Farfetch Reports Rare Drop in Online Sales

Farfetch reported its first year-on-year drop in sales as a public company Thursday, joining other e-commerce firms in struggling to find an answer to the post-pandemic resurgence of physical retail.

Gross merchandise value — a measure of goods primarily sold through its online luxury marketplace — fell nearly 5 percent to $967 million in the third quarter. Revenue rose under 2 percent to $593 million, falling slightly below analysts’…