Benefiting from the London Olympics in August on top of the Euro 2012 football championships in June, Sports Direct International’s sales climbed 25.3 percent its first quarter ended July 29, to £519.0 million (US$823m).
Gross profit jumped 20.4 percent to £211.1 million ($335m).
In its Sports Retail segment (including Sports Direct as well as the Lillywhites chain), sales grew 19.9 percent to £441.4 million ($703m) while Sports Retail gross profit increased 14.8 percent to £179.2 million ($285m.)
Revenues in the Brands division (Slazenger, Dunlop, Lonsdale and Everlast) climbed 15.4 percent to £48.8 million ($78m) with a corresponding gross profit advancing 10.6 percent to £19.8 million ($32m).
Dave Forsey, chief executive of Sports Direct International, said Sports Direct’s healthy sales momentum continued from earlier in the year. He added, “Since the end of July trading has remained equally strong, especially within the UK Sports Retail division where sales have also been boosted by the tremendous performance of Team GB at the London Olympics.”
U.K. analysts said Sports Direct also benefited from the struggles of JJB Sports, which recently put itself on the selling block. Its other rival JD Sports Fashion is said to be occupied turning around Blacks Leisure, the struggling outdoor clothing retailer acquied at the start of the year.
Sports Direct said it continues to target its underlying EBITDA objective of £270 million in fiscal 2013, up from £240.5 million in fiscal 2012.