The British online fashion retailer Farfetch saw gross sales value rise by 46 percent in the first quarter of 2020 to $610.87 million, while the net loss increased slightly to $79.18 million from $77.69 million a year earlier.
Revenue increased by 90 percent to $331.44 million. The gross margin narrowed to 46.3 percent from 47.9 percent but the adjusted Ebitda margin improved to a negative 7.4 percent from a negative 20.7 percent.
The company said that the Covid-19 pandemic had no material impact on its first-quarter results but could have on its future performance. The crisis could disrupt supply, potentially delaying the autumn/winter 2020 collection and shipments as well as weaken consumer sentiment and reduce discretionary income.
In light of the uncertainty surrounding the evolution of the pandemic, the company did not provide guidance but is still targeting adjusted Ebitda profitability for the full year of 2021.