UK: Sports Direct set to reach FY targets after strong Q3
UK retailer Sports Direct has said it is confident of reaching its full year targets after posting better than expected third quarter sales.
The company said that sales for the 13 week period ended 27 January were up 21.1% to GBP589.5m, a sharp increase on the 10% growth forecast by Bank of America Merrill Lynch analysts. Gross profit increased 22.7% to GBP244.8m, against a 15% estimate.
Bank of America Merrill Lynch analyst Richard Chaimberlain said the better than expected performance was driven by the group's retail group, including online, which has been growing at well over 50% year-on-year.
The group's sports retail division recorded a 21.2% rise in sales to GBP495.8m, with gross profit increasing 23.5% to GBP203.7m.
Premium lifestyle sales grew 42.4% to GBP46.7m, with gross profit increasing 35.1% to GBP20.4m, while revenue in the brands division was up 4.4% to GBP47m, with gross margin increasing 6.7% to GBP20.7m.
"As we highlighted back in December at our interim results, the group's strong performance continued during Q3, primarily driven by our sports retail division, including online following the successful integration of our new operating platform," said chief executive Dave Forsey.
"We are certain of reaching our 2013 full year targeted underlying EBITDA of GBP270m (before the charge for the bonus share schemes)."
Sports Direct has seen full-year pre-tax profit shoot up as the company recorded a strong performance in its sports division....
This report provides information, analysis and valuable insight on developments relating to the performance apparel industry in the following categories: acquisitions, divestments and mergers; corpora...
More than 50 UK and overseas firms have expressed interest in buying upmarket UK fashion retailer Nicole Farhi, less than a week after it collapsed into administration....
This report provides an update of business news in the following categories: acquisitions, divestments and mergers; company rebranding; company restructuring; corporate social responsibility (CSR); fi...
The number of UK retailers falling into administration in the first half of 2013 fell by nearly one-third, with new research suggesting those that remain in business are now stronger and more robust....
UK retailer Sports Direct has acquired a majority stake in outdoor clothing and equipment business Yeomans for an undisclosed sum as it continues to add to its brand portfolio....
Camping and outdoor brand Gelert has been bought out of administration by retailer Sports Direct International....
VF Corp aims to reach US$17bn in revenue by 2017, representing a five-year compounded annual growth rate (CAGR) of 10%. ...
- When will Gap get back on track?
- Software solutions enhance speed and visibility
- Portugal footwear makers underpin industry growth
- Bangladesh factory safety progressing slowly
- Supply chain weighs on Kering's green footprint
- Q1 apparel results in brief: Brown Shoe Co, Belk
- China to reduce apparel import taxes
- Indonesian textile sector sees 6,000 lay-offs
- Vietnam garment staff return after faintings
- New black dye meets sustainability standards