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Merchant Retail

March 2002

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.

KBC Peel Hunt has issued a buy note on Merchant. This forecasts thatfor the year which ends this month, pretax profit will be Â£10.3m for eps of 7.1p. The forecast for the following two years is Â£8.1m and Â£10m, producing eps of 8.1p and 10.0p, respectively. However,these make little allowance for any earlier-than-expected expansion ofa proposed new venture into skincare, colour and makeup, a marketwhich is worth Â£2.5 billion - four times larger than that for fragrance. Since our original recommendation at just 17p inMay '96, Merchant has grown its Perfume Shop brand from nowhere toaround 12% of the UK market (behind Debenhams with 14% and Boots with35%).The shares have climbed almost seven-fold. ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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Merchant Retail

March 2002

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