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Farfetch Starts Friday in Red on Losses

Farfetch (NYSE:FTCH) reported a wider-than-expected quarterly loss with sales that also came in below analyst forecasts.

Q3 2022 revenue increased 1.9% year-over-year (or increases 14.1% year-over-year at constant currency) to $593.4 million. Q3 2022 Gross Profit Margin of 44.9% (an increase of 160 bps year-over-year) and Digital Platform Order Contribution Margin of 32.4% (an increase of 580 bps year-over-year)

Q3 2022 loss after tax was $274.9 million.

Said CEO José Neves: “Luxury is an incredible industry that has proven to be resilient, and Farfetch’s global platform for luxury is on pace to broadly double its size over three years, despite navigating an unprecedented series of global events. Through it all, our focus has remained on our mission to be the global platform for luxury while also taking the opportunity to fundamentally re-structure our organization and streamline our cost base. As a result, Farfetch is further positioned to seize the significant announced milestones and future opportunities ahead, and emerge from this period as an even stronger business set to deliver profitability and free cash flow.”

FTCH shares started Friday down 54 cents, or 5.9%, to $8.60.