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Sports Direct posts strong sales for start of year


Total group sales for Sports Direct rose 10.3 per cent to £236 million during its last reported period, according to a trading update published today.

In the nine weeks to March 27th 2011 retail sales grew 12.4 per cent year-on-year and gross profit was up 7.3 per cent for the sports retailer.

Along with strong trading, Sports Direct was also able to report that its Bonus Share Scheme will be extended for a further two years.

Dave Forsey, CEO of Sports Direct, said: “We are pleased with the progress made by the group and these results continue to highlight the strength of our retail division and the drive from our investment in margin and advertising.

“The board also believes that the Bonus Share Scheme that covered FY10 and FY11 has been a significant contributor to our success. It is our intention to extend the scheme for FY12, FY13 and beyond incorporating more aggressive targets.”

The company’s year-end occurs on April 24th and preliminary results for the full 12-month period will be released of July 14th.

Ahead of those results the company has reaffirmed its belief that its full-year underlying EBITDA will be at least £205 million before the charge for the bonus scheme is factored in.

Retail gross profit rose 8.8 per cent to £74 million during the nine weeks, further underlining the success of the division.

Total retail selling space for the firm stood at 3.8 million sq ft as of March, an increase of 100,000 sq ft compared to the same month last year.

Highlighting Sports Direct’s current confidence, it last month announced its plans to launch its largest ever TV ad campaign later in 2011.

Published on Thursday 21 April by Editorial Assistant

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