Sports Direct Is The UK's Leading Sports Retailer - Sports Direct ...

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Contents Chairman’s statement Chief exeCutive’s report and Business review finanCial review Board of direCtors direCtors’ report Corporate GovernanCe report direCtors’ remuneration report direCtors’ responsiBilities Corporate and soCial responsiBility report finanCial statements shareholder information 2 3 9 13 14 18 22 27 28 31 73
Chairman’s statement In a very challenging market environment, the Group’s relentless focus on the basics of retailing has resulted in the delivery of what are very creditable, solid results. We grew sales in both Retail and Brands divisions, and while we have seen a decline in gross margin and a corresponding drop in underlying EBITDA, that was caused almost entirely by the fall in the value of the pound. We maintained our position as the UK’s leading sports retailer by continuing to implement our back to basics strategy – offering the most comprehensive product range, ensuring stock availability, closely controlling costs and making efficiencies where possible. During the year the Group developed its relationships further with our third party brand suppliers, many who have offices within our head office at Shirebrook. We improved stock control and sourcing within International Retail. We were very pleased with the Group’s ability to sign an agreement, produce the goods and roll out branded areas in 121 stores in China within a four month period from start to finish. During the year we opened 27 stores in the UK (excluding Northern Ireland), nine stores in the Republic of Ireland and Northern Ireland through Heatons, and seven stores in Europe; including our first stores in Cyprus. <strong>The</strong> Group continued to consolidate the Brands division management at Shirebrook. Licensing remains the key driver of growth within the division, and we signed 41 new licence deals during the year. <strong>The</strong> Board has decided not to recommend the payment of a final dividend this year as we believe reducing debt should be our priority. We will continue to keep this under review. our strateGy for Growth We have established an excellent platform for growth, which we will build on with our proposed EBITDA related share bonus scheme, of which there are more details on page 24. Our priorities going forward are to: • Continue to strengthen our position in our core UK market • Continue to develop our international store portfolio • Maintain our brand market leading positions • Reduce debt with a target of achieving below £400m in the 2009-10 financial year Finally I wish to pay tribute to the hard work of all our people, from my colleagues on the Board to our people in the stores, and thank them for all their endeavours. simon Bentley Acting Non-Executive Chairman 16 July 2009 2 Chairman’s Statement Simon Bentley Acting Non-Executive Chairman
Page 2 and 3: sports direct is the UK’s leading
Page 6 and 7: Dave Forsey Chief Executive overvie
Page 8 and 9: Brands division Total Brands revenu
Page 10 and 11: The Group historically hedged the r
Page 12 and 13: Basis of reportinG The financial st
Page 14 and 15: strateGiC investments During the Ye
Page 16 and 17: simon Bentley Acting Non-Executive
Page 18 and 19: The Board may refuse to register a
Page 20 and 21: auditors Grant Thornton UK LLP has
Page 22 and 23: The Board provides corporate govern
Page 24 and 25: share dealinG Code The Company has
Page 26 and 27: the performanCe share plan The Perf
Page 28 and 29: v a l u e o f h y p o t h e t i C a
Page 30 and 31: direCtors’ responsiBilities The d
Page 32 and 33: During 2008/09 a customer service h
Page 34 and 35: finanCial statements report of the
Page 36 and 37: Continuing operations: Consolidated
Page 38 and 39: assets non-current assets 52 weeks
Page 40 and 41: 1. aCCountinG poliCies The consolid
Page 42 and 43: Borrowings and borrowing costs Borr
Page 44 and 45: 4. seGmental analysis primary repor
Page 46 and 47: secondary reporting format — geog
Page 48 and 49: 10. finanCe inCome 52 weeks ended 2
Page 50 and 51: 14. property, plant and equipment f
Page 52 and 53: Value in use calculations are based
Page 54 and 55:
17. availaBle-for-sale finanCial as
Page 56 and 57:
21. share Capital authorised 26 apr
Page 58 and 59:
25. BorrowinGs Non-current: 26 apri
Page 60 and 61:
The assumptions used to determine t
Page 62 and 63:
The dilapidations provision is the
Page 64 and 65:
The sterling principal amounts of f
Page 66 and 67:
adjustments to fair value for prior
Page 68 and 69:
34. Capital Commitments The Group h
Page 70 and 71:
eport of the independent auditor to
Page 72 and 73:
1. aCCountinG poliCies notes to the
Page 74 and 75:
7. reserves share premium account t
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egistrar and transfer office Capita
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