Sports Direct International, the enfant terrible of the Footsie, put in an uncharacteristically middling performance in the 26 weeks to October. There was a little bit of disappointment over profits and sales, but the business is chugging along respectably.
Investors accepted the line that England’s early exit from the World Cup and the low footfall on Britain’s high streets this autumn were bound to take the shine off performance.
Underlying ebitda before staff bonuses — the company’s preferred measure of profitability — still came in at a respectable £201.1 million, up 11 per cent. Earnings per share growth was a more sluggish 4 per cent.
The days of spectacular expansion triggered by the demise of the arch-rival JJB two years ago are over. SDI