Selling, general and administrative expenses were $76.3 million for the full year 2012, representing a decrease of 27.1% from $104.5 million for the full year 2011. The decrease was primarily due to decreases in marketing and labor costs.
Loss from Operations
Loss from operations for the full year 2012 was $24.4 million, compared to loss from operations of $34.9 million for the full year 2011.
Net Loss and Loss per ADSNet loss was $22.4 million for the full year 2012, compared to net loss of $33.3 million for the full year 2011. Non-GAAP net loss 3 was $20.3 million for the full year 2012, compared to non-GAAP net loss of $28.9 million for the full year 2011. Basic and diluted loss per ADS attributable to Mecox Lane shareholders was $1.94 for the full year 2012. One ADS represents thirty-five ordinary shares. Recent Updates In November 2012, Mecox Lane announced the proposal of a transaction with Giosis Pte. Ltd. ("Giosis") to form a joint venture, Giosis Mecoxlane, to operate a dynamic online marketplace in China on the M18.com website. The transaction was approved at the Company's extraordinary general meeting of shareholders held on December 19, 2012. On January 1, 2013, Giosis Mecoxlane began operating the M18.com website. Giosis holds 60.0% and Mecox Lane holds 40.0% of the outstanding equity interests of Giosis Mecoxlane, assuming the conversion of the Series A Preferred Shares of Giosis Mecoxlane. On February 1, 2013, Mecox Lane effected a change of the ADS to ordinary share ratio from one ADS representing seven ordinary shares to one ADS representing thirty-five ordinary shares. The ratio change has the same effect as a one-for-five ADS consolidation. Conference Call Information Mecox Lane management will hold an earnings conference call at 8 p.m. U.S. Eastern Time on March 4, 2013 (9 a.m. Shanghai/Hong Kong Time on March 5, 2013) to discuss results and highlights from the quarter and the full year, as well as to answer questions. A brief presentation to accompany the earnings call will be available on the Company's website, http://ir.mecoxlane.com/events.cfm, at 6:30 p.m. U.S. Eastern Time on March 4, 2013 (7:30 a.m. Shanghai/Hong Kong Time on March 5, 2013). The dial-in numbers and passcode for the conference call are as follows:
|U.S. Toll Free:||+1-855-500-8701|
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