Farfetch, a marketplace for high-end apparel, has reported total sales of US $ 556.4 million for the first quarter (Q1) of fiscal year (FY) 2023, up 8 per cent from US $ 514.80 million in the same quarter of FY ’22.
Gross merchandise value (GMV) for the company was US $ 931.65 million for the quarter, up 0.1 per cent from the same period the previous year when it was US $ 930.7 million.
Farfetch recorded a gross profit of US $ 240.6 million in the first quarter of FY ’23 compared to US $ 230.5 million in the same period of FY ’22, with a gross profit margin of 43.2 per cent.
In Q1 FY ’23, the company reported a loss of US $ 174.2 million after taxes. Its basic earnings per share (EPS) and diluted EPS for the quarter were both negative US $ 0.43.
EBITDA, or earnings before interest, taxes, depreciation, and amortisation, was US $ 34.7 million for Farfetch in the first quarter of FY ’23.
The company’s digital platform GMV decreased by US $ 9.9 million or 1.2 per cent during the quarter from US $ 809.5 million in Q1 FY ’22 to US $ 799.7 million in Q1 FY ’23. Brand platform GMV, meanwhile, increased 10.0 per cent over the quarter to US $ 109.7 million.
Farfetch founder, chairman and CEO José Neves said, “I am delighted to report that Farfetch was back to growth in the first quarter of 2023. Our first quarter results represent the first step towards achieving our plan for 2023, our Year of Execution and demonstrate our strong execution in the face of continued macro headwinds.”
Earlier this month, Farfetch officially launched its European partnership with leading sports apparel brand Reebok.
