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Christmas has come in July for over 2,000 Sports Direct staff.
With nearly 100 stores within 30 miles of London, and close to 500 in the UK, there are few people that have not been into the nation’s favourite sports shops. This international company can be found in Belgium, France, Holland, Luxembourg, Slovenia, Cyprus and the Republic of Ireland.
Over 2,000 of Sports Direct’s (LSE:SPD) staff have received a bonus of £100,000 due to the company’s success in the last financial year. Profits have sky rocketed 40% as a result of sales rising 30%. Trading has been said to be ‘ahead of expectations’ for the current financial year, but will it continue…
Sports Direct’s financial success in the last year:
Profits are said to have risen as a result of the latest boom in sporting interest. Both the Olympics and the Uefa Cup have sparked the public to buy all manner of sportswear and equipment, and with 1 in every 4 pairs of trainers sold in the UK coming from Sports Direct, it’s no surprise that the retailer is doing so well!
Sports Direct first started in Maidenhead back in 1982 and has gone from strength to strength ever since. However, it has been speculated that this boom may not continue in quite the same manner for the rest of the year, after all the next Olympics is not until 2016, and it’s in Rio…
The company said: “Recent out-performance versus management expectations may not continue for the full year. Fiscal year 2014 is a non-tournament year which will make [last year] a tough comparator following the UEFA European Championships and the London Olympics.” Perhaps Mike Ashley, who owns 64% of the public traded company, should invest in a few stores in Brazil?
Sports Direct’s 40% rise in profits amounted to over £200m, nearly 100 times the national lottery jackpot on Wednesday 17th July, which came in at a pretty mediocre £2.15m.
