Interim Management Statement

RNS Number : 0890D

Sports Direct International Plc

10 September 2008

 



10th September 2008

Sports Direct International plc

Interim Management Statement

Sports Direct International plc ("the Group"), the UK's leading sports retailer, will hold its second Annual General Meeting in Shirebrook at 3pm today. The Group now announces its Interim Management Statement relating to the period from 29 April to 9 September 2008.

Current Trading Update

At the AGM today Dave Forsey, Chief Executive, will tell the meeting:

"At the time of a Preliminary Results on 10 July, I said that the year to 27 April 2008 had been the hardest we have faced in our history.  This has not improved since the year end; sales of the Group for the 13 weeks ended 27 July 2008 amounted to £336m (2007: £335m) and a corresponding Group gross profit of £150m (2007: £149m).

"Since the end of July trading has remained in line with our expectations in tough market conditions."

Business Highlights in the Quarter

• UK retail have opened 11 new stores and closed 14 smaller stores.

• International retail has opened two stores in Cyprus.

• The Group's branded product is on sale in over 100 stores in China. Although it is too early to assess the financial contribution this will make to the Group, we are pleased with progress so far and the opportunities within this market.

• On 7 July 2008, the Group acquired the trade mark and business of Golddigga, a female fashion brand aimed at the younger age group.

• The Group purchased one UK freehold retail site during the quarter.

  
  

Ends

For further information, please contact:

Dave Forsey, Chief Executive                                   T. 0870 333 9400

Bob Mellors, Group Finance Director

Sports Direct International plc

Jonathan Brill / Ben Foster / Andrew Dowler            T. 020 7831 3113

Financial Dynamics

 

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