Profits dip at Sports Direct
Mansfield-based retailer Sports Direct said profits fell by 5.7 per cent to £174m for the 13 weeks to 6 September.
The company said this morning that sales were up slightly over the same period – from £408m in 2010 to £410m this year.
The company said results were not as good as expected because the comparable 2010 period featured the World Cup. Sports Direct said that in one week alone over the period UK retail like-for-like gross sales decreased by 40.2 per cent.
Over the 13 weeks to 6 September, Sports Direct said it opened nine and closed four stores, two of which were core relocations.
It also opened three and closed four non-core stores. European retail opened one new store in France, two in the Netherlands and one in Cyprus.
Dave Forsey, chief executive of Sports Direct International, said: "The group's underlying performance in the period has been in line with management expectations, while continuing to invest in margin, inventory and extra group marketing."
The company will hold its Annual General Meeting at 3pm today, when shareholders will vote on whether to purchase 32 properties from board member Mike Ashley at a cost of £86.8m.
