Shares of Farfetch (NYSE: FTCH) were down in pre-market trading on Friday as the luxury fashion platform reported Q3 sales of $593.4 million, up 1.9% year-over-year but missing Street estimates by $3.2 million.
Adjusted loss widened to $0.24 per share versus a loss of $0.14 in the same period last year. Analysts were expecting a loss of $0.19 per share.
Elliot Jordan, CFO of Farfetch stated, “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.”
Farfetch is targeting an adjusted EBITDA margin of a negative 3% to 5% for FY22.
