In the third fiscal quarter ending September 30, the luxury fashion trading platform generated revenue of $ 583 million, up 33% year-on-year.
The company also reported an after-tax profit of $ 769.1 million tonight, up from a loss of $ 536 million a year earlier. This positive net result includes a $ 901 million in non-cash benefit resulting from the positive impact that the fall in share prices during this period had on the convertible notes issued by Farfetch.
This equates to an earnings per share of $ 2.09, compared with a loss of $ 1.58 in the same quarter last year.
On an adjusted basis, the company had a loss per share of $ 0.14, an improvement from a loss of $ 0.17 per share in the third quarter of 2020.
Adjusted EBITDA also improved: from July to September this year, from negative $ 10.3 million to positive $ 5.3 million.
Gross Merchandise Value (GMV) exceeded $ 1 billion in the quarter, up 28% over the same period in 2020.
Portuguese José Neves – founder, chairman and chief executive officer of Farfetch – said he was pleased that the company continued its history of aggressively capturing market share.
“We are seeing strong growth in the industry. [da moda de luxo] behind our platform strategy. More than 1,400 brands and retailers are not only listing more luxury items for sale than ever before, but are driving Farfetch Media Solutions’ revenue to a record high in recognition of our valued customers, ”he said in the presentation.
The company’s shares, listed on the New York Stock Exchange since September 2018, closed regular session this Thursday, adding 1.06% to $ 45.59, but now continue to decline 23.2% to $ 35 after business hours. …
Last Friday, November 12, the company’s stock soared more than 20% in its Wall Street session, the day it was announced to be in value. negotiates expansion of partnership with Swiss competitor Richemont, watch and jewelry giant, owner of Cartier and what is considered one of the competitors of the Portuguese-British company Yoox Net-a-Porter.
In a press release, the company confirmed that it is “negotiating with Richemont about the possible expansion of its existing strategic partnership, Luxury New Retail.”
About a year ago, Farfetch raised $ 1,150 million (about € 971 million) from tech giant Alibaba and Richemont.
Farfetch, headquartered in London, has a presence in several global markets, including the Chinese market, where it is represented at Alibaba’s Tmall Luxury Pavilion with access to 779 million customers. Farfetch was created in 2007.
