Financial News

  • 20 February 2014, 13:04

Sports Direct In Christmas Sales Bonanza

Sports Direct has seen its share price jump more than 6% on the back of booming Christmas sales figures.

In an interim management statement it said total sales for the three months to January 26 were up 11% to £655m†from the same period last year.

It said gross profit was up 15% year-on-year, and although this figure includes operating costs such as stock it does not include administration and distribution costs.

The company did not release like-for-like sales figures, but said its UK retail space increased by 5% to 4.2 million square feet.

The released figures include sales and gross profit for its Republic group, which was acquired last year.

Sports Direct said its Premium Lifestyle sector's growth was up 52% to £71.2m, while its Brand division was up 15.5% to £54.3m.

Since 2009, its shares have increased seven-fold, from £1 to more than £7.

In the same period its total sales have increased by 60%, gross profit by 61% and operating profit more than 200%.

The company has 400 stores in the UK and more than 200 in Europe, and entered the FTSE 100 last September.

The firm operates a fashion arm, which has around 160 stores, under names including USC and Cruise.

It intends to expand further in Europe, where its online sales have been strong.

It is controlled by billionaire Newcastle United owner Mike Ashley.

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