SP

SP has dropped over the last few months on very thin volumes. Mgmt has confirmed ongoing growth in Rev and Profts so decline must be due to general decline in retailers and the poor BBG result. GLB looks to be going well. From what I can see they will have slower growth in Europe (which they have flagged). Aust looks to still be growing with good volumes and sell thru in the major channels . U.S. Is the one that I would say looks particularly good. Pacsun has seen a strong growth in the both shoe and apparel lines and Zumiez also looks to have taken a larger range. Both of these have over 600 stores each. Urban Outfitters and Nordstrom also look to have good increases in volume and range. That's my 2 cents worth so I expect a good half year result and an increased div to 4 cents and full year to 5 cents .