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Mecox Lane Limited Announces Fourth Quarter And Full Year 2012 Results

Stocks in this article: MCOX

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 ADS

Net 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
International: +65-6723-9385
Hong Kong: +852-3051-2745
Passcode: 15271073

Additionally, an archived webcast of this call will be available on the Investor Relations section of Mecox Lane's website at http://ir.mecoxlane.com.

About Mecox Lane Limited

Mecox Lane Limited (Nasdaq:MCOX) is a leading brand and multi-channel retailer of apparel and accessories in China. The Company offers a wide selection of affordable fashion products through e-commerce channels including the M18.com website, which is operated by the Company's joint venture, Giosis Mecoxlane Limited, and other independent e-commerce platforms, as well as through the Company's physical store network and call center. Product offerings include apparel and accessories, home products, beauty and healthcare products and other items under Mecox Lane's own proprietary brands, and select domestic and international third-party brands. For more information on Mecox Lane, please visit http://ir.mecoxlane.com .

The Mecox Lane Limited logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=11140

Safe Harbor: Forward Looking Statements

This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by terminology such as "may," "will," "expects," "anticipates," "future," "intends," "plans," "believes," "aims," "estimates," "confident," "likely to" and similar statements. Among other things, the quotations from management in this press release, as well as the Company's strategic and operational plans, contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's business strategies and initiatives as well as its business plans; the Company's future business development, results of operations and financial condition; changes in the Company's revenues and certain cost or expense items; the Company's expectations with respect to increased revenue growth and its ability to sustain profitability; the Company's products under development or planning; the Company's ability to attract customers and further enhance its brand recognition; trends and competition in the e-commerce and apparel and accessories industry; the e-commerce and apparel and accessories industry in China may not grow at the rates projected by market data, or at all; the failure of the markets to grow at the projected rates may have a material adverse effect on the Company's business and the market price of its ADSs; in addition, the rapidly changing nature of the e-commerce and apparel and accessories industry in China subjects any projections or estimates relating to the growth prospects or future condition of the Company's market to significant uncertainties. If any one or more of the assumptions underlying the market data turns out to be incorrect, actual results may differ from the projections based on these assumptions. You should not place undue reliance on these forward-looking statements. Further information regarding these and other risks is included in the Company's annual report on Form 20-F as well as in its other filings with the Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and the Company undertakes no duty to update such information, except as required under applicable law.

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