Sports Direct is to invest more than £300m in property assets every year over the next two to four years, the company said in its annual results.
The retailer invested £317m in 23 freehold and long leasehold properties in the 12 months to April. Its biggest deal was the freehold of 161-167 Oxford Street, W1, and 36 Poland Street, W1, £108m.
Revenues in the company rose 11.7% to £3.2bn this year, although underlying profits before tax tumbled 58.7% to £113.7m.
Underlying earnings per share also fell 67.9% and EBITDA was down 28.5% to £272.7m.
In its report today, Sports Direct said the fall came largely from the devaluation of the pound, which cut the group’s gross margin.
Chief executive Mike Ashley said: “Sports Direct is on course to become the Selfridges of sport by migrating to a new generation of stores to showcase the very best products from our third-party brand partners.
“The devaluation of sterling against the US dollar has led to a significant impact on EBITDA and profits in FY17. We have put in place hedging arrangements to minimise the short-term impact of currency volatility, but like many UK retailers we remain exposed to medium-/long-term currency fluctutations.”
The company also appointed Jon Kempster, former group finance director of UK logistics and distribution group Wincanton, as chief financial officer.
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