Sports Direct is “very confident” of hitting its internal £310m full-year EBITDA target as profit soars in its third quarter.
Sports Direct sales jumped 11.2% to £655.4m in its third quarter and gross profit advanced 14.6% to £280.7m driven by performance in its sports fascias.
Sports retail revenue increased 6.9% to £529.9m and gross profit rose 12.9% to £230m in the quarter to February 18.
Sports Direct added 200,000 sq ft of sports retail space in the UK taking its total space to 4.2 million sq ft.
Sales in its premium lifestyle division soared 52.5% to £71.2m and gross profit increased 39.2% to £28.4m.
Its brands division revenue leaped 15.5% to £54.3m and gross profit rose 7.7% to £22.3m.
Sports Direct chief executive Dave Forsey said: “Despite tougher comparisons during the period, sports retail continues to perform well driven by our ongoing focus on exceptional quality, unbeatable value and availability. Online also performed strongly with non-UK online gross profit contribution expected to be greater than the UK equivalent by the end of this financial year.
“While we retain the ability to invest in margin, inventory and group marketing to deliver long-term sustainable growth, the board is very confident of achieving at least our full-year internal underlying EBITDA target of £310m, before the charge for the Employee Bonus Share Scheme.”
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