Christmas sales dive

Even though the second half sales flourished, retail group Moss Bross hasn't much faith in the Christmas sales season. According to Moss Bross less shoppers have fiscally entered its stores and actually purchased their products. In the last four and a half months sales went down with 3.7%, causing their shares to dive from 6.25p to 31.75p.

The disipointing numbers illustrate the tough trading conditions in the retail sector. Profit warnings by other retailers won't come as a surprise, and are likely to be followed by gastronomical and high street companies. The British Retail Consortium is suggesting a reduction in interest rates.

In regards to online shopping, things are working out for the better. The revenues for fashion retailer ASOS have been going up in the six months to the end of September with 83% to £32 million, with profits moving from £300.000 to £2.4 million.

Source: London Lite