Sports Direct reports rising sales and profits
Sports Direct has reported a rise in sales and profits in the 13 weeks to 27 July despite Englands disappointing performance in the World Cup.
Group sales rose by 12.2% to £711.2 million while gross profit increased by 11.8% to £301.2 million.
Sports Retail sales in the period increased by 16.3% to £611.8 million with gross profit climbing by 15.8% to £260.4 million.
However, the group’s Premium Lifestyle division fared less well with sales decreasing by 8.8% to £52.1 million and gross profit falling by 11.6% to £20.5 million.
Revenue in the brands division dropped 7.1% to £47.3 million as gross profit decreased by 4.7% to £20.3 million.
Sports Direct chief executive Dave Forsey said: "As we highlighted at our preliminary results in July, recent trading, including the period since 27 July, has been in line with management's expectations with some stronger weeks offset by England's disappointing World Cup performance. Within Sports Retail we continue to focus on upgrading our store portfolio and integrating recent acquisitions, including Eybl and Sports Experts in Austria.
"Consistent with previous guidance we continue to target underlying EBITDA (before share scheme costs) of £360 million for the current period."
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