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Sports Direct reports overseas sales after watchdog probe

Sports Direct included a breakdown of its international sales in its interim results this morning at the request of accountancy watchdog the Financial Reporting Council (FRC).

It follows an FRC investigation into the retailer’s financial accounts for the year to 26 April 2015. The FRC said there had been “no discussion” of the development and performance of the firm’s international stores in the accounts, despite their “significant” role in the firm.

It added that the retailer’s like-for-like sales figures excluded stores that had not been owned by the company for the full 12 months in both periods. As a result, in the 2015 results, stores in Austria and Baltic were omitted and their contribution had dropped from 7.4% to 0.8%.

This morning, Sports Direct revealed that its international revenue increased by 44.5% year on year in the 26 weeks to 23 October 2016, on a constant currency basis - a 9.4% increase excluding Irish chain Heatons.  

The FRC said its investigation into the 2015 results was now concluded.

Separately, it is looking into reports that an arrangement between Sports Direct and Barlin Delivery, a company owned by chief executive Mike Ashley’s brother, was not properly disclosed in the retailer’s financial statements for the year ended 24 April 2016. This investigation is ongoing.

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