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SBD Global/July 18, 2014/Finance
Retailer Sports Direct In Peace Talks With Adidas Over Sale Of WC Replica Shirts
Published July 18, 2014
RECORD PROFITS: In London, Andrea Felsted reported Sports Direct on Thursday "announced record profits." Sports Direct said that "full-year pre-tax profit rose" 16% to £239.5M, helped by an "increase in sales in stores and online." Underlying earnings before interest, tax, depreciation and amortization, "excluding the cost of the retailer's employee share scheme," rose 15% to £331.1M in the year to April 27. The performance means that Sports Direct is "on track" to exceed its £300M ($513M) target for this financial year, the "final year of its four-year employee share scheme." This would mean 3,000 employees sharing 20 million shares, worth about £140M ($240M) at Thursday's share price. For an employee on £20,000 ($34,211), this could mean a payout of about £70,000 ($119,700) at the current share price, spread over '15 and '17 (FINANCIAL TIMES, 7/17).