Interim Management Statement

RNS Number : 7557N

Sports Direct International Plc

07 September 2011

 



7^th September 2011

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 25 April 2011 to 6 September 2011.  The Company will hold its Annual General Meeting in Shirebrook at 3pm today.

Current Trading Update

Group total sales for the 13 weeks ending 25 July 2011 were up 0.5% to £410m (2011: £408m) and gross profit decreased 5.7% to £174m (2011: £185m).  This does not include sales from the new premium lifestyle division.

In line with management's expectations, retail sales in the 13 week period increased 0.8% year on year to £368m (2011: £365m), and retail gross profit decreased 6.6% to £156m (2011: £167m).  These results are against tough comparatives as the FIFA World Cup was taking place in the same period last year.  This is illustrated by the UK Retail like-for-like gross contribution for one week decreasing by 40.2%. 

The Brands division revenue decreased by 2.3% to £42m (2011: £43m), and the corresponding gross profit was flat at £18m (2011: £18m).

During this period, UK Retail has opened nine and closed four core stores, two of which were core relocations.  We also opened three and closed four non-core stores.  European retail opened one new store in France, two in the Netherlands and one in Cyprus.

Dave Forsey, Chief Executive of Sports Direct International plc, said:

"The Group's underlying performance in the period has been in line with management expectations, while continuing to invest in margin, inventory and extra group marketing. 

"Trading has continued to remain in line since the end of July and therefore the Board is confident of reaching the full year targeted underlying EBITDA of £215m (before the charge for the bonus share scheme), notwithstanding the payment of a £2m success fee to Darren Clarke for winning golf's The Open Championship in July."

The Company will report its Interim Results on Thursday 15^th December 2011.

For further information, please contact:

Sports Direct International plc T. 0845 129 9229

Dave Forsey, Chief Executive

Bob Mellors, Group Finance Director

Financial Dynamics T. 0207 831 3113

Jonathon Brill

Caroline Stewart

Alex Beagley

 

END

 

 

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