Farfetch profits $97 million in Q4 2021
The Portuguese-British unicorn has posted a net profit of $97 million in the fourth quarter of 2021.
After the financial markets closed, the luxury fashion platform announced this Thursday that it profited $97 million in the last three months of last year. Regarding FY 2021, Farfetch reported a net profit of $1.47 billion, according to the financial statement presented by the company.
Farfetch registered a profit after tax of $97 million in the fourth quarter of 2021, including “$217 million non-cash benefit arising from impact of lower share price on items held at fair value and remeasurements.”
In the fourth quarter, revenues grew 23% to $666 million. For the year as a whole, the company’s revenues grew 35% year-over-year to a total of $2.3 billion.
The company’s CEO and founder, Portuguese Jose Neves, is quoted in the same statement saying that the fourth quarter “clearly demonstrates the strong momentum” of the platform, adding it has gained market share in 2021. This is also the “first year” of adjusted EBITDA profitability, the CEO revealed.
