LightInTheBox Holding Co., Ltd.

Everyone, and welcome to the second quarter 2022 earnings conference call for Light in the Box Holding Co. Limited. Today's conference is being recorded. At this time, I would like to turn the call over to Mr. Rene Vangesson for opening remarks and introductions. Please go ahead.

Thank you, Andrea. Hello, everyone, and welcome to Light in the Box second quarter 2022 earnings conference call. The company's earnings results were released earlier today and are available on the company's IR website as well as through PR Newswire. On the call from life in the box are Mr. Jian He, CEO, Ms. Yanjun Ye, Chief Financial Officer, and Ms. Wendy Yu, Chief Growth Officer. Mr. He will give an overview of the company's strategies and recent developments, followed by Mr. Ye, who will go over the financial results. They will all be available for the Q&A session that will follow. Before we proceed, I would like to remind you of our safe harbor statement. Please note that the discussions today may contain certain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from current expectations. To understand the factors that could cause results to materially differ from those in the forward-looking statements, please refer to our Form 20-F filed with the Securities and Exchange Commission. We do not assume any obligation to update any forward-looking statements. except as required under applicable law. At this point, I'd like to turn the call over to Mr. He. Mr. He, please go ahead.

Thanks, Raina, and thank you everyone for joining us today. We delivered a solid financial performance in the second quarter of 2022. Despite challenges caused by the research of the coal mine in many parts of China, unfavorable impact on volatility in foreign exchange rates, changes in global economic conditions and customer demand and spending, and world events. Notably, our revenue returned to the growth check, increasing 8% year-over-year to $132 million and 17% over 2021 Q4. And as we improved the product mix and operating efficiency, our loss narrowed significantly on a quarter-over-quarter basis. These results demonstrated the strong capabilities of our team, giving us more confidence to continue to execute our proven strategy in the near future. As we consistently migrated our product mix to higher margin categories, Apparel has become our most popular category, representing 82% of total revenues, up from 62% a year ago. Revenues from apparel increased 44% year-over-year to $109 million, lifting our overall gross margin to 55%, compared with 47% a year ago. We have seen obvious improvements in our supply chain and logistics in the first half of 2022. We believe owning those players is an effective strategy. Their managed operations and robust supply chain can stand out among peers, given these difficult economic times. Therefore, we will continue to invest to improve our operational efficiency and customer experience and the sum of our spending this past quarter and in the coming quarters reflects this. We believe this is critical for us to be ready to accelerate growth and build a stronger brand when the economic situation improves. I will now turn the call over to Yuanjun to go through the financial results.