UK-based fashion platform Farfetch's Q1 FY21 sales grow 46% to $485 mn

Farfetch Limited, a UK-based leading global platform for luxury fashion industry, recorded 46.4 per cent revenue growth to $485.0 million in its first quarter (Q1) FY21 ended on March 31, 2021, compared to the revenue of $331.4 million in the corresponding period previous fiscal. Operating loss for Q1 FY21 was $118.4 million (Q1 FY20: $107.7 million).

 

“Farfetch is off to a tremendous start in 2021 with stronger than expected acceleration in the business in the first quarter and higher full-year growth expectations than initially anticipated. Our brand partnerships have never been stronger, and our customer and brand building initiatives are resonating well to drive awareness of our value proposition and retention of our valuable consumers,” Jose Neves, Farfetch founder, chairman and CEO said in a press release.

 

The company’s gross merchandise value rose to $915.6 million ($610.8 million). Gross profit for the quarter increased to $220.8 million ($153.4 million), while profit before tax was $516.7 million (loss after tax: $76.6 million).

 

“I’m extremely pleased with Farfetch’s strong first quarter where we exceeded our own expectations for GMV growth, while also achieving improved unit economics, operating leverage and adjusted EBITDA as compared to the prior year period. In light of the continuation of this strong momentum against a more favourable consumer backdrop, we are even more optimistic about our growth expectations for the year, and the value in continuing to invest behind our long-term growth opportunities as we continue to focus on delivering our first full year of adjusted EBITDA profitability 2021,” Elliot Jordan, CFO of Farfetch, said.