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Annual Results

Sports Direct sales up

20 July 2017 07:28

Sports Direct said group revenue increased by 11.7% in the year to 30 April.

HIGHLIGHTS

- UK Sports Retail revenue increased by 6.3%. Excluding acquisitions and 53rd week, revenue increased by 2.6%

- UK Sports Retail like-for-like stores gross contribution was up +0.3%

- International Sports Retail revenue increased by 38%

- Currency neutral, excluding acquisitions and 53rd week, revenue increased by 5.9%

- International Sports Retail like-for-like stores gross contribution was -0.8%

- Group underlying EBITDA decreased by 28.5% to £272.7m

- Underlying profit before tax decreased by 58.7% to £113.7m largely due to currency movements and increased depreciation charges

- Underlying earnings per share decreased by 67.9% to 11.4p

- Underlying free cash generation of £173.7m

- Net debt increased to £182.1m (£99.7m at 24 April 2016)

- Invested £317m in property assets as we execute our strategic priority to elevate our sports retail proposition

- £79.9m exceptional profit on the disposal of the Dunlop brand

Chief Executive Mike Ashley said:

"Sports Direct is on course to become the "Selfridges" of sport by migrating to a new generation of stores to showcase the very best products from our third party brand partners.

"We have invested over £300m in property over the last year, and I am pleased to report that early indications show that trading in our new flagship stores is exceeding expectations.

"We will continue to invest and make decisions for the long term, whilst trying to conservatively manage the currency volatility that is reflected in our full year results.

"As previously announced, the devaluation of Sterling against the US dollar has led to a significant impact on EBITDA and profits in FY17.

"We have put in place hedging arrangements to minimise the short-term impact of currency volatility, but like many UK retailers we remain exposed to medium / long term currency fluctuations.

"Our results were also impacted by provisions and depreciation charges."

Story provided by StockMarketWire.com

Related Company: SPD

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