Shares of Farfetch Ltd.
FTCH,
fell more than 9% in the extended session Thursday after the luxury fashion company reported a wider-than-expected quarterly loss and sales that came in below expectations, and vowed to return to profit next year. Farfetch lost $275 million, or 71 cents a share, in the third quarter, contrasting with earnings of $774 million, or $2.09 a share, in the year-ago period. Adjusted for one-time items, the company lost 24 cents a share. Revenue rose 1.9% to $593.4 million, Farfetch said. Analysts polled by FactSet expected an adjusted loss of 19 cents a share on sales of $597 million in the quarter. Farfetch is “successfully navigating an unprecedented macro environment,” Chief Financial Officer Elliot Jordan said in a statement. “Whilst we continue to manage through the current environment, we remain well capitalized to execute on our long-term vision, and I am confident we will return to profitable growth in 2023,” Jordan said. Shares of Farfetch ended the regular trading day down 1.8%.
Farfetch stock falls 9% after fashion platform posts wider Q3 loss, lower sales
