London-based fashion e-tailer Farfetch beats expectations and delivers a robust full-year and Q4 performance.
While the full-year revenue rose by a good 35 per cent to US $ 2.3 billion, the Q4 revenue jumped by 23 per cent to clock US $ 666 million.
The Q4 gross merchandise value (GMV) and the digital GMV each surged by 22 per cent to post US $ 1.3 billion and US $ 1.1 billion, respectively.
The yearly GMV shot up by 33 per cent year-on-year to US $ 4.2 billion.
Notably, the e-tailer’s net profit in the fourth quarter was US $ 97 million following a loss of around US $ 2.3 billion a year back. For the full year, the net profit was US $ 1.47 billion after a loss of US $ 3.3 billion in 2020.
Farfetch also delivered US $ 36 million in adjusted EBITDA in Q4 (up from US $ 10 million) and positive adjusted EBITDA for the full year of US $ 1.63 million after a previous loss of US $ 47.4 million.
Here it is important to state that this was also the third consecutive quarter of record ‘media solutions revenue’ for Farfetch as it joined hands with brands to launch innovative showcases of their collections to Farfetch Marketplace visitors.
Founded in 2007, Farfetch is a British-Portuguese online luxury fashion retail platform that sells products from over 700 boutiques and brands from around the world.
