Sports Direct to pay staff bumper bonus

Sports Direct confirmed that it will hand staff with shares worth more than £75,000 each following a smashing full-year profit targets.

10:57 20 July 2013

Staff at Mike Ashley’s Sports Direct has huge reason to celebrate! Following the sports giant smashing full-year profit, which increased by 20.9per cent, it announced that it will hand its staff with shares worth more than £75,000 each. Sales were boosted by the London Olympics and Uefa European Championships.

Sports Direct made a pre-tax profit of £207.2million in the 52 weeks to April 28th. Chief executive Dave Forsey said that this is a record-breaking year for the group and for British sport.

The share price of the company has increased by more than 90per cent over the past year.

Around 2,000 staff will receive an average 12,000 shares that are worth around £72,000 based on the current share price.

However, despite record-breaking sales and profits, the retailer said it would not be proposing dividend.

As reported in one report by The Guardian, the retailer said: “The board feels that it remains in the best interests of the company and its shareholders to maintain financial and strategic flexibility, including pursuit of potential acquisition opportunities and ongoing investment in group infrastructure and store portfolio.”

“The payment of dividends will remain under review for consideration in future years.”