LIFE STYLE SPORTS managed to stay in the black the year that it restructured its retail portfolio and decided to operate “fewer, bigger, better stores”.
Newly filed accounts for Lifestyle Sports (Ireland) Ltd show that the firm delivered a profit of €4.1 million in the year to 23 September 2017, down from the €5.3 million profit recorded during the previous 12-month period.
The sports equipment and clothing retailer, which operates 50 outlets in the Republic and an online store, delivered revenues of more than €103 million, up from 2016′s tally of €101.2 million.
According to the directors’ report accompanying the accounts, this was the sixth successive year the business increased its annual sales.
“Of particular note was the exceptional growth driven by the online business and the fact that, despite strong competition in a challenging marketplace, the brand also delivered positive market share growth,” it said.
Restructure
Throughout the year, Life Style Sports – which stocks brands such as Nike, Adidas and Under Armour – rolled out several new store concepts and accompanying social media profiles, such as ‘Trainer Central’ and a dedicated ‘Women’s Studio’.
It also opened a “digitally enhanced” store in Blanchardstown shopping centre and new outlets in McDonagh Junction, Co Kilkenny, and the Capital Building in Cork city centre.
“The business also closed six stores during the year reflecting the strategy of moving to fewer, bigger, better stores. The business in fact grew its retail square meterage net of those store openings and closures,” the directors’ report said.
The chain was also bolstered by the signing of its five-year partnership with Leinster Rugby. It also has a deal with the Munster rugby team.
In incurred exceptional charges of more than €1 million during the year, which was related to store closures and restructuring costs.
The average number of employees at the company increased in 2017. It employed 195 full-time staff, up from 181, and 653 part-time workers, up from 577.
Life Style Sports is part of the Wicklow-based Stafford Group and is headed up by CEO Mark Stafford.
As well as operating 50 stores in the Republic, the group also owns and operates four outlets and an online store in Northern Ireland through a separate entity.
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Written by Conor McMahon and posted on Fora.ie
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