Sports Direct sales surged 12.2% to £711.2m and gross profit jumped 11.8% to £301.2m in its first quarter, despite a disappointing World Cup.
Sales in its core sports retail arm rose 16.3% to £611.8m in the 13 weeks to September 9 while gross profit increased 15.8% to £260.4m.
However, sales and profits dropped in its premium lifestyle division, which includes USC. Sales fell 8.8% to £52.1m with gross profit plunging 11.6% to £20.5m. Meanwhile, sales in its brands division fell 7.1% to £47.2m and gross profit dipped 4.7% to £20.3m.
Sports Direct chief executive Dave Forsey said: “Recent trading 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.”
Sports Direct is targeting underlying EBITDA of £360m in its current year.
3 Readers' comments