SDI posts double digit profit growth

Sports Direct International (SDI) increased its income after write-offs (Ebitda) by 10.8 percent in the first 26 weeks of its financial year through Oct. 26. Sales were up for the entire group by 6.5 percent to more than £1.4 billion. Turnover was up for the sports retail division by 8.3 percent to £1,230.9 million, but sales of lifestyle retail declined by 2.8 percent and of the group’s brands by 3.9 percent. SDI managed to boost its gross margin by 1.3 percentage points to 44.5 percent over the past year’s period. The management expressed relief at the satisfactory figures given unfavorably mild weather conditions in Britain during the period and England’s early exit from the soccer world cup in Brazil, which had a negative impact on the sales of fan kit.

 
FY15 H1
FY14 H1
 
£m
£m
 
Group revenue
1,432.9
1,345.1
+6.5%
Sports Retail (1)
1,230.9
1,136.1
+8.3%
Premium Lifestyle
99.9
102.8
-2.8%
Brands
102.1
106.2
-3.9%
Group gross profit
630.2
579.8
+8.7%
Group gross margin
44.0%
43.1%
+90 bps
Sports Retail
44.5%
43.2%
+130 bps
Underlying EBITDA (pre share scheme costs) (2)
203.1
183.3
+10.8%
Underlying profit before tax (PBT)(3)
160.6
146.2
+9.8%
Reported profit before tax
149.7
143.1
+4.6%
Underlying earnings per share (3)
20.8p
19.0p
+9.5%
Reported earnings per share
19.4p
18.6p
+4.1%

 

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