The online fashion retailer Farfetch posted a 49.9 percent year-on-year increase in gross merchandise value (GMV) in the first quarter to $915.6 million, driven by a 59.6 percent surge to $790.0 million in GMV generated on the company’s digital platform. GMV stemming from the brand platform grew to $112.3 million from $107.5 million a year earlier and in-store GMV increased to $13.3 million from $8.5 million.

The company’s revenues grew by 46.4 percent to $485.1 million.

In the quarter, the gross profit margin naroowed to 45.5 percent from 46.3 percent, while the adjusted Ebitda margin improved to a negative 4.7 percent from a negative 7.4 percent.

Farfetch posted a net profit of $516.7 million against a loss of $79.2 million thanks to a $660 million non-cash benefit arising from accounting adjustments.

In the second quarter, the company anticipates digital platform GMV of $910-$945 million, representing growth of 40-45 percent year-over-year, a brand platform GMV of $50-$60 million and a negative adjusted Ebitda of $23-$25 million.

For the full year, it expects digital platform GMV of $3.725-$3.865 billion, up by 35-40 percent year-over-year, and a positive adjusted Ebitda margin of 1-2 percent. If achieved, it would be Farfetch’s first full-year positive adjusted Ebitda.

”Farfetch is off to a tremendous start in 2021 with stronger than expected acceleration in the business in the first quarter and higher full-year growth expectations than initially anticipated,” said founder, chairman and CEO, José Neves.