US: Sport Supply H1 profit dips despite sales gain
- H1 net profit down 2.2% to US$6m
- H1 net sales up 4.9% to $133m
- Road Sales Group heads revenue gains
Sport Supply Group posted reductions to its profit in the second quarter and first half of the fiscal year, despite gains in sales and operating profit.
The US company said second quarter sales to 31 December had risen 4.4% to US$55.5m, lifting first half sales by 4.9% to $133m.
Second quarter operating profit was up 26.3% to $1.8m, but net income fell 12.4% to $0.9m, the company said.
Meanwhile, first half operating profit increased 4.7% to $10.6m, but net income edged down 2.2% to $6m.
Sport Supply Group chairman and CEO Adam Blumenfeld welcomed the results as “another strong performance”, led by a 10.5% sales increase for the company’s Road Sales Group.
However, this had been slightly offset by a 1.8% revenue fall for its Catalog Group, he added.
Blumenfeld also highlighted the expansion of gross margin across the business, as well as “a continued focus on managing working capital and preserving cash”.
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