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Sports Direct will not make a bid for Blacks

Sports Direct has confirmed it will not be making a bid for Blacks, the struggling outdoor retailer, in which the Mike Ashley owned retailer has a 22.5 per cent stake.

Blacks put itself up for sale in December and it’s been rumoured that Go Outdoors and Mountain Warehouse are interested in buying the company.

On Thursday Sports Direct announced that its half-year pre-tax profit was £100 million after enjoying revenue growth across all its divisions.

Despite operating in what it described as a ‘fragile consumer environment’, group revenue rose 8.4 per cent to £888.6 million, while online sales for the period rocketed 85 per cent.

The company also said it had acquired the remaining worldwide rights for the No Fear brand.

“This strong performance yet again demonstrates the success of our unique and resilient business model and was delivered against a tough FIFA World Cup comparison last year,” says Dave Forsey, Sports Direct’s chief executive.”

Keith Hellawell, the retailer’s non-executive chairman, described its employee bonus share schemes as “highly successful”, with Forsey adding: “We believe our employee bonus share schemes continue to underpin our performance.”

Hellawell went on to say that Sports Direct has continued to trade in line with management expectations during the key Christmas trading period and anticipates further opportunities due to Euro 2012 and the London Olympics.

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