Online Luxury Retailer Farfetch Surges as Consumers Keep Splurging
- First-quarter gross merchandise volume tops estimates
- Sales volumes grow sequentially in both US and China
Luxury fashion items displayed at a Farfetch Ltd. pop-up store in London, UK.
Photographer: Luke MacGregor/BloombergFarfetch Ltd shares jumped as much as 21% in pre-market trading following financial results that beat Wall Street’s expectations, a sign that luxury retail could still be a port in the storm amid a slowdown in discretionary shopping.
Gross merchandise volume — the total dollar amount of processed orders — climbed to $931.7 million in the first quarter, Farfetch said Thursday, far exceeding the average analyst estimate of $904.9 million. The company also reported smaller losses than expectations.