MySale and PAS Group marred session in London

Wednesday, 18 June 2014

A couple of faux pas marred the session on Tuesday, when MySale and PAS Group were set to gloomy trading debuts. Meanwhile, falling sales figures from Scotland's high streets show shoppers remain cautious, as per a recent research.

Total sales for Scottish retailers in May came in a 1.6 percent behind than last year’s comparable period, with like-for-like sales down by 2.7 percent. The figures, in the latest Scottish Retail Sales Monitor report, contrast with the situation across the UK as whole, with like-for-like sales up 0.4 percent and total sales 2 percent higher than in May 2013.

"Despite the return of shoppers to Scotland's high streets last month, the growth in footfall simply didn't filter through into an increase in the overall value of retail sales. Scottish consumers clearly remain cautious," said David Lonsdale, director of the Scottish Retail Consortium.

Likewise, David McCorquodale, head of retail at KPMG, said: "May's retail figures in Scotland are disappointingly weak due to three factors - a competitive grocery market, mixed weather and localised caution when spending on bigger ticket items, as reported by the ‘Scotman’.

In London, fashion retailer SuperGroup fell heavily, topping the bottom of the FTSE 250 and closed down 51 percent at 853 pence. The stock has shed nearly 26 percent in the last week, leaving the market wondering.

Finally, MySale dropped 22 percent to 187 pence on its second day of trading, following a dip on Monday caused by the fact the shares were incorrectly quoted in pounds, not pence.

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