Pre-close Trading Update

RNS Number : 3097F

Sports Direct International Plc

21 April 2011

 



21 April 2011

Sports Direct International plc

Pre-close Trading Update

Sports Direct International plc ("the Group" or "the Company") today provides an update on current trading in advance of its year end on 24 April 2011.

Group total sales for the nine weeks ending 27 March 2011 were up 10.3% to £236m (2010: £214m) and gross profit was up 7.3% to £88m (2010: £82m).

Retail division sales for the same period (which avoids the Easter crossover) increased 12.4% to £200m (2010: £178m), and retail gross profit increased 8.8% to £74m (2010: £68m). Retail selling space in the UK was circa 3.8m sq ft vs. 3.7m sq ft in March 2010.

In the Interim Management Statement on 17 February 2011, the Board confirmed that the Group will achieve full year underlying EBITDA of at least £205m (before the charge for the bonus share scheme). As anticipated and based on current trading, the Board remains of this view.

On 9 March 2011, the Company also announced the successful refinancing of its banking arrangements. The three year unsecured £220 million facility comprises 10 banks led by HSBC, Barclays and Handelsbanken.

The Company will announce its Preliminary Results for the year ending 24 April 2011 on Thursday 14 July 2011.

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

"We are pleased with the progress made by the Group and these results continue to highlight the strength of our Retail division and the drive from our investment in margin and advertising.

"The Board also believes that the Bonus Share Scheme that covered FY10 and FY11 has been a significant contributor to our success. It is our intention to extend the scheme for FY12, FY13 and beyond incorporating more aggressive targets, the full details of which will be announced at our Preliminary Results in July."

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For further information, please contact:

Sports Direct International plc Dave Forsey, Chief Executive Bob Mellors, Group Finance Director	0845 129 9229
Financial Dynamics Jonathon Brill Caroline Stewart Alex Beagley	0207 831 3113

 

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