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In the fourth quarter of 2022, revenue dropped by 5.5 percent, or 36.5 million dollars, to reach 629.2 million dollars, according to a report released by Farfetch on Thursday.

The total revenue for the entire year increased by 3% to $2.3 billion, or 11% in constant currency.

A 9.3% increase in in-store revenue to 24.5 million dollars helped to somewhat offset the fourth quarter revenue fall, which was caused by a 3.7 percent decline in digital platform revenue to 506.4 million dollars and a 16.2 percent decline in brand platform revenue to 98.2 million dollars.

In the fourth quarter, the company’s GMV fell by 11.6% to $1.14 billion, while the GMV of the digital platform fell by 11.7% to $1.01 billion. GMV declined by 4% to $4.06 billion for the entire year, or by 2% when measured in constant currency.

Elliot Jordan will retire from his position as chief financial officer by the end of 2023, according to a separate announcement made by Farfetch.

José Neves, the founder, chairman, and CEO of Farfetch, offered the following statement regarding the results and the departure of the CFO: “I am proud to report Farfetch adeptly navigated unprecedented macro headwinds throughout 2022 to deliver growth on a constant currency basis, with full year GMV of 4.1 billion dollars. I adore Elliott as our CFO and am grateful for his ongoing dedication to the company through the end of the year.

Highlights of Farfetch’s Q4 results

According to the business, third-party revenue was the main cause of a 2.1 percent decline in digital platform services revenue. The revenue from first-party digital platform services climbed 11.5 percent over the prior year, whilst the revenue from third-party digital platform services declined by 10.2 percent.

Revenue from brand platforms declined 16.2 percent, while income from digital platforms was down 11%.

The business went from making a profit of 96.9 million to a loss after taxes of 176.7 million. Basic EPS for the fourth quarter was down 44 cents, and diluted EPS was down 66 cents.

Adjusted EBITDA loss of 34.6 million dollars from a profit of 36.1 million dollars a year earlier. EBITDA Margin fell from 6.3 percent to minus 6.3 percent in fourth quarter 2022.

Farfetch anticipates group GMV of roughly 4.9 billion dollars for the fiscal year 2023, digital platform GMV of roughly 4.2 billion dollars, brand platform GMV of roughly 0.6 billion dollars, and adjusted EBITDA margin of 1 to 3 percent.