Sports Direct International Plc, the parent of Sports World in the United Kingdom, said group total sales for the 9 weeks ending Sept. 26 rose 5.4% to £295 million ($465 million). Gross profit for the period also increased 5.4% to £117 pounds ($175 million).
Retail division sales rose 6.9% to £264 million ($416 million), while retail gross profit was £105 million ($165 million), up 6.1%.
Dave Forsey, chief executive of the company said, “Following the first
quarter of our financial year which included the World Cup tournament we
remain pleased with the continuing strong underlying performance across
all our divisions. In light of the above, our Group's first half
results will be significantly above the corresponding period last year,
however we believe the early part of 2011 will be extremely challenging
for all retailers in the UK.”
Sports Direct said it remains comfortable with targeting a full year underlying
EBITDA of £205 million, before a charge for bonus share scheme
totaling £10 million.
The company also expects net debt as
at October 24 to be in the region of £240 million, down from £362
million at the end of October 25, 2009.
In addition to its network of stores, Sports Direct also owns sports brands including Dunlop, Everlast, Slazenger and Lonsdale.
