consumption pattern in China. A successful vertical e-commerce company, with its strong brand and service platform, will be a very scalable business. We have made strategic plans to focus our business on this business segment and will position ourselves accordingly to compete successfully."