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Sports Direct posts 40% increase in full-year profits

Sporting goods retailer Sports Direct has reported a "record breaking" year after seeing a sharp rise in its full-year profits.

GENERAL MERCHANDISE

Sports Direct posts 40% increase in full-year profits

Sporting goods retailer Sports Direct has reported a "record breaking" year after seeing a sharp rise in its full-year profits.

In the 52 weeks to 28 April 2013, group revenue climbed 20.9% to £2.2 billion while pre-tax profits soared by 40% to £207.2 million. Underlying group EBITDA grew by 22.1% to £287.9 million.

UK retail like-for-like sales increased by 11.2% as trade benefited from the UEFA European Championships and the London Olympics in the first half of the year.

Online revenue grew by 52.1% and now accounts for 15% of total sports retail sales.

Dave Forsey, Sports Direct chief executive, said: "2012/13 was a record-breaking year for the group and for British sport.

“The results for the year have benefited from the UEFA European Championships and the London Olympics, but have been achieved in a retail environment that remains challenging.

“The group has grown consistently, and the resilience and flexibility of our business model continues to allow us to offer an unparalleled product range at the best available prices.”

International retail sales increased by 20.1% to £185.2 million as the group grew its overseas floor space by 25.2%.

The group's Premium Lifestyle division, which includes brands such as USC, Cruise Clothing and The Flannels Group, iincreased its sales to £128.4 million from £73.5 million in the previous year.  

The results mean that around 2,000 staff will be in line to receive share awards worth 75% of their base salary although the group has abandoned plans to resurrect a “super-stretch” bonus plan for founder Mike Ashley.

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