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Sports Direct on track for bumper rise in profits Monday, 16th July 2012
Mike Ashley’s Sports Direct is gearing up to reveal another stellar year of sales this week, reaping the rewards of strong Olympic sales and aggressive promotions.
The retailer, which now boasts nearly 400 stores, is expected to have gained a larger market share of the sportswear sector, thanks to promotional activity in the run-up to the Olympics.
Underlying earnings are forecast at £231 million for the year to the end of April, up from £200 million the year before. It’s possible that Sports Direct could now announce it is to pay a dividend this year, its first for four years.
Founder and majority shareholder Ashley is said to be on target for a bonus of around £20 million if his company hits underling profit targets over the next three years.