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Mecox Lane Limited Announces Fourth Quarter And Full Year 2010 Results

Total Net Revenues

Total net revenues were $64.2 million in the fourth quarter of 2010, representing an increase of 5.7% from $60.7 million in the fourth quarter of 2009. The increase in the Company's net revenues was primarily due to its online business growth.

Online Platform

Net revenues from the online platform were $50.1 million in the fourth quarter of 2010, representing an increase of 18.0% from $42.4 million in the fourth quarter of 2009. The growth in net revenues was primarily contributed by the growth of the Internet business, partly offset by a drop in net revenues from the call center business.

Directly Operated Stores

Net revenues from directly operated stores were $8.2 million in the fourth quarter of 2010, representing a decrease of 37.8% from $13.2 million in the fourth quarter of 2009. The decrease was primarily due to a decline in the number of directly operated stores from an average of 178 stores in the fourth quarter of 2009 to an average of 125 stores in the fourth quarter of 2010. The Company converted 35 directly operated stores into franchised stores during 2010.

Franchised Stores

Net revenues from franchised stores were $5.9 million in the fourth quarter of 2010, representing an increase of 16.5% from $5.1 million in the fourth quarter of 2009. The growth in net revenues was primarily due to an increase in the number of franchised stores in operation from an average of 190 stores in the fourth quarter of 2009 to an average of 328 stores in the fourth quarter of 2010.

Cost of Goods Sold 2

Cost of goods sold was $39.0 million in the fourth quarter of 2010, representing an increase of 18.4% from $32.9 million in the fourth quarter of 2009. The increase was primarily due to the increase in the sales of the Company's online platform.

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