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Trading statements

Sports Direct says trading in new generation flagship stores exceeds expectations

06 September 2017 08:02

Sports Direct confirmed ahead of today's AGM that trading in its new generation flagship stores continued to exceed expectations as Sports Direct moves towards the 'Selfridges' of sport.

We continue to elevate our store portfolio in the UK and elsewhere, typically through relocating smaller format stores to new generation stores in order to elevate our retail space and improve the experience for both our customers and our third party brand partners.

Our outlook remains optimistic in line with the statement we gave on 20 July 2017, in which we stated that we aim to achieve growth in underling EBITDA in the region of approximately 5% - 15% during FY18.

Chief Executive Mike Ashley said: "We remain fully focussed on our strategic goal of moving our core business towards the 'Selfridges' of sport in order to further strengthen our proposition and drive long-term profitability.

"We will continue to build on the positive progress that we have made over the last 12 months, which we outlined during a very constructive meeting with stakeholders in July.

"Further details of this progress are contained in our Annual Report 2017. I would once again like to thank the people at Sports Direct for their magnificent efforts."

On a separate matter, in response to recent media speculation about Flannels, we wish to clarify that the company now owns 100% of Flannels.

The Board anticipates this acquisition will significantly enhance earnings in our Premium Lifestyle division in the medium to long-term.

We are pleased to confirm that Flannels founder Neil Prosser will remain an integral part of our Premium Lifestyle division.

At 8:02am: (LON:SPD) Sports Direct International PLC share price was -0.95p at 383.25p

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Related Company: SPD

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