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Sports Direct enjoyed World Cup Boost

Total group sales increased to £408m for the 13 weeks ending 25 July 2010 from £375m a year earlier.

CITY & CORPORATE

Sports Direct enjoyed World Cup Boost

Total group sales increased to £408m for the 13 weeks ending 25 July 2010 from £375m a year earlier.

Gross profit during the period increased 17.8% to £185m.

"Despite the performance of the England team during the World Cup, these results clearly show that Sports Direct had a good World Cup, although with better team results it could have been even stronger," the group said in a statement.

Since the end of July, Sports Direct said its underlying performance has remained strong and in line with management's expectations while its debt reduction programme is continuing to perform well.

The group, which is majority controlled by Newcastle United owner Mike Ashley, said it was targeting full year underlying EBITDA of around £195m, after the £10m charge for the bonus share scheme.

"Assuming there is no significant deterioration in economic conditions, the Board remains comfortable with this view," it said in a statement.

Retail sales increased 11.6% year on year to £365m while retail gross profit increased 20.1% to £167m. Brands division revenue declined 6.5% to £43m.

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