Farfetch (NASDAQ: FTCH) shares are trading lower after the company reported worse-than-expected first-quarter sales results. BTIG also downgraded the company's stock from Buy to Neutral.
Farfetch is an online luxury fashion retail website. The website’s catalog features designers and brands worldwide.
While some online retailers have seen an increase in customers, Farfetch reported sales of $301.152 million, missing the $313.950 million estimate.
Farfetch shares were trading lower by 11.58% at $14.05 on Friday. The stock has a 52-week high of $23.43 and a 52-week low of $5.99.