Farfetch Limited - FTCH STOCK NEWS

Farfetch Limited (NYSE: FTCH) reported record revenue of $2.3 billion for 2022, reflecting a 3% increase year-over-year. However, its Gross Merchandise Value (GMV) decreased by 4% to $4.1 billion, with Q4 revenue dropping 5% year-over-year to $629 million. The company faced significant challenges, including a $177 million loss after tax in Q4 and a 41.1% gross profit margin, down 600 bps. Despite these hurdles, Farfetch aims for a more efficient operation in 2023, expecting to return to profitability and generate positive cash flow. The firm anticipates a GMV of approximately $4.9 billion for 2023, influenced by macroeconomic factors and market dynamics.

Farfetch Limited (NYSE: FTCH), a leader in the luxury fashion sector, is set to announce its fourth quarter and full year 2022 financial results on February 23, 2023, post the U.S. market close. A conference call will follow at 4:30 p.m. ET.

CFO Elliot Jordan will also present at key investor conferences, including the Morgan Stanley TMT Conference on March 8, 2023, and the Bank of America Consumer & Retail Conference on March 14, 2023. Interested parties can access a live webcast of these events and related materials on the company’s Investor Relations website.

FARFETCH announces key leadership changes, welcoming Elizabeth von der Goltz as Chief Fashion and Merchandising Officer and CEO of Browns, Sindhura Sarikonda as President of Americas, and Stephanie Simon as Vice President of Community and Web3. Elizabeth has extensive luxury experience from Bergdorf Goodman and Yoox Net-a-Porter, while Sindhura's background includes leadership roles at Walmart and Klarna. Stephanie previously led community growth at Clubhouse. Departures include Chief Brand Officer Holli Rogers and Chief Growth Officer Martin Avetisyan. Founder José Neves emphasized these hires as pivotal for advancing growth and profitability.

Farfetch Limited (NYSE: FTCH) reported Q3 2022 results showing revenue rose 1.9% YoY to $593.4M, while Gross Merchandise Value (GMV) declined 4.9% to $967.4M. Despite challenges, the Digital Platform GMV decreased only 5% but increased 2.6% at constant currency. The company's gross profit margin improved to 44.9%. However, it posted a loss after tax of $274.9M, driven by significant losses on fair value remeasurements and impairment charges totaling $38.3M. Cash and equivalents stood at $487.4M, and the company anticipates a decline in Digital Platform GMV by 5% to 7% for the full year.

Farfetch Limited (NYSE: FTCH) will host a Capital Markets Day on December 1, 2022, in New York City. The event targets financial analysts and institutional investors, featuring insights from the Executive Leadership Team on the company’s strategic growth plan and financial targets. Due to space limitations, attendance is by invitation only. The event will also be live-streamed on the Company's Investor Relations website starting at 9:00 AM EST. A replay and presentation materials will be accessible for 30 days post-event.

Farfetch Limited (NYSE: FTCH) will release its third quarter 2022 financial results after market close on November 17, 2022. A conference call to discuss these results is scheduled for 4:30 p.m. ET on the same day. The call will be accessible via a live webcast on the company's Investor Relations website, where a replay will also be available. Farfetch is a prominent platform in the luxury fashion industry, connecting consumers with a wide range of luxury brands and boutiques globally.

FARFETCH (NYSE: FTCH) and Outlier Ventures launched the Dream Assembly Base Camp, an accelerator program for Web3 luxury commerce. The inaugural cohort consists of eight start-ups selected from over 200 applications. This 12-week remote program includes tailored mentorship and covers topics like luxury commerce, token economics, and community strategy. Start-ups will benefit from industry insights and support from Web3 experts across various fields. The selected start-ups include altr, Curie, iiNDYVERSE, METAV.RS, Mintouge, Reblium, SKNUPS, and WEAR.

Farfetch Limited (NYSE: FTCH) reported Q2 2022 financial results, with Gross Merchandise Value (GMV) increasing 1.3% year-over-year, totaling $1 billion. Revenue rose 10.7% to $579.3 million. Notably, the Brand Platform GMV saw significant growth of 47.3%, reaching $107.1 million. However, Digital Platform GMV declined by 3.3% to $883.1 million, impacted by challenges in Russia and China. Profit after tax decreased to $67.7 million. With a cash position of $675.2 million, the company is navigating a volatile macro environment while pursuing strategic partnerships like the one with Richemont.

In a significant development, FARFETCH (NYSE:FTCH) and Mohamed Alabbar acquire 47.5% and 3.2% stakes, respectively, in YOOX NET-A-PORTER (OTC-PINK:YXOXF), positioning YNAP as a neutral platform. The partnership aims to enhance YNAP's hybrid retail model by leveraging FARFETCH's technology. Richemont (SWX:CFR) retains a path to potentially sell its remaining shares to FARFETCH, contingent on YNAP achieving positive adjusted EBITDA. YNAP will possess over $290 million in cash post-transaction, enhancing its financial footing and operational flexibility.