Farfetch’s digital platform GMV increased to $944.3m in second quarter 2023. Credit: Focal Foto/Flickr (Creative Commons).

Online fashion and beauty retailer Farfetch has reported its revenue for the second quarter of FY2023 dropped by 1.3% to $572.1m (€449.5m) from $579.3m in the same period of FY2022.

Farfetch attributed the decline to a 42.2% decrease in brand platform revenue and a 15.1% decrease in in-store revenue.

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These drops were offset by digital platform revenue that rose by 10.5% to $482m, while digital platform services revenue increased 9.9% over the quarter.

During the quarter ending 30 June 2023, FarFetch’s gross profit decreased by 9.3% to $242.9m in Q2 FY2023 from $267.7m in the prior-year quarter.

Its gross profit margin for the quarter was 42.5%, down 370 basis points from last year due to the decline of digital platform gross profit margin to 49.3% in Q2 FY2023.

The retailer reported gross merchandise value (GMV) of $1.03bn in Q2 FY2023, up 1.2% from $1.02bn in the same period a last year.

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Digital platform GMV increased to $944.3m, while brand platform GMV and in-store GMV declined to $63.42m and $24.9m, respectively, in Q2 FY2023.

Farfetch founder, chairman and CEO José Neves said: “Our Q2 results show Farfetch is growing, becoming more efficient and executing on our key strategic priorities. We have also taken decisive action to adapt to the macro environment of the last 18 months.

“2023 is set up to be a great year for Farfetch, towards strong GMV growth, adjusted EBITDA profitability and positive free cash flow. All the while we remain steadfast on delivering our strategic vision of becoming the global platform for luxury.”

For the full year 2023, the retailer anticipates GMV of approximately $4.4bn and digital platform GMV of approximately $3.85bn.

Farfetch expects approximately $2.5bn in revenue, up from $2.3bn in FY2022.