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Sports Direct posts 14.6pc profit rise

Wednesday, February 19 07:32:38

Britain's biggest sporting goods retailer, Sports Direct, posted a 14.6 percent rise in profit in its Christmas quarter and said it was confident of hitting its full-year target.

The group, with over 600 sports stores in Europe, including 400 in the UK, said today gross profit for the 13 weeks to Jan 26, its fiscal third quarter, rose to 280.7 million pounds ($469 million), up from 244.8 million in the period a year before.

Total sales rose 11.2 percent to 655.4 million pounds, including a 6.9 percent rise in its core sports retail division. Sales in its fashion arm, which has around 160 stores under names including USC, Cruise and Flannels, rose 52.5 percent.

The firm said it was now very confident of at least achieving its target of underlying earnings before interest, tax, depreciation and amortisation (EBITDA) of 310 million pounds for 2013-14, before a charge for bonus share schemes. ( C ) Reuters