Sports Direct upbeat on outlook
Sports Direct has reported that trading in its new generation flagship stores has continued to exceed expectations as the company looks to become the 'Selfridges' of sport.
In a statement ahead of its AGM, Sports Direct said it is continuing to elevate its store portfolio by typically relocating smaller format shops to new generation stores.
Sports Direct chief executive Mike Ashley said: "We remain fully focused on our strategic goal of moving our core business towards the 'Selfridges' of sport in order to further strengthen our proposition and drive long-term profitability.
“We will continue to build on the positive progress that we have made over the last 12 months, which we outlined during a very constructive meeting with stakeholders in July.”
The company said it remains optimistic about its outlook. In July, the company said it was aiming for underlying EBITDA growth of around 5% to 15% during the 2018 financial year.
Sports Direct also revealed that it now owns 100% of designer fashion chain Flannels and said the acquisition will significantly enhance earnings in its premium lifestyle division in the medium to long-term.
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