Sports Direct hits bonus target

Retailer Sports Direct International cheered more than 2,000 staff today as it said annual earnings of £160.4m (€191m) were enough to trigger the first stage of its bonus scheme.

The sportswear chain said a 17.3% rise in underlying earnings would see all permanent staff with at least two year’s service land shares worth 25% of salary, payable in two years.

The group’s annual results showed Sports Direct increased underlying pre-tax profits by 49.8% to £102.1m (€121.4m) after comparable retail store sales rose 3.4% in the year to April 25.

Sports Direct also reported its best ever trading day amid the World Cup, although demand for England-branded products slumped after the team’s early exit.