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Revenue increased 8.1% year-over-year (up 12% at constant currency) to $556.4 million, beating the consensus estimate of $515.51M, driven by a 6.5% increase in Digital Platform revenue, a 13.9% increase in Brand Platform revenue, as well as a 9.6% increase in In-Store revenue.
Q1 gross merchandise value (GMV) grew 0.1% year-over-year (up 4% at constant currency) to $931.7M.
“Our sequential improvement in GMV growth in the US and China, our two largest markets, as well as in orders across the Farfetch Marketplace, indicate the strength and resilience of our core business,” said CEO José Neves.
The company provided its full 2023 year outlook, expecting group GMV of approximately $4.9B, and an adjusted EBITDA margin of 1%-3%.
