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Blacks Leisure said like-for-like sales were up 5 per cent in the 19 weeks to 14 July.
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Growth was helped by the wet weather in May and June. The group also said the Millets store closing programme is proceeding as planned.
At 343p, Blacks' shares trade on a heady 34 times forecast adjusted earnings for 2008. But the real driver is speculation that 29 per cent shareholder Mike Ashley, the founder of Sports Direct, may make a bid. Fairly priced, given the takeout potential.
Last IC view: Fairly priced, 262p, 6 June 2007
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-IC-1.5.4a-prod - 31/10/2008 13:11:34 - carlos.princz
