Revenues rise at Sports Direct
UK retail was up 11.0% to £1.118bn (2009: £1,007bn) and International retail up 17.2% to £119.9m (2009: £102.3m).Brands division was down 17.4% to £190.5m (2009: £230.5m).Underlying EBITDA rose 17.3% to £160.4m (2009: £136.8m) and underlying profit before tax was up 49.8% to £102.1m (2009: £68.2m).
Dave Forsey, CEO, said: "The Group performed strongly throughout the year, achieving excellent sales and profit performances ahead of initial expectations 12 months ago. In addition, we have made significant progress in our debt reduction programme. I am especially pleased that over 2,000 permanent UK employees will benefit from their contribution to Group success through our meeting the first year's target for the Employee Bonus Share Scheme introduced last year.
"Looking ahead, we are confident that initiatives we are taking across all areas of the Group, including improved staff training and new in-store merchandising areas, put us in a strong position for the next phase of our growth. We believe we are operationally stronger than ever. Accordingly, and assuming no significant deterioration in economic conditions, we are targeting underlying EBITDA at around £195m in the current financial year."
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