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Farfetch (NYSE:FTCH) reported net profit for the year-ended 31 December 2022 [FY2022] of $359m, down 76% from $1.5b in the previous year [FY2021]. Earnings per share (EPS) were down 77% from $4.02 in FY2021 to 93.0c in FY2022.
Annual growth in Revenue, Net Profit and EPS
| Year-ended | 31 December [FY/2022] | 31 December [FY/2021] |
| Revenue, $ Billion | 2.3 | 2.3 |
| Growth in Revenue % | 2.7 | 34.8 |
| Net Profit, $ | 359m | 1.5b |
| Growth in Net Profit % | -75.5 | - |
| EPS | 93.0c | $4.02 |
| Growth in EPS % | -76.9 | - |
Major changes compared with previous year (FY2022 vs FY2021):
Favourable Changes:
- Total revenue up 2.7% from $2.3b to $2.3b
- Debt to Equity down 48.3% from 2.1 to 1.1
- Total liabilities to Total assets down 19.4% from 0.9 to 0.8
- Total non-current assets to Total Assets up from 44.8% to 56.8%
- Current Debtors to Total Assets up from 9.8% to 13.4%
Unfavourable Changes:
- Net profit slumps 75.5% from $1.5b to $359.3m
- EBIT Margin down from 65.3% to 14.7%
- EBIT to total assets down from 38.5% to 9.3%
- Operating Cash Flow is negative
- Sales and marketing expenses to Revenues up from 65.6% to 74.8%
- Profit before tax to Revenues down from 65.3% to 14.7%
- Working capital to total assets down from 31.5% to 19.2%
- Current ratio down 22.7% from 2.3 to 1.8
- Total current assets to Total Assets down from 55.2% to 43.2%
Note:
- Total revenue to total assets steady at 0.6
- Cost of Goods Sold to Revenues up from 55% to 55.8%
- Intangibles to Total Assets up from 40.6% to 47.2%
- Current Inventory to Total Assets up from 6.7%...