Farfetch losses widen as it snaps up New Guards Group
Luxury etailer Farfetch has suffered widening second-quarter losses despite a surge in sales, as it revealed the acquisition of a new brand platform.
The retailer posted losses after tax of $89.6m (£73.3m) for the three months ending June 30, 2019, a $71.9m increase on losses during the same period a year ago. It blamed the bottom line pressure on an “increase in the operating loss” and a “decrease in unrealised foreign exchange losses”.
Its adjusted EBITDA loss hit $37.6m (£30.9m) during the period, a 40.7% increase year-on-year.
Farfetch enjoyed a 42.7% spike in revenue during the quarter to $209.3m (£172.1m), driven predominantly by growth in platform services revenue and in-store sales.
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