Sports Direct profits rise as it shrugs off Belgian tax bill
Sports Direct has posted a jump in half-year profits and insisted the shock tax bill it received from Belgian authorities in the summer “will not lead to material liabilities”.
The sports and leisure giant, which owns a growing stable of retailers including Flannels, House of Fraser, Game and Jack Wills, said reported pre-tax profit surged 160% to £193.4m in the 26 weeks to October 27, driven by the performance of its “premium lifestyle” businesses.
Sports Direct’s bottom line was also boosted by the £84.9m sale and leaseback of its Shirebrook headquarters.
Underlying EBITDA advanced 21.8% to £181.2m but grew at a slower rate of 15.1% after stripping out the impact of new acquisitions and currency movements.
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