Sports Direct is on right track to hit its targets

Sports Direct is on track to hit its "super-stretch" profit targets this year, passing the first hurdle that could see it hand founder Mike Ashley a bundle of shares worth £17m.

The sportswear market leader said it was now "certain" of hitting its higher underlying profits target of £225m for the year to 29 April after posting a surge in third-quarter sales.

Sports Direct said it was also reviewing its dividend policy following a hiatus stretching back to December 2008. Its growth is in stark contrast to the troubles at its loss-making rival JJB Sports.

Sports Direct posted a 9.1 per cent surge in group sales to £453.8m for the 13 weeks to 22 January. retail sales rose by 10.2 per cent to £408.6m over the quarter.

Its chief executive, Dave Forsey, said: "Underlying performance in the period, particularly since December, has outperformed management's expectations."

Under the "super-stretch" deal, if the retailer hits four years of profit targets to April 2015, it will hand Mr Ashley, its executive deputy chairman who also owns Newcastle United, six million shares, worth £17m at the current share price, in 2018.

The shares rose by 15.2p to 278p yesterday, edging closer to its 2007 float price of 300p.

Suggested Topics
Start your day with The Independent, sign up for daily news emails
Arts and Entertainment
Ugne, 32, is a Lithuanian bodybuilder
tvThey include a Lithuanian bodybuilder who believes 'cake is a sin' and the Dalai Lama's personal photographer
Arts and Entertainment
Amazon have just launched their new streaming service in the UK
music
News
Frankie Boyle
people
ebooks
ebooksAn introduction to the ground rules of British democracy
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
SPONSORED FEATURES
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Guru Careers: Research Associate / Asset Management Research Analyst

£40 - 45k (DOE) + Benefits: Guru Careers: A Research Associate / Research Anal...

The Green Recruitment Company: Graduate Energy Analyst

£20000 Per Annum: The Green Recruitment Company: Summary: The Green Recruitm...

Ashdown Group: Finance Accountant - Financial Services - Central London

£30000 - £35000 per annum + benefits : Ashdown Group: Finance Accountant - Fin...

Ashdown Group: Chief Technology Officer (CTO) - Glasgow

£90000 - £98000 per annum + benefits : Ashdown Group: A truly exciting opportu...

Day In a Page

Solved after 200 years: the mysterious deaths of 3,000 soldiers from Napoleon's army

Solved after 200 years

The mysterious deaths of 3,000 soldiers from Napoleon's army
Every regional power has betrayed the Kurds so Turkish bombing is no surprise

Robert Fisk on the Turkey conflict

Every regional power has betrayed the Kurds so Turkish bombing is no surprise
Investigation into wreck of unidentified submarine found off the coast of Sweden

Sunken sub

Investigation underway into wreck of an unidentified submarine found off the coast of Sweden
Instagram and Facebook have 'totally changed' the way people buy clothes

Age of the selfie

Instagram and Facebook have 'totally changed' the way people buy clothes
Not so square: How BBC's Bloomsbury saga is sexing up the period drama

Not so square

How Virginia Woolf saga is sexing up the BBC period drama
Rio Olympics 2016: The seven teenagers still carrying a torch for our Games hopes

Still carrying the torch

The seven teenagers given our Olympic hopes
The West likes to think that 'civilisation' will defeat Isis, but history suggests otherwise

The West likes to think that 'civilisation' will defeat Isis...

...but history suggests otherwise
The bald truth: How one author's thinning hair made him a Wayne Rooney sympathiser

The bald truth

How thinning hair made me a Wayne Rooney sympathiser
Froome wins second Tour de France after triumphant ride into Paris with Team Sky

Tour de France 2015

Froome rides into Paris to win historic second Tour
Fifteen years ago, Concorde crashed, and a dream died. Today, the desire to travel faster than the speed of sound is growing once again

A new beginning for supersonic flight?

Concorde's successors are in the works 15 years on from the Paris crash
I would never quit Labour, says Liz Kendall

I would never quit party, says Liz Kendall

Latest on the Labour leadership contest
Froome seals second Tour de France victory

Never mind Pinot, it’s bubbly for Froome

Second Tour de France victory all but sealed
Oh really? How the 'lowest form of wit' makes people brighter and more creative

The uses of sarcasm

'Lowest form of wit' actually makes people brighter and more creative
A magazine editor with no vanity, and lots of flair

No vanity, but lots of flair

A tribute to the magazine editor Ingrid Sischy
Foraging: How the British rediscovered their taste for chasing after wild food

In praise of foraging

How the British rediscovered their taste for wild food