This post was originally published on this site
However, with the rapid spread of the COVID-19 Delta variant and decelerating economic growth, the demand for FTCH’s products is expected to decline. In July, retail sales in the U.S. declined 1.1% month-over-month, missing analysts’ estimates of a 0.3% retreat. In addition, online sales declined 3.1% from the prior month.
Consequently, investors have been pulling out of this luxury goods stock. Shares of FTCH have declined 32.3% in price year-to-date and 9% over the past month. It is currently trading below its 50-day moving average of $46.53.
