Market Updates
Farfetch Operating Loss Expands
Scott Peters
26 Aug, 2022
New York City
Farfetch Ltd soared 25.1% to $11.94 after the online luxury fashion retailer reported stronger-than-anticipated quarterly results.
The luxury fashion platform operator said revenues in the second quarter increased to $499.4 million from $439.4 million a year ago.
Gross profit margin increased to 46.2% from 44% a year ago.
Operating loss increased to $167.6 million from $150.3 million a year ago and diluted loss per share rose to 50 cents from 31 cents a year ago.
Gross merchandise value increased 1.3% in the second quarter to $1.20 billion from $1.01 billion a year ago.
After the close of the quarter, on Aug 24, Swiss luxury house Richemont agreed to sell 47.5% stake in YNAP to Farfetch in exchange of 50 million shares in the company.
Yoox-Net-A-Porter and Richemont Maison will use Farfetch technology platform after the completion of the transaction.
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