Sports Direct’s profits up 49.8%

Sports Direct has reported a near-50 per cent increase in profits in its preliminary results for the 52 weeks to April 25.

Profit before tax for the year was £102.1million, up from £68.2million in 2009. Group revenue rose 6.2 per cent to £1.45billion.

The retailer said it had its strongest trading day in the company’s history on June 12, the day of the England-USA World Cup game.

“The group performed strongly throughout the year, achieving excellent sales and profit performances ahead of initial expectations 12 months ago,” says Dave Forsey, Sports Direct’s chief executive.

“In addition, we have made significant progress in our debt reduction programme.

“I am especially pleased that over 2,000 permanent UK employees will benefit from their contribution to group success through our meeting the first year’s target for the employee bonus share scheme introduced last year.

“Looking ahead, we are confident that initiatives we are taking across all areas of the group, including improved staff training and new in-store merchandising areas, put us in a strong position for the next phase of our growth.

“We believe we are operationally stronger than ever.”

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