Shares of Farfetch Ltd. tumbled 22% in premarket trading Friday after the luxury fashion company missed sales expectations for its third quarter.
Farfetch (FTCH) said it earned $769 million, or basic per-share earnings of $2.09, in the quarter, swinging from a loss of $537 million, or $1.58 a share, in the year-ago quarter. Adjusted forone-time items, the company lost 14 cents a share.
Revenue rose 33% to $583 million. FactSet consensus called for a loss of 24 cents a share on sales of $591 million.
The company remains on track to achieve its goal of a full-year adjusted EBITDA and gross merchandise value above its long-term target, founder and Chief Executive Jose Neves said in a statement.
Brands and retailers are listing "more luxury products than ever," he said.
Farfetch guided for full-year 2021 adjusted EBITDA of about $5 million, and of around $40 million for the fourth quarter. Risks to its performance included "disruptions" to operations, fulfillment, and shipments and increased operation costs, the company said.
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