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"The timing couldn't have been rougher," says links of london charms, one of the portfolio managers -with his brother, Russell -of the Croft Value Fund. But I-Paper has shown signs of life lately. Last month it boosted its dividend 50%, to Links of London Classic Oval Bangle a year, restoring its payout to pre-recession levels. That may not be all. "It's been paying down debt and focusing on operations where the cash flows have picked up, " says Croft With Links of London Classic Smiley Charm in cash, the Crofts figure I-Paper can hike the dividend further-perhaps by as much as 33% -and buy back as much as 11% of its float Meanwhile, it's relatively cheap -at nine times next Links of London Classic Smiley Minx Charm earnings-while expected to grow profits 35% this year, and 17% next. "This is an industry no one cares much 3DOUt" Croft added. "But IP management has really focused on shareholder value."The US clothing stores industry includes about 100,000 stores with combined annual revenue of about $150 billion. Large companies include TJX Companies (TJ Maxx, Marshalls); Gap; Limited Brands; Ross; and Abercrombie & Fitch. The industry is concentrated: the 50 largest companies account for about 65 percent of industry revenue.The industry includes stores that sell clothing accessories.