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Sports Direct achieves record revenues in FY'12

20
Jul '12
Sports Direct International plc reports Preliminary Results of the Financial Year ended 29th April 2012. (53 week). 

Key highlights

  • 52 week Group Revenue up 13.0% to £1,807m with growth across all divisions against tough comparatives
  • Strong growth in online sales of 82% - now representing 11.6% of total Sports Retail sales (2011: 7.0%)
  • 52 week underlying Group EBITDA excluding Premium Lifestyle: £244m (2011: £211m), including Premium Lifestyle: £236m
  • First target for the 2011 Employee Bonus Share Scheme met
  • Underlying free cash generation of £192m
  • Further reduction in level of debt - Net debt / EBITDA ratio of 0.68 times
  • Creation of Premium Lifestyle division
  • No final dividend

Dave Forsey, Chief Executive, said: "Our position as the consumers' champion, offering an unrivalled depth and breadth of product choice at the best available prices, delivered a record Sports Retail performance.  We achieved record revenues and growth across all divisions.

"Our colleagues have worked hard during the year and, as a result, we have exceeded the first underlying EBITDA target of £215m (before the charge for the bonus share scheme) and the "super stretch" target of £225m.  Also, those staff eligible for the 2009 Bonus Share Scheme will be receiving their first share awards in August 2012, with the remainder of their shares vesting in August 2013.

"Trading since the period end has remained in line with management's expectations where increased investment in margin has been funded by stronger retail sales.  In spite of the low expectations surrounding England's participation in Euro 2012 and the unseasonal weather our core divisions are performing well. 

“Excitement is building towards the Olympics and we continue to target our 2013 "super stretch" underlying EBITDA objective of £270m (before the charge for the bonus share schemes).  We are very excited about the London Olympics that begin next week and we wish all Great British athletes the very best of luck."

Sports Direct International plc


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