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Sports Direct posts further profits growth

Profits at Sports Direct have surged over the last few months boosted by the company’s sports retail arm.

Group sales were up 11.2% to £655.4m as gross profit increased 14.6% to £280.7m for the 13 weeks to January 26 . Revenues across the sports retail arm rose 6.9% to £529.9m while gross profit increased 12.9% to £230m.

Sales across Sport’s Direct’s premium lifestyle division rose 52.5% to £71.2m, with revenues from Republic, which the company acquired in February 2013, included in the figures yet not in the comparable period.

Gross profits jumped 39.2% to £28.4m.

Revenues at the brands division increased by 15.5% to £54.3m as gross profit grew 7.7% to £22.3m.

Chief executive Dave Forsey said: “Despite tougher comparisons during the period, Sports Retail continues to perform well driven by our on-going focus on exceptional quality, unbeatable value and availability.”

Forsey said the online business also performed strongly with non-UK online gross profit contribution expected to be greater than the UK equivalent this financial year.“

He added: “While we retain the ability to invest in margin, inventory and group marketing to deliver long-term sustainable growth, the Board is very confident of achieving at least our full year internal underlying EBITDA target of £310m, before the charge for the employee bonus share scheme.”

Readers' comments (1)

  • Whatever Sports Direct are doing, they're doing it well and good to see they're interested in making good profits, whereas some other companies just go for headline grabbing turnover, which is all 'fur coat and no knickers' mentality.

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