Staff Of U.K. Sports Retailer Sports Direct Set To Share $213M Bonus As Profits Rise 40%
Thousands of employees at Sports Direct are set to share a £140M ($213M) bonus pool after the sporting goods retailer reported a 40% rise in full-year pre-tax profit, boosted by last summer's London Games and Euro 2012, according to Saigol & Foy of the FINANCIAL TIMES. Around 2,000 employees, on an annual salary of £20,000 ($30,400) or more, "will each pocket an average of 12,000 shares" -- valued at around £72,000 ($109,000) at Thursday's share price. The "bonus bonanza comes as sales in the year to the end of April rose" 20.9% to £2.19B, led by a 22.7% jump in retail revenue, driving pre-tax profit to £207.2M ($315M). U.K. sports retail sales rose 17.3% in the 52-week period against a pro-forma period in the previous financial year to £1.57B, while retail gross profit rose by 22.9% to £801M (FT, 7/18).