Good morning!

Hopefully a relaxing long weekend was had by all. The very changeable, and at times stormy weather over Easter won't have helped clothing retailers - as footfall on the High Street tends to be lower when the weather is inclement.

Although things are not so straightforward now, as retailers also sell online - in some cases it's a highly significant part of overall sales. So quieter shops may at least be partially offset by busier websites. The pure play online retailers, such as ASOS (LON:ASC) and Boohoo.Com (LON:BOO) should do considerably better when the weather hurts physical stores.

I have to say though, the best retailers tend to do well, whatever the weather. It's often used as an excuse by retailers who don't want to admit, even to themselves, that their products are not up to scratch.

Also, bear in mind that a lot of retailers' shares have already dropped a considerable amount - e.g. look at Next (LON:NXT) (in which I hold a long position) which is down 30% since December. Has the business really fallen in value by 30% in 4 months? I don't think so.

Similarly with Sports Direct (LON:SPD) (in which I also currently hold a long position) which has dropped a considerable amount as a result of various problems. However, as with Next, it's still a hugely cash generative business, and maybe "Mad Mike" is happy for there to be as much gloom as possible, in order to buy it back on the cheap? Of course I'm just speculating, but stranger things have happened.

So I think bombed-out retail shares are a good place to go hunting for value, and divis, at the moment. The macro picture is positive for consumer spending, with Living Wage, and pension drawdowns injecting progressively more cash into the pockets of consumers (although offset with cuts to state benefits).

Spaceandpeople (LON:SAL)

Share price: 60p (unchanged today)
No. shares: 19.5m
Market cap: £11.7m

(at the time of writing, I hold a long position in this share)

Results y/e 31 Dec 2015 - no surprises today, as the results for 2015 published today are consistent with the update given by the company on 1 Feb 2016, which I reported on here.

Revenue fell from £15.4m in…

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