Sports Direct opens more stores

  Sports Direct has opened 12 stores and closed three, the retailer said in its interim management statement today.   The store openings and closures are a mixture of new Sports Direct units, relocations and Field & Trek stores. It opened three stores and closed two smaller stores internationally.   Group total sales for the 13 weeks ending 24 January 2010 were £370m and gross profit was £154m.   Retail sales increased 9.4% year-on-year to £326m, and retail gross profit increased 11.5% to £136m.   The board has altered its targeted underlying EBITDA to £160m from £155m on 10 December 2009.   Dave Forsey, chief executive of Sports Direct International, said: “The board is pleased with the group’s trading performance during the quarter. The UK retail division continued to deliver strong results, particularly in online sales at Sportsdirect.com, where sales accounted for over 5% of the total UK revenue during the quarter.”   “Cash generation in the period has been strong and we expect year end net debt to be similar to and not more than the half year level.  Trading since the end of the quarter has remained encouraging.”   annabel.dixon@estatesgazette.com