Sports Direct International Plc said its sales and earnings for its first quarter ended July 27 increased slightly from last year. The company further said its trading since the end of July remained in line with its forecast amid tough market conditions.
For the 13-week period, the U.K. sports retailer reported sales were essentially flat at £336 million ($589 million), compared with £335 million ($587 million) a year earlier. Group gross profit rose to £150 million ($263 million) from £149 million ($261 million) last year.
“Since the end of July trading has remained in line with our expectations in tough market conditions,” the company, which runs the Sports World and Lillywhites chains, said in a statement ahead of its annual shareholder meeting.
The company, which is 72%-controlled by billionaire Newcastle United soccer club owner Mike Ashley, also owns several athletic brands, including Everlast, Slazenger, Lonsdale and Dunlop.
