Coupang has reported a double-digit increase in sales for the fourth fiscal quarter, driven by the addition of the Farfetch business.
The New York-listed, South Korean company recorded net revenues of $8 billion in the quarter ended December 31, up 21 per cent on a reported basis and 28 per cent on an FX-neutral basis.
Excluding Farfetch, the growth was 14 per cent on a reported basis and 21 per cent on an FX-neutral basis.
Sales of the product commerce segment rose 9 per cent to $6.9 billion, with active customers growing 10 per cent to 22.8 million.
The developing offerings segment’s revenues surged 296 per cent to $1.1 billion. Excluding Farfetch, the segment recorded a 124 per cent growth.
Gross profit for the quarter increased 48 per cent to $2.5 billion. Excluding Farfetch and the fulfillment center fire insurance gain, gross profit was up 29 per cent.
Net income attributable to Coupang stockholders was $156 million, down $876 million from last year. The decline was due to the non-cash tax benefit of $895 million in Q4 2023 from changes in tax-related reserves.
Excluding Farfetch and the fire insurance gain, net income was approximately $77 million.
For the full year, net revenues were $30.3 billion, increasing 24 per cent on a reported basis and 29 per cent on an FX-neutral basis. Excluding Farfetch, the growth was 17 per cent on a reported basis and 23 per cent on an FX-neutral basis.
Net income was $154 million, a decrease of $1.2 billion from last year. Excluding the fire insurance gain, the KFTC administrative fine recorded in Q2 and Farfetch losses, net income was $407 million.
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