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Online fashion retailer Farfetch has reported a 39% increase in revenue for the first quarter of 2019 ending 31 March.
Revenues increased by $48.4m (£3.7m year-over-year from $125.6m (97.8m) in first quarter 2018 to $174.1m (135.6m) in 2019. The increase was primarily driven by 43.2% growth in platform services revenue to $141.8m (£110.4m), 22.9% growth in platform fulfilment revenue to $27.7m (£21.5) and 12.8% growth in in-store revenue to $4.5m (£3.5m).
Additionally, adjusted EBITDA loss increased by $6.6m (£5.1m), or 27.8%, year-over-year in first quarter 2019, to $30.2m (£23.5m). Adjusted EBITDA margin also improved from 22.9% to 20.7% over the same period.
José Neves, Farfetch Founder, CEO and co-chair said: “Farfetch enjoyed excellent growth in first quarter 2019, with Platform GMV rising 44% to $415m, or approximately 50% growth on a constant currency basis. This outpaced both our expectations and, by some distance, growth in the online personal luxury goods sector as we continued to gain market share.
“Overall, we are very well-positioned to continue capturing a share of the significant opportunity in the online personal luxury goods market.”
Elliot Jordan, CFO of Farfetch, said: “I am very pleased with the strong start we have made to the year, with the first quarter 2019 results demonstrating a well-executed quarter. Our rapid growth, which far exceeds the growth of the online luxury industry, enables our continued investment in both nearer-term customer engagement and longer-term platform development, underpinning our continued future growth.”
