Farfetch (FTCH) reported earnings on Wed 15 May 2019 (a/h)

** charts after earnings **

 

Farfetch misses by $0.07, beats on revs; GMV increases 43% yr/yr; Guides for Q2 and FY19 GMV and EBITDA

• Reports Q1 (Mar) loss of $0.22 per share, excluding non-recurring items, $0.07 worse than the S&P Capital IQ Consensus of ($0.15); revenues rose 38.6% year/year to $174.06 mln vs the $171.06 mln S&P Capital IQ Consensus.
• Gross Merchandise Value increased by $126.6 million from $292.7 million to $419.3 million in first quarter 2019, representing year-over-year growth of 43.2%.
• Adjusted EBITDA loss increased by $6.6 million, or 27.8%, year-over-year in first quarter 2019, to $30.2 million. Adjusted EBITDA Margin improved from (22.9%) to (20.7%) over the same period, primarily due to the impact of adopting IFRS 16 in first quarter 2019, as described above.
• Outlook
• For second quarter 2019, Platform GMV is expected to grow approximately 40% - 42% year-over-year, and Adjusted EBITDA Margin is expected to be approximately (19%) - (21%).
• For full year 2019, Platform GMV is expected to grow approximately 41%, and Adjusted EBITDA Margin is expected to be approximately (16%) -- (17%).