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Sports Direct reports further growth | Sports Direct reports further growth |
(40 minutes later) | |
Sports Direct has reported rising sales and underlying profits, as it pulls further ahead of loss-making rival JJB. | Sports Direct has reported rising sales and underlying profits, as it pulls further ahead of loss-making rival JJB. |
The sports equipment and clothing retailer said it made £119m profit before tax for the year to 24 April, marginally down on the previous year. | The sports equipment and clothing retailer said it made £119m profit before tax for the year to 24 April, marginally down on the previous year. |
But underlying profits - which strip out currency effects and exceptional items - were up 33%, while revenues grew 10%. | But underlying profits - which strip out currency effects and exceptional items - were up 33%, while revenues grew 10%. |
The company attributed the success to its new employee bonus share scheme. | The company attributed the success to its new employee bonus share scheme. |
All targets had been met for full bonuses to be paid out in what was the second year of the scheme's operation, the firm said. | All targets had been met for full bonuses to be paid out in what was the second year of the scheme's operation, the firm said. |
Despite the tough conditions for retailers in its home market, Sports Direct said the contribution of UK retail business to gross profits had increased 6.6% on a like-for-like basis. | |
The results are in stark contrast to rival JJB Sports, which announced in May a doubling of pre-tax losses for the last year. | The results are in stark contrast to rival JJB Sports, which announced in May a doubling of pre-tax losses for the last year. |
"This has been an excellent year of growth for the group in what has been a challenging retail environment," said Sports Direct's chief executive David Forsey. | "This has been an excellent year of growth for the group in what has been a challenging retail environment," said Sports Direct's chief executive David Forsey. |
The retailer said it would not be paying shareholders a dividend this year. | The retailer said it would not be paying shareholders a dividend this year. |
The results come a week after Sports Direct announced it had paid £7m to take 80% stakes in two fashion retailers - USC and Cruise Clothing. |
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