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Sports Direct delivers "record breaking year"

Sports Direct has revealed a “record breaking year” as profits soared 40%, fuelled by a strong year for British sport.

Group revenue in the year to April 28 rose 20.9% to £2.18bn as underlying EBITDA for the group rose 22.1% to £287.9m and pre-tax profit soared 40% to £207.2m

Across Sports Direct’s sports retail arm sales grew 17.3% to £1.57bn as sales in the first half benefited from the UEFA European Championships and the London 2012 Olympics.

Sports retail like-for-like sales grew by 11.2%. Underlying EBITDA for UK sports retail arm was £247.7m, an increase of 19.2%.

The premium lifestyle division, which incorporates USC, Cruise and Van Mildert and Flannels, delivered a sales increase of 75% to £128.4m. The arm also recorded an EBITDA of £5.4m compared with a £7.8m loss last year, which was aided by the release of arduous leases.

Sports Direct’s branded arm, which includes Firetrap, posted a 6.7% rise in revenue to £209m as EBITDA increased by 8% to £27.0m.

International retail revenue grew 20.1% in the year and the sportswear business has continued its international growth by opening stores in Poland and Spain during the first quarter this financial year.

Chief executive Dave Forsey said: “2012/13 was a record-breaking year for the group and for British sport. We are pleased that both have continued to be successful this year and that our strategy of being the consumers’ champion continues to reap rewards.”

Trading for the current year was ahead of expectations, he added. “Whilst 2013 is a non-tournament year, there is no doubt that our compelling offer of exceptional quality and unbeatable value continues to resonate well with our customers.”

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