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Sports Direct profit jumps 22.7%

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Sports products & clothing retailer Sports Direct has seen gross profit leap 22.7 per cent to £128.6 million in its last quarter as the group’s business model remained resilient, figures released today reveal.

In the nine weeks ending March 31st 2013, group total sales hit £317.4 million, up 14.3 per cent on the same period last year while the retailer’s Sports Retail arm also performed well.

Sports Retail sales rose 13.6 per cent to £264.3 million while Sports Retail gross profit increased 22.7 per cent to £104.8 million, though the group saw sales increases across all categories as its popularity continues to soar.

Premium Lifestyle sales grew to £18 million over the period, a 76.5 per cent rise on the same period in 2012 with gross profit jumping 42 per cent to £7.1 million while revenue at the Brands division rose 0.3 per cent to £35.1 million as gross margin climbed 16 per cent to £16.7 million.

Sports Direct acquired youth fashion retailer Republic in February after the latter collapsed into administration and rumours abound about further acquisitions in the coming months.

“The strength of this performance during the nine week period continues to demonstrate the resilience of our business model, especially in the UK,” Dave Forsey, CEO of Sports Direct International, conceded.

“Within our Sports division, online sales now represent around 15 per cent of total Sports Retail sales.

“As we announced in the Interim Management Statement in February 2013, we are certain of reaching our 2013 full year targeted underlying EBITDA of £270 million (before the charge for the bonus share schemes).”

Published on Wednesday 24 April by Editorial Assistant

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