Ladies and gentlemen, thank you for standing by and welcome to the LightInTheBox Fourth Quarter of 2016 Earnings Conference Call. At this time, all participants are in listen-only mode. There will be a presentation followed by a question-and-answer session. [Operator Instructions] I must advise you that this conference is being recorded today March 16, 2017. I would now like to hand the conference over to your first speaker today, Mr. Christian Arnell. Thank you. Please go ahead.

Thank you. Hello, everyone and welcome to LightInTheBox’s fourth quarter 2016 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. Today, you will hear from LightInTheBox’s Chairman and CEO, Mr. Alan Guo, who will give you an overview of the Company’s strategies and recent developments, followed by Mr. Robin Lu, the Company’s Chief Financial Officer, who will address financial results in more detail. Before we proceed, I would like to remind you of our Safe Harbor statement. Please note that the discussion today may contain 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 our 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 U.S. Securities and Exchange Commission on April 29, 2016. We do not assume any obligation to update any forward-looking statements, except as required under applicable laws. At this point, I would like to turn the call over to Alan. Alan, please go ahead.

Thanks, Christian and thank you everyone for joining us today. I am pleased with our performance during the fourth quarter with revenue being at the high-end of our guidance of $93.0 million. More importantly, revenue increased 8.8% year-over-year, a major improvement when compared to the third quarter of 2016. This was a direct result of strong sales during Black Friday and the Christmas holiday season as well as the increased traction that our logistics and warehousing platform and services are getting. We believe, this marks a milestone as we have reversed our top-line trend and are regaining growth momentum again. This demonstrates our persistence and effectiveness of our strategy to strengthen our core business, to improve supply chain management and customer satisfaction, to develop new business growth engines, and to continue to innovate. We continue to persistently execute our strategy to improve our supply chain management and customer satisfaction. Throughout the year, customer complaints about the product quality steadily decreased. We believe improved customer satisfaction leads to revenue growth in a number of key categories including sports and hobbies, home décor customized apparel and wigs and hair extensions. During the quarter, we deployed an upgraded version of an intelligent quality assurance system, which is able to digest a vast amount of data we have collected and with increased precision predict and cash [ph] product quality deficiency prior to being shipped to customers. We have also significantly improved our data-driven merchandising infrastructure. Our IT systems are able to grow [ph] index and understand a wider variety of websites to more precisely identify emerging product trends. We have also leveraged the online behavioral and demographic data of our users to enhance the personalized recommendation engine on our website, direct e-mail and mobile app. We believe that intelligent merchandising using big data has…

Thank you, Alan. As I review our financial results, let me remind you about a few things. All numbers quoted are in U.S. dollars; all the percentage changes refer to year-over-year unless otherwise noted. Net revenues starting in fourth quarter of 2016 will be classified into two categories, net revenues from product sales, and net revenues from service and others, so to start. Net revenues increased 8.8% to $95.2 million. Net revenues from product sales were $84.7 million, compared with $80.9 million in the same quarter of 2015. Net revenues from service and others were $10.5 million, compared with $6.6 million in the same quarter of 2015. As a percentage of net revenues, service and others accounted for 11%. Total orders of product sales were 2.2 million and total number of product sales customers in the quarter were 1.7 million. Product sales in the apparel category were $24.1 million, compared with $25.2 million in the same quarter of 2015. As a percentage of product sales, apparel revenues accounted for 28.5%, compared with 31.1% in the same quarter of 2015. Product sales from other general merchandise were $60.6 million for the fourth quarter of 2016. Looking at our business geographically, product sales from Europe were $47 million for the fourth quarter of 2016, compared with $48 million in the same quarter of 2015, representing 55.4% of total product sales for the fourth quarter of 2016. Product sales from North America were $22.7 million, compared with $24.4 million in the same quarter of 2015, representing 26.8% of total product sales for the fourth quarter of 2016, while product sales from other countries were $15 million, representing 17.8% of total product sales for the same quarter. Total cost of revenues was $63.4 million an increase from $56.6 million in the same period last…