Lifestyle Sports, one of the leading Irish sports retailers with 63 stores around Ireland, is reportedly considering a return to other European countries, after it achieved sales of €103 million and pre-tax profit of nearly €4.2 million last year.
Lifestyle Sports' sales in the Republic of Ireland were reported at €96.6 million, generating an operating profit of nearly €8 million and pre-tax profit nearing €3.8 million. The remainder came from Northern Ireland, where sales amounted to €6.5 million and profit landed at more than €0.4 million. This performance was supported by the opening of a flagship store on Dublin's Grafton Street. The retailer split it Irish business into two separate entities two years ago and 2015 was the first full year in operation under this structure.
The Irish Times reported that the retailer's owners have signed off on a five-year strategic plan, which could lead to openings in the U.K. and other European countries. It added that Lifestyle Sports was holding talks with major suppliers, such as Nike and Adidas, to gauge their interest for openings in cities such as Copenhagen or Paris. Lifestyle Sports was acquired in 2005 by the Stafford Group, a holding company with interests in energy, property and shipping.
Another investment reported by the same newspaper is an agreement with Arnotts, a prominent department store in Dublin, to replace Elverys as the in-store sports concession. The space would serve as a flagship for Lifestyle Sports, along with its location on Grafton Street. Arnotts was taken over last year by Selfridges, the British department store – which may be a way for Lifestyle Sports to test the waters in the U.K., the newspaper suggests.
Lifestyle Sports moved into the Czech Republic in 2007 with the acquisition of City Sports, which was meant as a springboard for further expansion in Europe. The company indicated at the time that it would invest €150 million in the expansion of the sports retailer in Europe. But it suffered a strategic and financial setback in 2010 when it had to wind down its Czech operation, which had more than 20 stores. At the same time, the group closed eleven stores in Northern Ireland.
But since then, Lifestyle Sports has recovered and expanded in Ireland. The retailer probably enjoyed a strong summer due to the European football championships, as Northern Ireland and the Republic of Ireland both qualified for the tournament in France.
