Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Sales edge up at Sports Direct

Group revenue at Sports Direct edged up 0.2% year on year for the 26 weeks to 28 October, despite the “struggles of the high street”.

Group revenue excluding acquisitions and, on a currency neutral basis increased by 4.5% to £1.8bn.

Underlying EBITDA was down 4.7% compared to last year to £148m, excluding HoF it was up 15.5% to £180m.

Underlying profit before tax down 26.8% to £64.4m.

UK sports retail revenue dropped 0.2% on last year following store closures. Premium lifestyle - which includes USC and Flannels, increased 29%.

Since House of Fraser was acquired on 10 August it generated £70.1m in sales.

European sports retail revenue fell 5% on a currency neutral basis, largely due to store closures, while rest of the world retail revenue rose 26.2% on a currency neutral basis.

Net debt has increased to £505.5m, from £397.1m on 29 April.

Mike Ashley, chief executive of Sports Direct International said: “During the reporting period we acquired the trade and assets of House of Fraser and I would like to welcome my new colleagues to the Sports Direct Group. I have made my views clear that I believe the previous House of Fraser senior management team traded the business whilst it was insolvent for a long time, this means we have significant challenges ahead in turning House of Fraser around. However, I genuinely believe we have acquired a fantastic opportunity and with the efforts of Sports Direct and House of Fraser teams, and the support of the brands, local councils and landlords, we can turn House of Fraser into the Harrods of the high street.

“Outside of the House of Fraser acquisition the Sports Direct Group has had another successful period reporting a 15.5% growth in underlying EBITDA to £180.3m. This is impressive in the context of the current struggles in the High Street and shows our elevation strategy continues to go from strength to strength. Excluding House of Fraser we anticipate we will be within our previously communicated underlying EBITDA growth range of 5-15% by year end, including House of Fraser we expect to be behind last year’s result.”

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.