Sports Direct hits bonus target

RETAILER Sports Direct International cheered more than 2,000 staff today as it said annual earnings of £160.4m were enough to trigger the first stage of its bonus scheme.
By The Newsroom
Published 22nd Jul 2010, 10:42 BST

The sportswear chain said a 17.3 per cent rise in underlying earnings would see all permanent staff with at least two year's service land shares worth 25 per cent of salary, payable in two years.

The group's annual results showed Sports Direct increased underlying pre-tax profits by 49.8 per cent to 102.1m after comparable retail store sales rose 3.4 per cent in the year to April 25.

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Sports Direct also reported its best ever trading day amid the World Cup, although demand for England-branded products slumped after the team's early exit.

The Sports World owner - founded by Newcastle United owner Mike Ashley - notched up its record sales performance on the day of the England match against the United States, helped by its first World Cup with an online store.

But England's poor performance left the group with unsold branded stock to shift, which it said would offset some of the booming pre-tournament trade.

"Nevertheless, current UK Retail trading remains well ahead of the same period last year," said chief executive Dave Forsey.

Related topics:EnglandMike AshleyNewcastle UnitedUnited States