Farfetch Limited (NYSE:FTCH) Q3 2022 Earnings Call Transcript

I would probably reference other retailers that have said there’s been this return to store. There’s been this wave of US tourism into Europe because of the strong dollar and the weak euro maybe that will reverse as we move forward, and that could cause a little bit of promotion. But now I am really starting to gaze deep into the crystal ball here. So hard to put numbers on it. But I think we just have to trade through. Clearly, we’ve set up with these numbers at Q4 that will be in decline year-on-year. But as we move into 2023, the underlying numbers prove we’ll be able to grow. As we move forward, the FPS clients that will go live will add that growth onto the underlying marketplace and FPS like-for-like growth. We’ll annualize some of these negative headwinds.

At some point through the year, the US dollar strength — too much into the future. But at some point, we will be less of a headwind, and we’ll see the reported number, really return to strong growth and profitability back again next year as we trade through this exciting opportunity ahead of us. So yes, all eyes now on what we can do to set ourselves up right for 2023. And we look forward to taking you through the building blocks of that guidance on December 1, and we also want to take you through a little bit more around medium-term expectations of each of the platforms FPS broken out from marketplaces, broken out from our first-party original brand platform business. So can’t wait to that, and I’m sure investors will be looking forward to that as well.

I think on that, we’ll probably say good night and look forward to speaking to you over the next couple of weeks.

José Neves: See you on Capital Markets Day, everyone. Thank you.