Sports Direct, the sporting goods chain based in the U.K., reported total group sales for the nine weeks ending March 27 rose 10.3 percent to �236 million ($388.3 million), while gross profit increased by 7.3 percent to �88 million ($145.7 million).
“We are pleased with the progress made by the group and these results continue to highlight the strength of our Retail division and the drive from our investment in margin and advertising,” Chief Executive Dave Forsey said in a statement.
Sports Direct added it expected to meet its target for reaching full year underlying earnings before interest, tax, depreciation and amortisation (EBITDA) of at least �205 million.
If successful, this would trigger a bonus share scheme for 2,500 Sports Direct staff, who stand to receive the equivalent of 75 percent of their base salaries converted into shares priced at 125p. The shares are currently trading at around 200p.
Sports Direct said it intended to extend the bonus share scheme. The incentive program vests in 2013, but staff must still be working at the company to benefit.
“The board believes that the bonus share scheme that covered FY10 and FY11 has been a significant contributor to our success. It is our intention to extend the scheme for FY12, FY13 and beyond incorporating more aggressive targets, the full details of which will be announced at our preliminary results in July,” Forsey said.
