Sports Direct share price: Retailer updates on trading
Sports Direct International (LON:SPD), the UK’s largest sporting goods retailer, today published its Interim Management Statement relating to the period from 27 October 2014 to 18 February 2015.
**Highlights from the company’s statement:**
Group sales for the 13 weeks ending 25 January 2015 were up 2.6% to £771.0m (2014: £751.6m) and gross profit increased 7.6% to £346.9m (2014: £322.3m). (1) Sports Retail sales in the 13 week period increased 2.7% to £643.2m (2014: £626.1m), and Sports Retail gross profit increased 9.4% to £297.2m (2014: £271.6m). (1) Premium Lifestyle sales in the period decreased 0.4% to £70.9m (2014: £71.2m) with gross profit decreasing 2.8% to £27.6m (2014: £28.4m). The Brands division revenue increased 4.8% to £56.9m (2014: £54.3m), and the corresponding gross profit decreased by 0.9% to £22.1m (2014: £22.3m). There has been no material change in the financial position of the Group since the end of the most recent reporting period on 26 October 2014. Sales and gross profit of Sports Eybl & Sports Experts AG and Sportland International Group AS, which were acquired on 26 June 2013 and 12 August 2013, are included in both the current period figures and in the prior period.
CEO Dave Forsey said: “As we highlighted at our interim results in December, trading has been in line with management’s expectations. Within Sports Retail we continue to focus on upgrading our store portfolio and integrating our business in Austria where a weak Winter sports season across Europe has proved challenging. While we retain the ability to invest in margin, inventory and group marketing to deliver long term sustainable growth, the Board is very confident of achieving at least our full year internal underlying EBITDA target of £360m, before the charge for the Employee Bonus Share Schemes.”
**More to follow…**
As of 07:12 GMT, Thursday, 19 February, Sports Direct International Plc share price is 686.50p.