Shares of Farfetch Ltd. jumped 18% in the extended session Thursday after the luxury fashion company posted a narrower-than-expected adjusted loss for its first quarter and sales that topped expectations.
“Our first-quarter results represent the first step towards achieving our plan for 2023 … and demonstrate our strong execution in the face of continued macro headwinds,” Chief Executive and founder Jose Neves said in a statement.
lost $174 million, or 43 cents a share, in the quarter, swinging from earnings of $729 million, or $1.93 a share, in the year-ago quarter. Adjusted for one-time items, Farfetch lost 16 cents a share.
Revenue rose 8% to $556.4 million, the company said. FactSet consensus called for an adjusted loss of 40 cents a share on sales of $513 million.
Farfetch kept its guidance for gross merchandise volume of about $4.9 billion for the year, also above Wall Street expectations of a GMV around $4.8 billion.
Shares of Farfetch have lost more than 45% in the past 12 months, contrasting with an advance of more than 9% for the S&P 500 index