Sports Direct in good shape

first_imgWednesday 20 October 2010 7:29 pm whatsapp Tags: NULL SPORTS Direct, Britain’s largest sport retailer, warned 2011 would be extremely challenging for all retailers as it delivered a trading update yesterday.The company, controlled by Newcastle United football club owner Mike Ashley, said group sales for the nine weeks ending 26 September were up 5.4 per cent to £295m compared with £218m a year earlier. Gross profit was also up 5.4 per cent to £117m, up from £111m a year earlier. This followed increases of 8.8 per cent and 17.8 per cent respectively in the 13 weeks, which included the sales surge from the World Cup.Retail division sales for the same period increased 6.9 per cent to £264m compared with £247m for the same period a year ago and retail gross profit increased 6.1 per cent to £105m, up £6m year-on-year.Dave Forsey, chief executive of Sports Direct, said: “Following the first quarter of our financial year which included the World Cup tournament we remain pleased with the continuing strong underlying performance across all our divisions.”Forsey added the group’s first half results would be significantly above the corresponding period last year and that the board remained comfortable with targeting a full year earnings before interest, tax, depreciation and amortisation (EBITDA) of £205m despite the tougher conditions expected in 2011. Sports Direct will release its results for the half-year to 24 October in December. The trading update comes just a day after the Serious Fraud Office announced it had dropped its investigation into Sports Direct and JJB Sport over an alleged cartel with no charges brought. Read This NextThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Share Show Comments ▼ KCS-content Sports Direct in good shape whatsapplast_img read more