Spend, spend, spend

Everybody knows director Mike Ashley too, perhaps the best-known FTSE 250 boss. His personal brand isn’t so strong, especially if you live in the Newcastle area. That didn’t worry investors while the Sports Direct share price was racing away, but it fell from grace as many questioned his strategy of mopping up distressed retailers, seemingly at random.

His spending spree has included Bob’s Stores and Eastern Mountain Sports in the US, alongside UK purchases Evans Cycles, Sofa.com, Game Digital, fashion firm Jack Wills, and his best-known acquisition, House of Fraser, which completed in August 2018 at a cost of £90m.

Ashley missed out on Debenhams and online retail and education group Findel (now known as Studio Retail), while other targets have included Patisserie Valerie, LK Bennett and Hamleys.

Second thoughts

Investors cannot quite decide whether he is the ‘saviour of the high street’ seizing a “generational opportunity”, as he has called it, or is deluded by dreams of omnipotence. While others flee the high street meltdown for online safe havens, Ashley has been heading into the conflagration.

In this respect, he is following one part Warren Buffett’s famous mantra, by being “greedy while others are fearful”, but greed isn’t always good. Online shopping, squeezed wallets and an uncertain economy make this a brave call.

Even Ashley has had second thoughts, admitting at one point that he regretted his purchase of House of Fraser, which was losing almost £3m a week.

What’s in a name?

Despite that, Ashley has doubled down on his acquisition, by relabelling Sports Direct as Frasers Group (LSE: FRAS), in a bid to shift his retail empire way upmarket. So is there substance behind it?

Last year, analysts were sceptical, with 50% recommending investors sell, according to research from AJ Bell. Only Pearson and Marks & Spencer were more reviled. But while Pearson fell 5% and M&S 31%, they got it wrong with Frasers Group, as the share price soared a stonking 92.5% across 2019, turning a £10,000 investment into £19,250. Unsurprisingly, this has prompted many to take a second look.

Posh boy

In a further shift upmarket, Frasers Group recently bought a 12.5% stake in the luxury British handbag maker Mulberry, as part of its “key strategic priority” to reposition the group towards “premium third-party brands”. 

Other Frasers Group brands include Donnay, Flannels, Karrimor, Kangol, Lillywhites, Lonsdale, Slazenger and a 26% stake in French Connection.

With its recent Belgian tax issues apparently cleared up, the £2.4bn group’s outlook seems brighter. My worry is that Ashley is building his empire on unstable ground, as the high street remains under massive pressure and I cannot see where the recovery will come from. Going upmarket may help, but is it too little, too late?

Don’t buy expecting a repeat of the recent share price surge, I’d rather watch and wait. Whatever happens next, it won’t be boring. Mike Ashley never is.

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Personally, I am willing to overlook Ashley’s brash way of doing business because it seems to be working. He has created a retail empire with Sports Direct and, if anyone is going to succeed turning around the stable of struggling businesses the company has recently acquired, it will be him.

Buy, build, sell

Buying assets at distressed prices has been Ashley’s playbook for years. Many of the brands owned and stocked in Sports Direct’s stores were acquired at distressed prices but were given new life under the group’s umbrella.

Take Dunlop for example. Sports Direct acquired Dunlop Slazenger for around £40m in 2004, which gave it exclusive rights to the Dunlop, Slazenger and Carlton brands. After more than a decade of ownership, Sports Direct sold Dunlop Brands to Japan’s Sumitomo Rubber for £112m in 2016 an annual return, according to my calculations, of approximately 9% excluding any profits earned.

Ashley’s buy-cheap-and-build model has enabled him to grow Sports Direct into a global retail giant.

For 2019, City analysts believe it can achieve sales of £3.7bn and a net profit of £86m. This profit figure is significantly below where the group was in 2017 (£229m) because the business is spending tens of millions of pounds on new deals, such as the acquisitions of House of Fraser and Evans Cycles.

Ashley seems to believe he’s the only person who can turn these businesses around and rescue the UK high street, but many analysts are sceptical.

Only time will tell if Ashley is doing the right thing. But as he owns around two-thirds of the company’s shares, he has more to lose than most and is highly incentivised to achieve the best result for investors. That’s why I think it could be worth backing him. 

A new deal

Yesterday, Sports Direct announced yet another new deal. The firm wants to buy home shopping company Findel (LSE: FDL) for 161p per share, or £139m in total.

Sports Direct already owns 36.8% of Findel, so it was really only a matter of time before the company made an official offer for its smaller peer. However, Findel’s management immediately rejected the offer saying that it “significantly undervalues Findel and its future prospects.” I agree with them. Only a few weeks ago, shares in Findel were dealing above 170p.

I think this could be an excellent opportunity for investors to snap up shares in Findel as it’s most likely Ashley will be forced to up his offer.

Right now, the stock is changing hands at a forward P/E of just 6.2 times forward earnings and while Ashley likes to buy distressed assets, this multiple appears outrageously low for a profitable, growing business.

City analysts believe net profit will increase 30% over the next two years to £24.5m. On this basis, I reckon in the best case scenario, the shares should command a low single-digit valuation multiple, implying a price of at least 250p per share, or 55% above Ashley’s current offer.

Of course, this is only speculation. But, as I said above, I think it’s likely Sports Direct will ultimately acquire Findel. The only question is when?

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This sporting life

The FTSE 250 company is down another 2% today after publishing its first-half results to 28 October that revealed a 26.8% drop in underlying profit before tax to £64.4m. This was down to recent acquisition House of Fraser, whose underlying EBITDA fell by £31.5m. Excluding the troubled store, underlying EBITDA rose 15.5% to £180.3m.

The group’s debt increased 27% to £505.5m since 29 April, while it also “recognised £76.7m of value reductions relating to Debenhams and various other investments”.

This is a tough time for the high street but UK Sports Retail revenues slipped just 0.2% to £1.14bn. There were other positives today, including a 4.5% rise in group revenues to £1.79bn, with group gross margins up from 38.6% to 41.5%.

House call

The market response has been mild because everybody knew Ashley was taking on a challenge with House of Fraser. As he said today: “The previous House of Fraser senior management team traded the business whilst it was insolvent for a long time, this means we have significant challenges ahead in turning House of Fraser around”.

He remains optimistic, saying: “I genuinely believe we have acquired a fantastic opportunity”, and calling on the support of local councils and landlords to support his bid to “turn House of Fraser into the Harrods of the High Street”.

Street fight

Ashley was keen to hail the success of the wider group, which he says is impressive amid current high street struggles, and said underlying EBITDA should remain in its previously communicated growth range of 5%-15% by year end, although “including House of Fraser we expect to be behind last year’s result”.

Ashley is either brave, crazy, or something you might chant at a football match but I wouldn’t write here. The question isn’t whether House of Fraser has problems but whether he can turn it around, and also make a go of recent purchase Evans Cycles, and the hefty stake in Debenhams.

Hero to zero

A big danger with investing in a company with a dominant central figure like Ashley is the risk of hubris in a self-made man. You can see how intoxicating it must be to appoint yourself as the saviour of the high street, and how it could end in financial tragedy.

At least consumers’ wages are picking up, but Brexit is no nearer being resolved and few bricks and mortar stores have found a solution to the digital shopping revolution, although Sports Direct has done well with its policy of discounting luxury brands.

Trading at 13.8 times earnings, I expected a bigger discount. City scribblers forecast that EPS will fall 2% in the 29 financial year, but rise 16% in 2020, which is something. Sports Direct has a fight on its hands. Ashley likes a dust-up. Do you?

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Looking back further, the Mike Ashley-led business has lost 50% of its value over the past five years. So what’s gone wrong for the UK’s largest sports retailer, can it be turned around, and are the shares a bargain purchase right now?

Tough trading

The company has suffered from the severe downturn in the UK’s high street retail sector, and a couple of bad years saw underlying earnings per share crumble by 70% to just 11.4p in 2017. Long-running controversy concerning allegations of poor working conditions at the firm’s factories haven’t helped, and shareholder discontent led to the resignation of chairman Keith Hellawell on AGM day earlier in September.

Mr Hellawell had only narrowly survived a shareholder vote the previous year, and his departure was met with complaints from Mike Ashley that shareholders had stabbed him and the company in the back. The Unite union’s Steve Turner welcomed the departure, but was moved to wonder will “his replacement stand up to Mike Ashley in the interests of workers and shareholders?“

In an investment candidate, I really like to see a company where everyone is pulling together in a positive environment: board, management, workers. I’m certainly not seeing that at Sports Direct, and that’s a big negative for me.

Profits recovering?

Having said that, although the year to April 2018 showed a big fall in reported pre-tax profit (down 72.5%) and reported EPS (down 88.3%), the underlying figures looked considerably rosier with pre-tax profit up 34.5% and underlying EPS up 74.6%. 

Sports Direct has been hit by troubles at Debenhams, in which Mr Ashley has built up a near-30% holding, and what’s going to happen at House of Fraser and other retailers in which he has established a stake is hard to determine at the moment.

On the valuation front, forecasts are suggesting solid EPS gains over the next two years, which would drop the stock’s P/E multiple to 13.5 by April 2020.

That’s a little below the FTSE 100‘s long-term average of around 14, so it looks superficially attractive. But there’s no dividend from Sports Direct, while the Footsie looks set to deliver around 4% this year. On that score, I’m not seeing an obvious bargain valuation.

Too much uncertainty

Added to that, net debt more than doubled to £397m in the year to April. And though it might not look too demanding at only around 1.3 times underlying EBITDA, it’s not a trend I like to see at the best of times, and certainly not during such tough times for retail firms.

I really wouldn’t be surprised to see Sports Direct shares pick up over the remainder of 2018, and last time I took a look inside one of the company’s stores it appeared well-stocked and reasonably busy.

But the big problem for me is that I’m not seeing a clearly joined up, all-working-together company with a clear vision. For that reason, I’m staying away.

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Kicking the tyres

The legendary US fund manager Peter Lynch advised investors to test out businesses before they invested. So when I found myself out and about with time to spare last weekend, I decided to do a bit of retail research.

The first retailer I visited was Sports Direct International (LSE: SPD). In the past I remember the firm’s stores as being messy and cheap looking. But I was pleasantly surprised this time. The quality of the stock and the store environment were both better than I remembered.

Indeed, the store I visited seemed very similar to a nearby branch of multi-bagger rival JD Sports Fashion.

It’s all about the big man

Sports Direct founder Mike Ashley has a habit of buying up other retailers. His current portfolio includes fashion retailer Flannels and House of Fraser. He’s also the largest shareholder in Debenhams and Game Digital.

In my view, investing in Sports Direct is effectively a bet on Ashley’s talents as a retail boss and investor.

This is highlighted by the firm’s latest accounts. Net cash from operating activities rose by 26% to £326m last year. Measured against underlying pre-tax profit of £152.9m, I think that’s a pretty strong performance.

However, the group also spent £292.1m on investments in other retailers. If we include spending on the group’s own stores and £155m of share buybacks, last year saw a cash outflow of about £200m. Net debt doubled to £397m.

Broker forecasts for the current year put Sports Direct on a forecast P/E of 16.7. This stock could look very cheap in a few years, if Ashley’s investments are successful.

I’m more confident than I was, but I still don’t feel able to call this.

Long-overdue changes

Elsewhere in the same town, I came across a branch of Marks and Spencer Group (LSE: MKS). When I visited a year ago, it was open. But it’s since been closed as part of chief executive’s Steve Rowe’s long overdue shakeup of the group’s store estate.

In his 2018 results presentation, Rowe admitted that M&S had more than 2m sq ft of unproductive store space. Amazingly, the group’s worst-performing stores have been in the same location for more than 75 years.

Rowe’s plans suggest that previous bosses have been in denial about the retailer’s costly store estate and inefficient supply chain. Major changes are also planned to food and clothing ranges. These have lost the reputation they once had for innovation and style.

I’d back this man

This complex turnaround programme is being overseen by M&S chairman Archie Norman, whose previous roles include running Asda and chairing ITV. Norman has an impressive record as a retail turnaround specialist. His time at ITV also suggests to me that he has a good understanding of digital marketing and the internet.

Marks & Spencer’s financial performance remains sound and the group continues to generate plenty of cash. At current levels, the shares trade on 11 times forecast earnings and offer a forward yield of 6.2%.

I understand the problems here and can see a solution. M&S is on my watch list, and I’m tempted to buy.

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Bad Sports

Sports Direct is still up 45% over the year, against around 7% for the FTSE 100, so long-term investors can take this on the chin. However, it does suggest that Mike Ashley’s group may have slipped up. The controversial boss began building a stake in department store Debenhams in 2017, and now owns nearly 30% of the group. The result: an £85m hit following the collapse in the troubled retailer’s share price, down 70% on a year ago.

Debenhams is not the only strategic investment Sports Direct is pursuing, it also has a stake in House of Fraser, French Connection and Goals Soccer Centres, although to what end, nobody really knows.

Street life

Although Sports Direct’s revenues rose 3.5% to £3.36bn, this was mostly driven by recent US acquisitions, with sports retail sales falling 2% in its main UK market. There was some good news, with strong pre-capex free cash flow rising almost 27% to £326.2m, although net debt more than doubled to £397.1m, due to the purchase of its own shares, strategic investments and investment in property. The National Living Wage also hurt.

Sports Direct also has to contend with the UK retail blight, although that may work in its favour as high street competitors go to the wall. The England World Cup run may have boosted sales too. At a forecast valuation of 24.2 times earnings, you are paying a high price for buying into failure, although that does not deter Peter Stephens. There is no yield either, and earnings per share are forecast to fall another 11% in the year to 30 April 2019. All this and Mike Ashley too? Not for me.

Mellow Yellow

Self-storage specialist Big Yellow Group (LSE: BYG) has also shone over the last year its share price rising 22% in that time. It is shining today as well, up 1.5% after publishing an update for the first quarter to 30 June. 

The statement showed that its 74 Big Yellow stores increased like-for-like closing occupancy to 84.2%, an increase of 2.6 percentage points from 30 June. Its average achieved net rent per sq ft increased by 3.2% compared to the same quarter last year.

Store of value

The group’s like-for-like revenue increased by 7.6% on the same quarter last year, driven by a combination of growth in occupancy and rates. It is also pressing ahead with other developments, extending in Wandsworth and Wapping, constructing a landmark store in Manchester city centre, and submitting an application for a planned store at King’s Cross. 

CEO James Gibson reminded investors that it continues to follow a “more aggressive expansion strategy, largely through the acquisition of raw land”. A forecast yield of 3.4% makes this FTSE 250 stock  an attractive pick for income investors, despite its elevated valuation, currently 22.7 times earnings. Management is under fire for its executive pay practices, with Royal London Asset Management leading the charge. However, for me the future looks bright, the future looks Yellow.

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Recovery and up-trading

City analysts following the firm expect earnings to post gains close to 42% for the full year to April 2018, and 13% for the year after that, which suggests the underlying business could be recovering after a couple of years of falling earnings. The company’s strategy aims to shift the retail proposition higher up the market by opening a new generation of stores and developing “elevated sports and lifestyle space.”

In these results, Premium Lifestyle revenue shot up almost 66% over last year, which sounds like solid progress with the strategy. However, the division still only amounts to 4% of total revenue so there’s a long way to travel before Sports Direct realises its ambitions. Yet I can’t argue with its progress on earnings, which is backed by an almost 17% lift in free cash flow.

I’m not keen on the 159% rise in net debt to almost £472m since April. The directors put the rise down to “continued long term investment in strategic relationships”, which is fine, “the high street elevation strategy”, which is also fine, “and the share buyback programme”, which doesn’t benefit the underlying business. I think it’s questionable whether any firm should be buying back its own shares when it still has debt. Maybe the cash would have been better spent paying down borrowings.

Nevertheless, I think the firm’s business turnaround could have legs. But with the forward price-to-earnings ratio hovering close to 21 for the next trading year, and zero dividend, I think the valuation is ahead of itself so I will watch from the side lines.

Big yield, sliding share price

Over the past two-and-a-half years, investors in outsourcing specialist Capita (LSE: CPI) have endured a 68% plunge in the share price. I last wrote about the firm in October when the stock was at 561p. Sadly since then, the price has slipped to around 410p, down around 12% as I write today following the release of this morning’s pre-close trading statement. It looks like my concerns about the company’s lack of growth are playing out.

The statement contained a mix bag of news with a profit warning in the middle regarding the Private Sector Partnerships division: “We anticipate a higher level of contract and volume attrition which, subject to mitigating actions on sales conversion and costs, could impact upon the performance of the division in 2018”. The firm also warned that the end of two major software licences in the second half of 2016 will likely “result in a decline of profits in the Digital & Software Solutions division”.

Today’s market is not one that ignores profit warnings and stock reactions can be brutal. City analysts following the firm expect earnings to tumble 14% this year and to bounce just 3% during 2018, so where’s the incentive to buy the shares? You could load up to harvest the dividend. The forward yield now sits just over 7.6% for 2018, but that’s in dangerous territory, especially when you consider that predicted forward earnings cover the prospective payment just one-and-a-half times. There’s not much room for manoeuvre, so if further operational challenges come along the dividend could be vulnerable. Safer dividend yields are available on the London stock market, so I’m avoiding Capita.

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Kevin Godbold has no position in any of the shares mentioned. The Motley Fool UK has recommended Sports Direct International. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

This sporting life

Naturally, it is all about expectations. City analysts were forecasting a healthy 10% increase in revenues to £3.18bn but with pre-tax profits likely to halve, and that is pretty much what they got. Investors already knew that Sports Direct had been hit hard by the higher minimum wage and falling pound, but were encouraged by signs of a brighter future, and the appointment of a new finance director.

Preliminary results for the year ended 30 April 2017 showed group revenue up 11.7% to £3.25bn, beating forecasts, but with underlying profit before tax down a massive 58.7% to £113.7m, largely as expected. Revenues looked healthy with 6.3% growth in UK sports retail to £2.14bn, while international sports retail revenue rose a more impressive 38% to £665.6m.

Ash cash

The market was also cheered by the optimistic outlook, with Sports Direct aiming to achieve growth in underlying EBITDA growth of between 5% and 15% in the full-year 2018. 

Mike Ashley continues to pursue his dream of turning Sports Direct into the “Selfridges” of sport by migrating to a new generation of stores to showcase products from its third party brand partners. “We have invested over £300m in property over the last year, and I am pleased to report that early indications show that trading in our new flagship stores is exceeding expectations,” he said. 

Direct equity

He also assured investors that he will conservatively manage the sterling/dollar volatility that hammered full-year EBITDA while warning that like many UK retailers, the company remains exposed to currency fluctuations. He also announced the appointment of new chief financial officer Jon Kempster, formerly finance director of logistics and distribution group Wincanton.

Despite today’s good cheer, Sports Direct still has a fight on its hands, as it battles shareholder and politician concerns about corporate governance and UK working conditions, with shoppers also squeezed by stagnant wages and rising inflation. However, analysts praised its recent move to acquire a 26% stake in video games retailer Game Digital, which has similar customer demographics, and all eyes are now on its $100 million US venture.

Sports Direct may be a winner today, but with earnings per share (EPS) forecast to drop another 17% in 2018, and pre-tax profits possibly falling below £100m, tomorrow will still be tough. 

Fashion fun

Online fashion retailer ASOS (LSE: ASC) might tempt those looking for a faster growth story, with the company recently reporting a 32% rise in sales in the four months to the end of June, with international revenue up 44%. The group expects sales growth for the current financial year to be at the upper end of its 30%-35% range.

Sales rose 16% in the UK but really delivered the goods in the US and EU, where they flew 38% and 41% respectively, and 54% in the rest of the world. The number of active customers is rising sharply, while EPS are forecast to rise 23% in 2017, and 29% in 2018. ASOS is a thrilling growth story, the big question is whether you are willing to buy in at today’s forecast valuation of 75 times earnings.

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Harvey Jones has no position in any of the shares mentioned. The Motley Fool UK owns shares of and has recommended ASOS. The Motley Fool UK has recommended Sports Direct International. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes

In this article I’m going to look at one UK-based brand that’s getting it right in the US, and another company that’s just announced plans for a bold move across the pond.

Is this guy for real?

Sports Direct International (LSE: SPD) surprised markets on Friday morning with news that the group will spend $101m to take control of a bankrupt group of 50 sportswear and outdoor stores in the eastern USA.

The firm has acquired the businesses of Bob’s Stores and Eastern Mountain Sports. The firm says these will be used to “establish a footprint in US bricks-and-mortar retail and a platform from which to grow US online sales”.

It’s a bold move by Mike Ashley, founder and CEO of Sports Direct. The group already has more than 700 stores in the UK and Europe. It’s also experimenting with a move upmarket, through brands such as London retailer Flannels and an indirect stake in lingerie firm Agent Provocateur.

Investors may wonder if Mr Ashley has the financial resources and management bandwidth to successfully launch a new venture into the crowded US sportswear and outdoor market. His rapidly expanding empire could end up imploding.

This could work

On the other hand, it’s possible that Mr Ashley is one step ahead of the market.

Although Sports Direct’s underlying earnings are expected to fall by 55% this year, much of this is due to currency headwinds. Underlying group revenue rose by 4.2% during the first half of the year. The growing strength of the pound could soon repair some of the damage to Sports Direct’s profit margins.

In the US, a recent round of mergers and bankruptcies among retailers could put Mr Ashley in a better position to succeed than his stores’ previous owners.

Analysts remain downbeat on Sports Direct, and are forecasting an 8% decline in earnings for 2017/18. I’m not sure how to call this one, so I’m going to stay on the sidelines for now.

A US success story

I don’t think that investors need to be concerned about the US activities of fashion brand Ted Baker (LSE: TED).  The group’s US and Canada sales rose by 28.3% to £103.4m last year, accounting for about 19% of all sales.

This percentage broadly matches the group’s store numbers in North America. Ted Baker has 111 stores in the US and Canada, representing 22% of the company’s total of 490 stores.

Although the firm doesn’t seem to provide a breakdown of profit by location, I think it’s probably fair to assume that its US operations are profitable. Looking at the bigger picture, Ted Baker’s earnings per share have risen by about 20% every year since 2012. The group’s dividend has risen by an average of 16% per year over the same period.

With a track record like this, I’m not surprised that Ted Baker shares trade on a forecast P/E of 22. The group’s high profit margins have enabled it to fund growth without excessive debt. Further gains seem likely to me.

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Overall in the past 12 months, the UK’s general retail sector has declined by 10.8%, and the only category that’s delivered a worse performance is telecoms, thanks to troubles at BT and Talktalk. 

Marks & Spencer (LSE: MKS) and Sports Direct (LSE: SPD) bore the brunt of the retail selling last year with shares in the companies declining 23% and 52% respectively. The big question is, can these retailers stage a comeback over the next few weeks if UK retail sales data continues to show positive trends? 

Heading in the right direction 

At the beginning of 2017, Marks & Spencer reported a 5.9% increase in group sales for the 13 weeks to the end of 2016. Chief executive Steve Rowe said that low prices and increased choice at the group’s clothing and home division helped to improve performance in a challenging marketplace. Investors seem to like this news as, in the weeks following, the shares have gained 3%.

However, these gains will only continue if Marks can prove to investors that the group is heading in the right direction. UK retail sales figures will help convince investors that this is the case as following last year’s Brexit vote, investors have been keeping a keen eye on those numbers for the first sign of any slowdown in retail activity.

January’s retail sales figures have already disappointed, but in the run up to Christmas, retail sales boomed. So consumers could be just working off a Christmas spending hangover. It will be some weeks before we find out if the UK shopper has sprung back to life in February. 

City analysts are expecting Marks to report a decline in earnings per share of 17% for the year ending 31 March and the shares trade at a forward P/E of 11.6 based on these figures. If the company surprises to the upside when it reports results, there could be a sudden upward correction in the share price. 

Correcting mistakes 

After falling 52% last year, shares in Sports Direct are off to a good start this year. The shares have added 9% as investors return to the company following last year’s scandals. 

Sports Direct is yet to report trading figures for the Christmas period but peer JD Sports has already reported strong trading over the period, which bodes well for its rival. 

Based on recent gains, it seems as if investors are already beginning to regain trust in Sports Direct and just like Marks, if UK retail trading figures show an improvement in consumer demand, it could attract further interest. The shares currently trade at a forward P/E of 19.4 as earnings per share are expected to plunge 56% this year. Due to this downbeat forecast, any slight improvement in trading could see the shares rapidly rebounding higher. 

The post These FTSE 100 stocks collapsed in 2016. Can they rebound in February? appeared first on The Twelfth Magpie.

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Rupert Hargreaves has no position in any shares mentioned. The Motley Fool UK has recommended Sports Direct International. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.