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Sports Direct profits soar in "record" year

Sports Direct achieve “record” year with pre-tax profits rising by almost 25% driven by a bumper year for online sales.

In the year to April 29 group revenue rose 13% to £1.81bn with growth across all divisions. Online sales grew 82% during the year and now represent 11.6% of the group’s sports retail sales, up from 7% last year. Pre-tax profits rose 24.6% to £148m on a pro-forma basis.

The increase in sales was driven by growth in the retail division where revenues shot up by 14%. UK sports retail sales were up 7.9% to £1,342m and international retail sales were up 16.6% to £154.2m.

Sports Direct’s EBITDA including its Premium Lifestyle division, which was created during the year to house its acquisitions of USC, Cruise and Van Mildert, was £236m as the group incurred additional costs of £40.4m. However excluding this division earnings were up 16% from £211m last year to £244m.

Chief executive Dave Forsey said Sports Direct had achieved record revenues and growth  across all divisions. 

He added: “Trading since the period end has remained in line with management’s expectations where increased investment in margin has been funded by stronger retail sales. In spite of the low expectations surrounding England’s participation in Euro 2012 and the unseasonal weather our core divisions are performing well.”

Forsey said that excitement is building towards the Olympics next week. 

Last week it was announced that Sports Direct had bought a majority stake in premium indie mini-chain Flannels for an undisclosed sum. Flannels will be incorporated into the premium and luxury lifestyle division.

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