The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
OTTAWA, Canada — Canada's Shopify Inc raised its 2019 profit and revenue forecast on Tuesday, as a booming e-commerce market boosted demand for its tools used in buildings online shopping apps and websites.
The company, which has been investing heavily to increase its market share, launched a new line of point-of-sale hardware and more recently introduced story advertisements on Snapchat to attract new merchants.
Shopify said it now expects full-year adjusted operating income of $20 million to $30 million and revenue of $1.48 billion to $1.50 billion. It had previously forecast adjusted operating income of $10 million to $20 million and revenue of $1.46 billion to $1.48 billion.
Revenue from Shopify's merchant solution business rose to $180 million in the first quarter ended March 31 from $114.1 million.
ADVERTISEMENT
However, net loss widened to $24.1 million from $15.9 million a year earlier, as costs surged 50 percent to $216.1 million
Excluding items, the company earned 9 cents per share, compared with a loss of 5 cents estimated by analysts, according to IBES data from Refinitiv.
Revenue for the quarter rose 50 percent to $320.5 million.
By Ahmed Farhatha; editor: Anil D'Silva.
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.