19 July 2012 10:39
Sports Direct has posted a rise in profits for the year, in stark contrast to rival JJB's results today, after strong online sales boosted its performance.
For the 52 weeks ended April 29th, the group saw revenue rise 13%, with growth across all divisions against tough comparatives.
Online sales, representing 11.6% of the total sports retail sales in the group saw sales rise 82%.
Dave Forsey, chief executive, commented: "Our position as the consumers' champion, offering an unrivalled depth and breadth of product choice at the best available prices, delivered a record Sports Retail performance. We achieved record revenues and growth across all divisions.
"Trading since the period end has remained in line with management's expectations where increased investment in margin has been funded by stronger retail sales. In spite of the low expectations surrounding England's participation in Euro 2012 and the unseasonal weather our core divisions are performing well. Excitement is building towards the Olympics and we continue to target our 2013 "super stretch" underlying EBITDA objective of £270m (before the charge for the bonus share schemes). We are very excited about the London Olympics that begin next week and we wish all Great British athletes the very best of luck."