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Sports Direct Intl. (SPD)

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Wednesday 15 February, 2012

Sports Direct Intl.

Interim Management Statement

RNS Number : 4277X
Sports Direct International Plc
15 February 2012

15 February 2012


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 24 October 2011 to 14 February 2012.  


Current Trading Update


Group total sales for the 13 weeks ending 22 January 2012 were up 9.1% to £453.8m (2011: £415.9m) and gross profit increased 10.2% to £184.4m (2011: £167.3m). The numbers in this statement do not include the recently acquired premium lifestyle division.


Retail sales in the 13 week period increased 10.2% to £408.6m (2011: £370.8m), and retail gross profit increased 10.7% to £165.0m (2011: £149.1m).    


The Brands division revenue decreased by 1.7% to £45.2m (2011: £46.0m), and the corresponding gross profit increased by 7.8% to £19.4m (2011: £18.0m).


During this period, UK Retail has opened 4 stores (3 core and 1 non core) and closed 6 stores (1 core and 5 non core). European retail opened 3 stores in Portugal, 1 in Cyprus and closed a store in Belgium.


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


"The Group has had a strong third quarter and experienced significant growth in its ecommerce division.   Underlying performance in the period, particularly since December, has outperformed management's expectations. Trading has continued to remain strong since the end of January and we shall continue to invest in margin, inventory and extra group marketing.


"Given this resilient performance, the Board is now certain of reaching both the full year underlying EBITDA target of £215m (before the charge for the bonus share scheme) and the "super stretch" scheme target of £225m announced at our Interim Results in December 2011."


In light of this strong performance, the Board will be reviewing the Group's dividend policy at the end of this financial year. 


No other material events, transactions or impacts on the Group's financial position have taken place since the previously announced 23 October 2011 balance sheet date.


The Group's Preliminary Results will be announced on Thursday 19 July 2012.


For further information, please contact:


Sports Direct International plc

Dave Forsey, Chief Executive

Bob Mellors, Group Finance Director




T. 0845 129 9229

FTI Consulting

Jonathon Brill

Caroline Stewart

Alex Beagley

T. 0207 831 3113


This information is provided by RNS
The company news service from the London Stock Exchange