Sports Direct affirms FY18 EBITDA growth target

Ahead of its AGM, Sports Direct has announced in a statement that its flagship stores continue to exceed its sales expectations. The company added that its plan to elevate the store portfolio in the UK and elsewhere, typically through relocating smaller format stores to new generation stores is on track. Sports Direct aims to achieve growth in underling EBITDA in the region of approximately 5 percent - 15 percent during FY18.

The company’s Chief Executive Mike Ashley said in a media statement: "We remain fully focussed on our strategic goal of moving our core business towards the 'Selfridges' of sport in order to further strengthen our proposition and drive long-term profitability. We will continue to build on the positive progress that we have made over the last 12 months, which we outlined during a very constructive meeting with stakeholders in July."

The company also declared that it now owns 100 percent of Flannels and the board anticipates this acquisition will significantly enhance earnings in premium lifestyle division in the medium to long-term. Sports Direct also confirmed that Flannels founder Neil Prosser will remain an integral part of its premium lifestyle division.

Picture:Sports Direct website,Full Circle