Good result for Sports Direct
In the 26 weeks to October 24th 2010 UK retail sales increased 9.9 per cent compared to the same period in 2009, totalling £819.9 million. International retail sales grew 4.6 per cent in the period but brand sales fell 4.7 per cent to £90.6 million. UK Retail gross margin increased to 43.4% (2010 H1: 41.6%).
UK Retail revenues growth was mainly driven by the impact of the World Cup and strong online sales.
Dave Forsey, Chief Executive said, "The group has continued to perform strongly during the first eight months of this financial year, achieving excellent profit growth across all three main divisions. The initiatives we have been working on have clearly under-pinned this performance. Looking ahead and anticipating a tough start to the New Year we are confident of reaching our current year target of underlying EBITDA of £205m, which is £195m after scheme costs and will trigger the employee bonus share scheme awards."
The company says that it anticipates the general retail environment in the first few months of 2011 to be tough. However trading since the end of October has continued to perform in line with management expectations.
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