Sports Direct International released a pre-close trading update on Oct. 24, in advance of results for the half year ending Oct. 28, 2012, which will be announced on Dec. 13. The group's total sales for the nine weeks ending Sept. 30 were up 18 percent to £402.7 million (€500.9m-$646.7m). Gross profit rose by 21.7 percent to £167.4 million over the same period.
The group continued to deliver strong growth during the second quarter, especially within the UK Sports Retail division, where sales and margins benefited from the London Olympics and excellent 'back to school' demand.
Sports retail sales increased by 16.8 percent to £344.7 million (€428.8m-$553.5m). Premium lifestyle sales in the period increased by 43.0 percent to £18.3 million (€22.7m-$29.3m). The brands division's revenues grew 18.9 percent to £39.7 million, including wholesale sales of £7.8 million (€9.7m-12.5m) for the recently acquired Firetrap brand.
As reported, earlier this month the group consolidated its position by buying 20 stores operated by its struggling rival, JJB Sports, after the company collapsed into administration. Sports Direct has nearly 400 stores and owns brands including Slazenger, Donnay, Karrimor and Everlast.
The British retailer is confident of reaching the target of “super stretch” underlying Ebitda of £270 million (€335m-$434m) for the full year, before charges for its annual bonus share schemes.
