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Sports Direct toasts record profits


Sports Direct has posted a year of “record” profit as the World Cup boosted the retailer against tough comparatives last year.

Profit rose 15.6 per cent to £239.5m while revenue rose 23.9 per cent to £2.7bn. EBITDA rose 15 per cent to £331.1m for the year ended 27 April 2014.

The results come a day after Sports Direct owner Mike Ashley withdrew from its Bonus Share Scheme this month following pressure from the City. The sports retailer tried to push through a large payout for Ashley and 3,000 other employees if earnings double by 2019 for the fourth time. Ashley said he will not approach shareholders again regarding his remuneration until 2019.

The firm opened 300,000 sq ft of extra retail UK space and re-fitted a further 300,000 sq ft.It said it had plans to expand its European shops to 1.9m sq ft across countries such as Estonia, Latvia and Lithuania.

Dave Forsey, chief executive commented: “Overall trading since the year end has been in line with management’s expectations with some stronger weeks offset by England’s disappointing World Cup matches.”

Published on Thursday 17 July by Editorial Assistant

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