Farfetch remains confident despite revenue drop
Farfetch, the global platform for luxury fashion, has posted a decline in sales and profit in its second quarter.
In the three months to 30 June. revenue fell to $572,086 from $579,347 in the prior year while gross profit dropped from $267,670 to $242,87.
Meanwhile, growth in the company’s digital platform gross merchandise volume and digital platform services revenue accelerated to 7% and 10% respectively year-on-year.
José Neves, Farfetch founder, chairman and chief executive, said: “Our Q2 results show Farfetch is growing, becoming more efficient, and executing on our key strategic priorities. We have also taken decisive action to adapt to the macro environment of the last 18 months. 2023 is set up to be a great year for Farfetch, toward strong GMV growth, Adjusted EBITDA profitability and positive free cash flow. All the while, we remain steadfast on delivering our strategic vision of becoming the global platform for luxury.”
For its full year, Farfetch expects revenue of approximately $2.5 billion, up from $2.3 billion in 2022.
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