Sports Direct scores profit rise but Mike Ashley's company hurt by England's poor World Cup

 
Joe Hall
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Mike Ashley (Source: Getty)

Sports Direct enjoyed an 11.8 per cent rise in profit for the period ending 27 July 2014 , yet the sportswear retailer was hurt by England's early World Cup exit.

The company founded by Newcastle United chairman Mike Ashley reported a 12.2 per cent increase in sales from £631m to £711.2m, while gross profit also came in at £301.2 in an interim statement for the 13 weeks ended 27 July.

However, the brands division revenue decreased 7.1 per cent to £47.3m from £50.9m.

Chief executive Dave Forsey said:

As we highlighted at our preliminary results in July, recent trading, including the period since 27 July, has been in line with management's expectations with some stronger weeks offset by England's disappointing World Cup performance.

Within Sports Retail we continue to focus on upgrading our store portfolio and integrating recent acquisitions, including Eybl and Sports Experts in Austria.

In July the company reported a 15.6 per cent rise in full-year profit before tax to £239.5m, while revenue rose 23.8 per cent to £2.7bn. Mike Ashley also turned his back on a controversial £200m bonus scheme after initially receiving criticism from shareholders.

Sports Direct's AGM will take place later today, while its next interim results are due to be published on 11 December 2014.

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