Executive Summary

• Farfetch 1Q19 revenues grew 38.6% to $174.1 million, beating the $171.1 million consensus estimate, primarily driven by 43.2% growth in platform services revenue to $141.8 million.
• GMV rose 43.2% to $419.3 million, driven mainly by an increase of 64.3% in active consumers to 1.7 million.
• The company reported adjusted EPS of $(0.22), missing the $(0.15) consensus estimate but improving from $(0.18) in the year-ago quarter.
• Guidance for 2019 includes 41% growth in GMV and an adjusted EBITDA margin of (16-17)%, slightly higher than the 4Q18’s outlook of 40% growth in GMV and an adjusted EBITDA margin of (18-19)%.