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Sports Direct - Strong sales over festive period

April 2009

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • SPD
  • Price:
  • 62p
Sports Direct's trading update for Q3 ending 25 January was respectable enough with group sales 12% higher at £355m, although gross profit only rose £1m to £143m reflecting more expensive imports caused by Sterling's weakness against the US dollar. But this adverse currency movement was mitigated by its policy of forward fixed-rate dollar purchases and euro sales contracts and its overall currency position remains in profit. It also noted that underlying earnings before interest tax depreciation and amortisation for the year to 30 April will be in line with previous expectations at £135m, while Numis' eps forecast for 8.9p is unchanged.  There's probably enough here to reassure investors that its “back to basicsâ ...

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