Sports Direct shares climb on improved outlook
UK retailer Sports Direct International saw its share price climb this morning (28 May) as it revealed full-year underlying pre-tax profit in line with market expectations.
In a statement ahead of its annual conference to provide updates on current and future performance, the company said underlying EBITDA will be GBP380m (US$588.05m), in line with market expectations but ahead of underlying profit before tax and EPS.
The company said this was down to continued and prudent depreciation policy and lower interest charges.
Net debt at 26 April is around GBP60m, less than GBP212m in the same period last year.
A series of presentations will be given by management will cover the continued investment in its large format UK city centre stores and in the group's ten Austrian megastores. Employees will also receive an update on plans for combined gym and sports retail concepts, following on from the successful launch last year of the Aintree combined concept, Sports Direct said.
The company plans to announce its preliminary results for the year on 16 July.
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