• Text size      
  • Send this article to a friend
  • Print this article

Sports Direct 'confident' of hitting target after profits rise almost 23%

Sports Direct is confident of hitting its full year target after posting a profit rise of nearly 23% during the Christmas period.

The sports chain said its gross profit grew 22.7% to £244.8million for the 13 weeks to January 27 2013.

Its sales for the period increased by 21% to £589.5million.

The profits rise also increased share prices for the company, which went up 19.45p to 435.45p.

The group is aiming for underlying earnings before interest, tax, depreciation and amortisation of £270m for 2013.

Last December Sports Direct said it wanted to grant its founder, billionaire Mike Ashley, 10 million shares if its performance targets were met. The revised payout proposal had been expected to go before shareholders in early 2013.

Ashley is a major stakeholder at Rangers. He is currently in discussion with the club over a multi-million pound deal to rename Ibrox.

Contextual targeting label: 
Finance

Commenting & Moderation

We moderate all comments on HeraldScotland on either a pre-moderated or post-moderated basis.
If you're a relatively new user then your comments will be reviewed before publication and if we know you well and trust you then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules

Moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours. Please be patient if your posts are not approved instantly.

142116