The British sports discounter Sports Direct is still on a downward path in Austria. In the 2019/2020 financial year, which ended in the first lockdown at the end of April 2020, sales fell significantly from 97 to 68.5 million euros and the number of employees fell from 877 to 654.
The company achieved a profit after tax, but this also shrank from 1.2 million euros to around 240,000 euros.
This emerges from the recently published annual financial statements in the commercial register (“WirtschaftsCompass”).
The negative equity was again around 115 million euros in 2019/20.
Company should continue to exist
Sports Direct also slimmed down the number of branches in the past financial year and closed four branches.
The retailer now only has 22 branches in Austria that were once 50. Several competitors, including Intersport and XXL, have snapped up former Sport Direct branches. Sports Direct entered the Austrian market through the acquisition of the sports retail chains Sport Eybl and Experts.
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Sports Direct continued shrink Austria