THE RETAIL BULLETIN - The home of retail news
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
Sports Direct posts strong profit rise despite World Cup woes

Sporting goods retailer Sports Direct has seen its full-year pre-tax profit rise by 30.9% to £313.4 million despite the England football team’s early departure from the World Cup.

GENERAL MERCHANDISE

Sports Direct posts strong profit rise despite World Cup woes

Group revenue rose by 4.7% to £2.8 billion in the year to 26 April as underlying EBITDA increased by 15.7% to £383.2 million.

Underlying profit before tax climbed by 20.5% to £300.3 million.

Sports Direct said the revenue growth was mainly down to its sports retail division, where revenues increased by 5.5% in the year. Premium Lifestyle revenue fell by 3%, largely due to the closure of loss-making stores.

Dave Forsey, Sports Direct chief executive, said: "The group has delivered another solid set of results in spite of challenging trading conditions including the adverse impact on performance during the period of England's early departure from the FIFA World Cup in Brazil and unseasonably mild weather during autumn, reducing footfall.

"However, with our ongoing focus on providing customers with exceptional quality and unbeatable value, we have continued to grow group revenues and EBITDA and have succeeded in surpassing our fourth and final EBITDA target under the 2011 Share Scheme. The first of these awards will vest with participants in September 2015 and the second in September 2017.”

Sports Direct said the sports retail division had continued to invest in product range and availability, optimise both its in-store and web offerings, and invest in its store portfolio in the year. Its mobile site continued to drive trade and mobile traffic now accounts for over 50% of all online visits. 

Looking ahead, Forsey said: "Trading since the period end has been in line with management expectations and will continue to be driven by improvements in product range and availability, optimisation of both our in-store and web offerings, the introduction of Click and Collect in the UK and further investment in our store portfolio."

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Retail Human Resources Summit
Retail Human Resources Summit
Wednesday 3 October 2018
The Cavendish Conference Centre, London W1
The 10th HR Summit 2018, The Cavendish Conference Centre, London W1, 3rd October 2018
The Retail Design Summit 2018
The Retail Design Summit 2018
14 November 2018
The Cavendish Conference Centre
The Retail Design Summit 2018
Omnichannel Futures Conference 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Summit
National Minimum Wage Breakfast Briefing
National Minimum Wage Breakfast Briefing
20 September 2018
6th Floor 1, St. Martin's Le Grand London, EC1A 4AS
National Minimum Wage Breakfast Briefing