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UNITING THE WORLD OF FITNESS
Health Club Management

Health Club Management

News

Sports Direct shares slump 13 per cent despite earnings increase

Sports Direct share have fallen by 13 per cent this morning, as roughly £500m was wiped off the stock market value value of the business despite underlying Group EBITDA increasing by 7.6 per cent.

The company today (10 December) announced that profits before tax rose to £187.3m in the six months to 25 October, while underlying earnings were up to £218.5m.

However, the company’s share price fell sharply on the results, with analysts citing underwhelming sales figures and the fallout from the closure of a large number of USC stores as reasons for the slump. Corporate governance issues were also flagged as a possible drag on the share price, with practices at the company’s Shirebrook warehouse coming under fire following an undercover report from The Guardian.

Company founder Mike Ashley has been diversifying his retail empire in recent years, with a concerted push into leisure. The company has launched 30 Sports Direct Fitness gyms and also bought a stake in five-a-side football pitch operator Goals Soccer Centres, while Ashley also owns Newcastle United Football Club and has a stake in Rangers.

Announcing today’s half-year results, Sports Direct International CEO Dave Forsey said he expected sales to increase during 2016 due to the Olympic Games in Rio de Janeiro and the 2016 European Football Championships.

"Within Sports Retail our commitment to upgrading our store portfolio continues to deliver gross margin growth and is a significant contributor to our strong EBITDA result,” said Forsey.

“We continue to innovate, refine and improve our customer proposition. In line with this strategy, during the period we opened new larger format stores in Leeds and Plymouth and combined gym and retail spaces in St Helens and Newport.

Sports Direct share have fallen by 13 per cent this morning, as roughly £500m was wiped off the stock market value value of the business despite underlying Group EBITDA increasing by 7.6 per cent.
SAR,HAF,INV
956361_757544.jpg
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News

Sports Direct shares slump 13 per cent despite earnings increase

Sports Direct share have fallen by 13 per cent this morning, as roughly £500m was wiped off the stock market value value of the business despite underlying Group EBITDA increasing by 7.6 per cent.

The company today (10 December) announced that profits before tax rose to £187.3m in the six months to 25 October, while underlying earnings were up to £218.5m.

However, the company’s share price fell sharply on the results, with analysts citing underwhelming sales figures and the fallout from the closure of a large number of USC stores as reasons for the slump. Corporate governance issues were also flagged as a possible drag on the share price, with practices at the company’s Shirebrook warehouse coming under fire following an undercover report from The Guardian.

Company founder Mike Ashley has been diversifying his retail empire in recent years, with a concerted push into leisure. The company has launched 30 Sports Direct Fitness gyms and also bought a stake in five-a-side football pitch operator Goals Soccer Centres, while Ashley also owns Newcastle United Football Club and has a stake in Rangers.

Announcing today’s half-year results, Sports Direct International CEO Dave Forsey said he expected sales to increase during 2016 due to the Olympic Games in Rio de Janeiro and the 2016 European Football Championships.

"Within Sports Retail our commitment to upgrading our store portfolio continues to deliver gross margin growth and is a significant contributor to our strong EBITDA result,” said Forsey.

“We continue to innovate, refine and improve our customer proposition. In line with this strategy, during the period we opened new larger format stores in Leeds and Plymouth and combined gym and retail spaces in St Helens and Newport.

Sports Direct share have fallen by 13 per cent this morning, as roughly £500m was wiped off the stock market value value of the business despite underlying Group EBITDA increasing by 7.6 per cent.
SAR,HAF,INV
956361_757544.jpg

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HCM Magazine
Sponsored
Welcome to the world of creative fitness, where exercise and fun merge to change the way we train
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Offering red light therapy to your members can create a valuable source of secondary spend, while also supporting them with their recovery and delivering improvements to mobility, circulation and muscle soreness, as Karen Maxwell explains
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COVID survival strategies, growth plans, and a belief that government is finally recognising the value of the fitness sector. The Gym Group CEO speaks to Kate Cracknell
HCM Magazine
When Geoff Whitington started to see his life unravel as a result of diabetes, his sons Anthony and Ian gave up their jobs to help him change his lifestyle. This resulted in a new lease of life for all of them. Anthony Whitington, co-creator of BBC documentary, Fixing Dad, speaks to HCM’s Kath Hudson about the journey the family has been on, their mission to inspire others to engage with their health and the launch of new initiative, Fixing Us
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Coming from a personal training background, my experience has taught me that people hire the trainer before the training
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Resistance training is just as beneficial for women over the age of 50 as it is for men, according to a new study from the University of New South Wales
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Featured supplier news
Featured supplier: The Retention People unveil 2020 Member Experience Awards winners
Member engagement software provider The Retention People (TRP) has unveiled the winners of its annual 2020 Member Experience Awards (MEA).
Featured supplier news
Featured supplier: Storytelling - the future of fitness content
Heading into 2021, storytelling will be a key trend among fitness content creators and connected fitness providers, as the industry recognises its potential to unlock ultra- engaging experiences that boost retention.
Company profiles
Company profile: FunXtion International BV
Unlock your club’s digital potential with the FunXtion Platform. Deliver engaging and immersive digital fitness ...
Company profiles
Company profile: Precor
For more than 35 years, Precor has driven fitness forward. We continue that heritage every ...
Supplier Showcases
Supplier showcase - Egym: Game changer
Catalogue Gallery
Click on a catalogue to view it online
Directory
Exercise equipment
Pendex Fisio S.L.: Exercise equipment
Independent service & maintenance
Servicesport UK Limited: Independent service & maintenance
Trade associations
International SPA Association - iSPA: Trade associations
Flooring
REGUPOL/Berleburger Schaumstoffwerk (BSW): Flooring
Uniforms
Service Sport: Uniforms
Hydrotherapy / spa fragrances
Kemitron GmbH: Hydrotherapy / spa fragrances
Wearable technology solutions
MyZone: Wearable technology solutions
Spa software
SpaBooker: Spa software
Fitness equipment
Precor: Fitness equipment
Whole body cryotherapy
Zimmer MedizinSysteme GmbH / icelab: Whole body cryotherapy
Property & Tenders
Diary dates
03-04 Mar 2021
NEC, Birmingham, United Kingdom
Diary dates
03-06 Jun 2021
Expo Centre & Riviera di Rimini, Italy
Diary dates
12 Jun 2021
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Diary dates
13-14 Jun 2021
Online,
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HID Global
HID Global