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Sports Direct fiscal H2 profit climbs 76.0% YOY

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Capital Markets View – January 2021


Sports Direct fiscal H2 profit climbs 76.0% YOY

Sports Direct said its normalized net income for the fiscal second half ended April 26 was 18 Great British pence per share, compared with the S&P Capital IQ consensus estimate of 17 pence per share.

EPS increased 76.2% year over year from 10 pence.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was £112.8 million, a gain of 76.0% from £64.1 million in the prior-year period.

Total revenue climbed year over year to £1.40 billion from £1.36 billion, and total operating expenses came to £1.26 billion, compared with £1.25 billion in the year-earlier period.

Reported net income grew 72.8% on an annual basis to £125.8 million, or 20 pence per share, from £72.8 million, or 12 pence per share.

For the year, the company's normalized net income totaled 32 pence per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 37 pence.

EPS rose 28.4% from 25 pence in the prior year.

Normalized net income was £196.9 million, a gain of 28.0% from £153.7 million in the prior year.

Full-year total revenue rose year over year to £2.83 billion from £2.71 billion, and total operating expenses increased on an annual basis to £2.53 billion from £2.45 billion.

The company said reported net income rose 33.2% year over year to £240.4 million, or 39 pence per share, in the full year, from £180.5 million, or 29 pence per share.