23rd Oct 2013 08:39
LONDON (Alliance News) - Sports Direct International PLC said that group sales over the nine weeks to September 29 rose 15% to GBP463.7 million, bringing a 19% increase in gross profit.
In a pre-close trading update, the UK's leading sports retailer by revenue, which joined the FTSE 100 last month, said that trading since the end of September has remained strong, and that it is confident in its full-year outlook.
"The board is...confident of reaching the full year internal stretch underlying EBITDA target of GBP310m (before the charge for the Employee Bonus Share Scheme)," said Chief Executive Dave Forsey in a statement.
The group's brand portfolio, which comprises of 28 sport, fashion and lifestyle brands, currently operates in 19 countries within Europe.
Sports Direct reported a 19% increase in its gross profit to GBP199.8 million, from GBP167.4 million a year earlier, as total sales for the nine week period were up 15%.
The group said that the sales and gross profit of Sports Eybl and Sports Experts AG, which was acquired on June this year, and Sportland International Group, which was acquired in August 2013, both were excluded from the overall retail sales figure.
Sports Retail sales for the period rose 15% to GBP395.7 million, up from GBP395.7 million a year earlier. It reported a gross profit of GBP170.9 million for the division, up 20%.
It said that, including its recently acquired Republic brand, Premium Lifestyle sales in the period increased 75% to GBP32 million, compared with GBP18.3 million a year earlier. Its gross profit for the division increase by 83% to GBP13.9 million.
The group's brand division saw sales growth of 13% in the nine weeks to September 29, to GBP36 million, with gross profit increase 9.5% to GBP15 million.
Sports Direct International is expected to released its interim results for the 26 weeks ending October 27 on December 12.
Shares in the sports retailer were trading 2.2% higher Wednesday morning, at 721.75 pence per share, making it the top gainer on the FTSE 100.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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