STOCKS NEWS EUROPE-Ideal Shopping up; sales surprise

Shares in Ideal Shopping Direct (IDLS.L) rise nearly 9 percent after the British televison shopping company reports sales in the 21 weeks to May 24 were up around 2 percent, prompting Altium Securities to improve its forecasts after the numbers beat its previous estimates.

The group, which operates the Ideal World 24-hour shopping channel, adds that it continues to gain new customers and it is optimistic it will return to profitability in the medium term.

Altium now estimates a 1.5 million pound loss for the year, compared to 2.9 million pounds previously, adjusting for 2 percent sales growth throughout the year, from a small decline.

"The increased forecasts introduce meaningful positive EBITDA by full-year 2011, a year earlier than under our previous forecasts," the broker says.

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