Farfetch (NYSE:FTCH) shares are trading higher after the company reported better-than-expected Q1 results, with EPS and sales beating consensus estimates.
The luxury fasion e-commerce marketplace reported revenues of $556.4 million, which grew 8% year over year and beat consensus estimates of $512.72 million. The company also reported an EPS loss of $0.16, which was smaller than the $0.42 loss expected by analysts.
Gross Merchandise Value (GMV) increased slightly, rising 0.1% year over year, while digital platform GMV fell 1.2%, reflecting headwinds from the suspension of trade in Russia and a slow China recovery. Brand Platform GMV grew 10% year over year.
The company expects FY23 Group GMV of approximately $4.9 billion.
See Also: Disney Scraps $864M Lake Nona Project Amid Tensions With Florida Governor DeSantis
“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 Founder, Chairman and CEO José Neves.
Farfetch is an online platform connecting sellers and buyers of personal luxury goods.
At the time of publication, shares of Farfetch were up 16.4% at $5.05, according to data from Benzinga Pro.
