Finweek English Edition - - INVESTMENT -

A tough set of re­sults for Hold­sport as sales, HEPS and op­er­at­ing profit were all up in low sin­gle dig­its. Adding to the woes was cash, down al­most R60m, and like-for-like sales up only 2.5% with 4.6% inf la­tion, in other words, go­ing back­wards. I’ve never been in­spired by Hold­sport, and while some as­set man­agers like the com­pany, I don’t share their en­thu­si­asm. Sure, we’re a sports-mad coun­try, with lots of sunny days to use and wear sport­ing equip­ment and clothes, but the num­bers here sim­ply do not make for a


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