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Sports Direct announce 'record' profits

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Sportswear giant Sports Direct has announced a record revenue increase this year as the company continues to show strong growth in the UK and Europe.

The company, which opened 56 stores in the UK and Europe this year, announced a sales increase of 21 per cent to £2.19bn.

Dave Forsey, Chief Executive, said that the sports chain had benefited from the UEFA European Championships and the London Olympics and maintained that the company would continue to be ‘the Consumer’s Champion.’

The group now has a sizeable premium lifestyle portfolio and includes USC, luxury chain Cruise and nine-store branded fashion store Van Mildert. Half a million extra shoppers have entered its doors in the past six months.

The 400 store retailer, 64 per cent owned by founder Mike Ashley, has seen its shares rise by more than 40 per cent over the past year.

Ian Mitchell, business unit director at Kantar Worldpanel, commented: “Sports Direct has managed to perform well in a relatively stagnant market. It has been boosted by shoppers switching their spend from other retailers, especially value outlets and supermarkets, a trend which was worth £15m to the retailer in the past six months. It also continues to benefit from the demise of rival JJB.”

There was a strong growth in online revenue of 52.1 per cent for the retailer, which now represents 15 per cent of total sales.

However, Forsey hinted that this year may not be quite so lucrative for the retailer with 2013 a ‘non tournament year.’

Published on Thursday 18 July by Editorial Assistant

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