Sports Direct also owns the Field & Trek chain. Photo: Nigel Chadwick
Sports Direct, the company that owns the Field & Trek chain and also outdoor brands Karrimor and Gelert, has announced profits up more than 23 per cent.
The company, headed by controversial Newcastle United owner Mike Ashley, will now be listed in the FTSE 100, it was announced, after its shares rose by 86 per cent since the start of the year.
Overall sales were up 18.2 per cent in the quarter ending in July, to £613m, with profit up to £260m.
During this period, UK Sports Retail opened 11 and closed three core stores, three of which were core relocations, it said.
Dave Forsey, chief executive of Sports Direct International, said: “The group has experienced a strong start to the year with trading ahead of management’s expectations.
“This performance is in part attributable to the historic investment in gross margin; the ongoing investment in product range and availability, and continued optimisation of our online and in-store product offer.”
Sports Direct acquired the struggling Gelert brand this year and is relocating its warehousing operation into the company’s brand distribution centre.
