Farfetch revenue impacted by currency volatility

Worldwide
Published:  23 November, 2022
Credit: Farfetch

Luxury fashion e-commerce platform Farfetch has reported its third quarter results for the 2022 financial year, with revenue growth significantly impacted by currency volatility.

Revenue for the third quarter of the year was up by 1.9% year-on-year to US$593.4 million, with an increase of 14.2% at constant currency.

For the period, gross merchandise value (GMV) was down by 4.9% year-on-year, but up by 4.2% at constant currency, to US$967.4 million.

For digital platform GMV, the decrease was 5% to US$787.4 million, with a constant currency increase of 2.6%. Farfetch noted that third-party transactions generated 80% of its digital platform GMV in the third quarter of 2022, with a third party take rate of 32.6%.

Gross profit for the period was up by US$14.4 million, or 5.7%, to US$266.6 million, with a gross margin up to 44.9%.

Elliot Jordan, CFO of Farfetch, said: “Our third quarter results show Farfetch is successfully navigating an unprecedented macro environment, with constant currency GMV and revenue growth, significant gross margin and order contribution margin improvements year-on-year and the early financial benefits from our recent initiatives to rationalise our cost base, which are ongoing.

“While we continue to manage through the current environment, we remain well capitalised to execute on our long-term vision, and I am confident we will return to profitable growth in 2023.”