Lifestyle Sports sees return to profit

Combined profits at Lifestyle Sports’ operations covering the island of Ireland amounted to nearly €4.2m last year, with revenues topping €103m.

Newly filed accounts show that Lifestyle Sports (Ireland) — which operates the sports retailer in the Republic — reversed a previous year loss of €14m, with a profit of €3.76m. Revenues totalled €96.6m.

Lifestyle Sports (NI), which covers the chain’s shops in the North, recorded profits of £348,954 (€417,180) last year, with revenues totalling €6.54m.

The two new north and south firms were established in 2014 as a result of a restructuring of the Lifestyle Sports Group and the accounts represent the first full year of trading for the two entities.

The figures show that the business in the Republic generated earnings before interest, tax, depreciation and amortisation (EBITDA) of €8m last year while it incurred exceptional charges of €241,712 relating to restructuring charges.

Its performance was boosted by the revenues generated by the company’s new flagship store on Dublin’s Grafton Street.

The entire business was acquired by the fourth generation family-owned Stafford Group for around €60m in 2005.

Lifestyle Sports operates 63 stores on the island of Ireland and attracts over 16m shoppers each year.

Numbers employed by the firm in the Republic last year increased from 419 to 459 with staff costs totalling €12.79m.

The amount Lifestyle paid out in lease charges in the Republic last year totalled €9.2m. It paid out £381,052 in operating leases in the North. Directors’ salaries at Lifestyle Sports in the Republic last year totalled €269,380.

The firm’s cost of sales came to €55m for the year while selling and distribution costs amounted to €33.47m with administrative expenses totalling €4m.