- Farfetch Ltd FTCH reported second-quarter FY22 sales growth of 10.7% year-on-year, to $579.35 million, beating the consensus of $548.03 million.
- Gross merchandise value for the quarter (GMV) rose 1.3% Y/Y. Digital platform GMV decreased by 3.3%.
- Gross profit for the quarter increased 16.3% Y/Y to $267.6 million, and the margin expanded 220 basis points to 46.2%.
- Also Read: Farfetch Pops On Acquiring 47% Stake In Luxury And Fashion Retailer YNAP
- Selling, general and administrative expenses rose 14.4% to $435.3 million.
- Operating loss for the quarter widened to $(167.6) million. Adjusted EBITDA loss broadened to $(24.2) million.
- Adjusted EPS loss of $(0.21) beat the analyst consensus of $(0.31).
- The company held $675.2 million in cash and equivalents as of June 30, 2022.
- "And while our eyes are fixed on our North Star, our feet remain planted firmly on the ground. We are navigating a volatile macro environment adeptly, continuing to post growth compounding on what has been a tremendous 3-year run for Farfetch, a period that saw our business double as measured by our GMV," said José Neves, Farfetch Founder, Chairman, and CEO.
- Outlook: Farfetch sees FY22 GMV growth of 0% - 5% for Digital Platform and 0% - 10% for Digital Platform.
- The company targets break-even Adjusted EBITDA for FY22.
- FTCH said it is confident about its 2023 top line, profitability, and cash generation.
- Price Action: FTCH shares are trading higher by 30.49% at $12.45 on the last check Friday.
- Photo Via Company
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