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Mecox Lane Limited Announces Fourth Quarter And Full Year 2012 Results

SHANGHAI, China, March 4, 2013 (GLOBE NEWSWIRE) -- Mecox Lane Limited ("Mecox Lane" or the "Company") (Nasdaq:MCOX), a leading brand and multi-channel retailer of apparel and accessories in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2012.

Fourth Quarter 201 2 Highlights
  • Internet platform net revenues decreased 39.1% year over year to $17.9 million, compared to $29.4 million in the fourth quarter of 2011
  • Net revenues decreased 31.5% year over year to $39.7 million, compared to $58.0 million in the fourth quarter of 2011
  • Gross profit 1 decreased 32.7% year over year to $13.7 million, compared to $20.3 million in the fourth quarter of 2011
  • Gross margin was 34.5% in the fourth quarter of 2012, compared to 35.1% in the fourth quarter of 2011
  • Net loss was $7.2 million, compared to net loss of $11.5 million in the fourth quarter of 2011

Full Year 201 2 Highlights
  • Internet platform net revenues decreased 39.4% to $71.8 million for the full year 2012, compared to $118.5 million for the full year 2011
  • Net revenues decreased 30.3% to $151.8 million for the full year 2012, compared to $217.9 million for the full year 2011
  • Gross profit 1 decreased 25.7% to $54.3 million for the full year 2012, compared to $73.2 million for the full year 2011
  • Gross margin was 35.8% for the full year 2012, compared to 33.6% for the full year 2011
  • Net loss was $22.4 million for the full year 2012, compared to net loss of $33.3 million for the full year 2011

Mecox Lane's Director and Chief Executive Officer Mr. Alfred Gu said, "We remained conservative with respect to our Internet business throughout 2012 and continued to focus on controlling our costs in the fourth quarter, given the fiercely competitive nature of the e-commerce industry. Our focus on improving operating efficiency and lowering costs increased our overall gross margin and reduced our operating loss for the year.

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