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Sports Direct UK retail sales grow 10%


Sports retailer Sports Direct increased its group revenues by 8.3 per cent in its first half, according to financial results released today.

In the 26 weeks to October 24th 2010 UK retail sales increased 9.9 per cent compared to the same period in 2009, totalling £819.9 million.

International retail sales grew 4.6 per cent in the period but brand sales fell 4.7 per cent to £90.6 million.

Dave Forsey, CEO of Sports Direct, said: “The group has continued to perform strongly during the first eight months of this financial year, achieving excellent profit growth across all three main divisions.

“The initiatives we have been working on have clearly under-pinned this performance.”

Gross margin across the group grew 190 base points (bps), with an increase of 180 bps in UK retail.

Underlying profit before tax (PBT) rose 40 per cent to over £100 million and reported PBT was up 73 per cent.

Forsey added: “Looking ahead and anticipating a tough start to the new year we are confident of reaching our current year target of underlying EBITDA of £205 million, which is £195 million after scheme costs and will trigger the employee bonus share scheme awards.”

Published on Thursday 16 December by Editorial Assistant

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