9th Sep 2009 07:00
9th September 2009
Sports Direct International plc
Interim Management Statement
Sports Direct International plc ("the Group"), the UK's leading sports retailer, today announces its Interim Management Statement relating to the period from 27 April to 8 September 2009. It will hold its third Annual General Meeting in Shirebrook at 3pm today.
Current Trading Update
At the AGM, Dave Forsey, Chief Executive, will provide the following update on trading:
"The Board is pleased with the progress made in the year to date. Group revenue for the 13 weeks ended 26 July 2009 increased 10% to £375m (2008: £336m) and the corresponding Group gross profit increased to £157m (2008: £150m).
"Since the end of July, trading has continued to be ahead of last year and we are very comfortable with our expectation of reducing net debt to below £400 million. The Board now expects, at current exchange rates, to achieve underlying EBITDA of at least £150 million this financial year."
Business Highlights
UK retail has opened 5 new stores including 3 Field &Trek stores, and closed 2 stores, one of which was a relocation.
International retail opened a store in both Belgium and Slovenia and closed a smaller store in each of those countries.
On 7 August the Office of Fair Trading (OFT) made a referral to the Competition Commission (CC) concerning the acquisition of certain retail stores from JJB. We continue to co-operate fully with the enquiry and work with the CC on the matter.
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For further information, please contact:
Sports Direct International plc
Dave Forsey, Chief Executive T. 0870 333 9400
Bob Mellors, Group Finance Director
Financial Dynamics
Jonathan Brill / Caroline Stewart / Alex Beagley T. 020 7831 3113
Related Shares:
Frasers Group