sports direct is the uk’s leading sports retailer by revenue and operating 
profit and the owner of a significant number of worldfamous sport 
fashion and lifestyle brands
we provide a full multichannel approach to the uk and european retail 
markets our strategy includes identifying opportunities for improvement 
through instore specialist collaborations and acquisitions developing 
online opportunities and leveraging the sportsdirectcom fascia
the group continues to enhance its store portfolio and sports retail now 
operates out of over 665 stores in the uk and internationally
strategic report
02 key highlights 
04 sports direct at a glance 
06 chairman’s statement
07 our business model
08 strategy
09 key performance indicators
10 risks and uncertainties
13 chief executive’s report and business review
18 financial review
20 corporate responsibility report
governance
24 the board
25 directors’ report
27 corporate governance report 
33 directors’ remuneration report
41 directors’ responsibilities statement
financial statements
42 independent auditor’s report to the  
members of sports direct international plc
44 consolidated income statement
45 consolidated statement of  
comprehensive income
46 consolidated balance sheet
47 consolidated cash flow statement
48 consolidated statement of changes in equity
49 notes to the financial statements
77 independent auditor’s report to the  
members of sports direct international plc
78 company balance sheet
79 notes to the company financial statements
81 consolidated five year record
shareholder information
82 company directory
the sports direct international plc website is available on multiple 
platforms including mobile devices 
go online at wwwsportsdirectplccom
contents who we are key highlights
group revenue
£27060m 
underlying ebitda
£3311m 
reported pbt
£2395m 
underlying eps
321p
2010
14516
2011
15992
2012
18072
2013
21856
2014
strategic report
• sports retail likeforlike stores gross contribution increased by 105 fy13 106
• accelerated european expansion including acquisitions in austria and the baltic region
1
• growth in online revenue of 268 – now representing 171 of all sports retail sales fy13 150
2
• reported profit before tax up 156 to £2395m fy13 £2072m 
• underlying free cash generation of £2772m
3 
• 84 new licence agreements signed with contracted values of 51m over the life of the agreements
• second and final part of 2009 employee bonus share scheme vested in august 2013
• continued investment in inventory and strategic acquisitions whilst maintaining a strong balance sheet
1 at 27 april 2014 sports retail traded from 19 countries across europe 2013 12 including acquisitions and new store openings
2 excludes wholesales sales and sales in eag and sig including eag and sig sales online revenue represents 151 of sports retail sales
3 underlying free cash generation is defined as operating cash flow before working capital made up of underlying ebitda before share scheme costs plus realised foreign exchange gains and losses less corporation tax paid
2010 2011 2012 2013 2014
1712
2110
2357
2879
2010 2011 2012 2013 2014
124
168
187
269
fy14 share performance
500
apr mar feb 2014 dec nov oct sep aug jul jun 2013
550
600
650
700
750
800
850
900
2010
1195
2011
1188
2012
1480
2013
2072
2014
2  “we have delivered another year of outperformance especially within our 
sports retail division this success is underpinned by our core strategy 
offering our customers a wide range of products which represent exceptional 
quality and unbeatable value
“through both individual hard work and operating as a team against 
a particularly tough comparative which included the uefa european 
championships and the 2012 london olympics we have significantly 
outperformed the third underlying ebitda target of £260m set under the 
2011 employee bonus share scheme this means that the group has now 
successfully met the first three targets and the board is very confident of 
achieving the final target of £300m under the 2011 employee bonus  
share scheme 
“overall trading since the year end has been in line with management’s 
expectations with some stronger weeks offset by england’s disappointing 
world cup matches consistent with previous guidance we continue to target 
underlying ebitda before share scheme costs of £360m for the current 
period”
dave forsey 
chief executive 
 
17 july 2014
2009 employee bonus share scheme vested to c2000  
members of our staff
shirebrook flagship store extension complete
international acquisitions in austria and the baltic regions
the group entered the ftse 100
strategic report
3
sports direct international plc 
annual report and accounts 2014 the group’s sports retail stores other than field  trek supply a wide range of competitively priced sports and leisure equipment clothing footwear and accessories 
under a mix of brands we stock thirdparty brands including adidas nike reebok and puma groupowned brands include dunlop slazenger and lonsdale we also 
sell licensedin brands
we have continued to develop our specialised instore areas with a substantial unitary rollout for our dunlop and everlast brands our sherunsheruns areas also 
benefited from a rollout of the karrimor running footwear zone featuring an integrated product information and selection panel
as at 27 april 2014 sports retail operated out of 418 stores in the united kingdom excluding northern ireland the majority of stores trade under the  
sportsdirectcom fascia although field  trek stores trade under their own fascia
in europe the group’s growth has proven unrelenting with our products being offered via whollyowned retail outlets joint ventures with other retailers and stores 
within another retailer’s store the acquisition of sport eybl and sports experts ag eag and a controlling interest in sportland international group sig alone 
increased the store portfolio by 135 stores in five countries
during the year as part of the accelerated growth programme in our european subsidiary we opened 10 new stores in europe and entered two new countries  
opening stores in poland and spain our strategy remains to identify partners in new territories while continuing to expand our operations in the countries where  
we currently trade
read more about sports retail on pages 13 to 15
sports direct at a glance
strategic report
the group operates through three strategic business segments 
sports retail premium lifestyle and brands
sports retail 
£22744m
841
 t o t a l r e v e n u e
4  our premium lifestyle division continued to evolve and expand with the 
purchase of the remaining 20 of cruise during may 2013 during the year 
53 republic stores changed to the usc fascia more than doubling the usc 
portfolio to 90 stores
the division is a premier destination for branded clothing footwear and 
accessories catering to dedicated fashion followers and trend alert men 
and women throughout the uk it is home to an extensive collection of 
mainstream and independent footwear and apparel brands including g star 
diesel  vero moda
read more about the premium lifestyle division on page 16
the brands division exploits group portfolio brands by not only retailing 
in store but also via wholesale licensing and sponsorship the variety of 
selling methods ensures that our brands reach a larger audience and that 
they obtain a far wider distribution than if they were limited to retailing 
within the group
the division has maintained its high visibility in the worldwide media 
through ongoing sponsorship of highprofile sports personalities  
recentlyadded faces of our group brands include gemma atkinson  
and ashley roberts
read more about our brands division on page 16
strategic report
premium lifestyle 
£2141m
brands 
£2175m
80 
 t o t a l r e v e n u e
79 
 t o t a l r e v e n u e
sports direct international plc 
annual report and accounts 2014 5 i am also pleased to confirm that the expansion of the shirebrook sports direct store is now complete including the addition of a c9000 sq ft dedicated nike area and the 
opening of a usc store alongside we will shortly commence work on phase 3 of our shirebrook campus expansion the construction of an additional c600000 sq ft warehouse 
and office extension which will be pivotal in facilitating our ambitious plans for growth
i note also that the group has recently signed a new £688m committed unsecured revolving credit facility which will remain in place until september 2018 providing a strong 
foundation on which to deliver our growth plans over the next four years 
chairman’s statement
strategic report
i am delighted to report the group exceeded its targets for another year we have maintained our position as the number one sports retailer in 
the uk while reinforcing our status as the consumers’ champion as demonstrated by our wide product range and value for money offering
the group’s strategy of international expansion remains on course with the acquisition of sports eybl and sports experts group eag in 
austria and sportland international group sig in the baltic region 
employee bonus share scheme 
the group’s employee bonus share schemes are some of the most widereaching and 
generous share schemes in the uk the adoption of such schemes has proven highly 
effective at both motivating and remunerating our colleagues and the performance 
of the group has gone from strength to strength since the initial scheme was first 
approved by shareholders in september 2009
the second and final award under the 2009 employee bonus share scheme vested 
in august 2013 with over 19 million shares being distributed to a deserving c2000 
employees the high level of rewards for eligible participants has also proven key to 
employee retention and we credit a great deal of our continued success to our  
loyal workforce
the motivation and retention of our key employees has also contributed substantially 
towards the group significantly outperforming the 2011 employee bonus share 
scheme underlying ebitda before scheme costs targets for fy12 fy13 and fy14 i 
am convinced that the group has the right team in place to achieve the fy15 ebitda 
target and i look forward to seeing the scheme vest in both 2015 and 2017
the group recently proposed a 2015 bonus share scheme to its shareholders under 
which employees and the executive directors would be eligible to participate subject to 
the achievement of ebitda targets for the years fy16 to fy19 i am pleased to note that 
the new scheme was approved at a general meeting on 2 july 2014 
on behalf of the entire board i would like to thank shareholders for their support and 
participation in this process sports direct’s employee bonus share schemes are some 
of the most successful employee reward schemes in the uk the success of these 
schemes is demonstrated by the substantial shareholder value created over the last 
five years
the board 
during the year bob mellors the group finance director retired his dedication 
and commitment to the group cannot be understated and we wish him well in his 
retirement the recruitment of a replacement is ongoing 
we are interviewing internal and external candidates to ensure that the new post holder 
displays the qualities required by a ftse 100 company
we are aware of lord davies’ target of achieving board diversity by ensuring a 
minimum of 25 of the board are female by 2015 however any appointment will 
be based on the skills and expertise of the individual the board is still giving 
consideration to how the 25 target will be met further details relating to the 
recruitment of the finance director can be found on page 27
website 
during the year significant time has been spent on updating the group’s corporate 
website the updated site was launched during december 2013 and is easy to navigate 
for both potential investors and current shareholders alike new features to the site 
include interactive share price charts brands footage and alerts to subscribers 
following group announcements the site also incorporates links to additional 
resources such as our online store and careers site
dividend 
consistent with the recent practice the board has decided not to propose a dividend 
in relation to fy14 the board remains of the opinion that it is in the best interests of 
the group and its shareholders to preserve financial flexibility facilitating the pursuit 
of potential acquisition and other growth opportunities the payment of dividends 
remains under review in future years
conclusion 
the board and i would like to show our gratitude to our employees for the enormous 
contribution they have made during the year our results reflect their very hard work 
and dedication which should never be taken for granted i look to the year ahead with 
optimism despite the difficult financial circumstances many of our customers find 
themselves in we believe our compelling value proposition will allow us to achieve 
continued success
 
dr keith hellawell qpm  
nonexecutive chairman
17 july 2014
fy10 fy11 fy12 fy13 fy14 fy15 fy16 fy17 fy18 fy19
2015 scheme 2011 scheme 2009 scheme
    2009  2011 scheme achieved              2011 scheme targets              2015 scheme targets
£155m
£195m
£215m
£250m
£260m
£300m
£480m
£570m
£650m
£750m
underlying ebitda targets 
before scheme costs
6  strategic report
our business model
our offering has developed further in specialist sports categories and more fashion
based retailing we are constantly refurbishing and upgrading our stores in order 
to provide our customers with a compelling consumer experience the continued 
development of our dedicated specialist areas and ongoing collaboration with nike 
adidas and puma on instore concepts are further examples of this
acquisitions and strategic investments in related businesses are an important part 
of our strategy opportunities to develop into new product categories or markets or to 
strengthen our position in existing areas will continue to be considered on a case by 
case basis
we aim to maintain our position as the market leader in the sports retail sector in the 
uk whilst also gaining momentum in our expansion into europe the business model 
provides guidance for the group to implement an effective growth strategy to maintain 
and develop the success achieved so far it compares our recent successes with our 
future ambitions in order that we can assess how to progress in the future
the group has significant momentum and we must ensure that our product offering 
and customer proposition continue to grow and develop in order to retain our current 
customer base and to attract more customers in the future
developing brand awareness is a key factor in ensuring a sustainable future and 
the appropriate level of investment in advertising and technology are important 
components in achieving this
our international presence continues to grow through over 270 brand licensing 
partners our online presence and ongoing european store openings the group’s 
appointment of internationallyrecognised celebrities and sporting professionals  
as key ambassadors also promotes our brands on a global basis
our business model is focused on longterm sustainable growth whilst we continue to grow our business in the uk we are now keen to use the 
skills and knowledge we have gained to build and expand our sports retail business across the rest of europe
1identify 
brand acquisitions and property enhancement
2invest  
store portfolio and employees
3develop  
website and mcommerce enhanced product ranges
4promote  
groupowned brands
5achieve  
targets and group success
sports direct international plc 
annual report and accounts 2014 7 objective so far what next
identify
instore our shirebrook store is used as a centre of excellence where presentation techniques 
are trialled and perfected
the group focuses on its stores to ensure the best presentation of our product 
range our product collections provide a ‘goodbetterbest’ presentation to ensure 
our customers find the right product at the right price our specialist collaborations 
with sherunsheruns and soccer scene  the boot room provide a high level 
of customer service our multichannel approach also gives flexibility to our 
customers
the group continues to enhance its instore offering with further dedicated 
areas for specialist product collections
• european golf
• swimshopcouk
• dragoncarp direct
• field  trek
• sherunsheruns
acquisitions the group has continued its expansion in europe acquiring the sports eybl and 
sports experts group eag as well as a majority shareholding in sportland 
international group sig which operate in austria and germany and the baltic 
region respectively
in the uk the group acquired a 51 stake in yeomans outdoors to add to the sports 
retail division a 51 stake in pulp and the remaining 20 stake in cruise were 
also purchased both being valuable additions to the premium lifestyle division
in june 2013 the brands division acquired the assets of gelert
acquisitions remain a high priority in order to broaden the variety of customer 
offering in all areas of the group
invest
store portfolio during fy14 we opened 32 stores in the uk closing 10 and opened a further 15 
stores in europe closing five as at 27 april 2014 sports retail operated in 19 
countries in europe as well as in the uk
the group also operates a store in iceland as a joint venture and has a 50 stake 
in the heatons chain in northern ireland and the republic of ireland
our shirebrook store has been extended to provide a total retail space of c78000 
sq ft this offers customers a huge range of products under one roof enhancing 
their shopping experience
the group intends to continue to enhance its store portfolio in both the uk and 
internationally the group will continue with the strategy to identify strategic 
partners in new territories while expanding operations in those countries 
where we currently have a presence plans are in place to expand sports retail 
operations into all the major countries in the european economic area
people we are aware that the dedication of our employees has been essential to the 
success of the group the commitment that they have shown does not go unnoticed 
the employee bonus share schemes have been central to uniting our employees to 
work towards a shared goal the 2009 employee bonus share scheme has shown 
our employees what they can achieve with teamwork and they are only one target 
away from meeting the 2011 employee bonus share scheme targets set the 
recently approved 2015 bonus share scheme will further act as an incentive to 
focus the minds of our employees
due to the success of the first employee bonus share scheme we continue to 
encourage and motivate employees with the 2011 and 2015 employee bonus 
share schemes
develop
website online retail sales currently represent 171 of sports retail revenue an increase 
from 150 in fy13
improvements to the site such as specialised landing pages and upgraded ‘my 
account’ pages offer the customer a more personal experience
investment in the mobile site means that it now fully supports language 
and currency conversion mobile visits currently equate to 25 of visits to 
sportsdirectcom
online revenue continues to be an area of significant growth and the group 
continues to look at opportunities to develop this revenue stream further the 
website has benefited from investment in improving the customer experience 
including a more efficient checkout experience and parcel tracking services 
recognition of the online brand has increased with 401 uk stores displaying 
the sportsdirectcom fascia
the introduction of gift cards that can be purchased and redeemed online will 
be trialled in fy15 this will allow customers to use gift cards to purchase 
items from our whole product range
promote
brands the group’s portfolio includes a wide variety of worldfamous sport fashion and 
lifestyle brands the group’s retail division sells products under these group brands 
in its stores and the brands division exploits the brands through its wholesale and 
licensing businesses
the brands division wholesale business sells the brands’ core products such as 
dunlop tennis rackets and slazenger tennis balls to wholesale customers and 
distributors throughout the world this results in far wider distribution of the 
products than would be the case if their sale was restricted to group stores
the wholesale business also wholesales childrenswear and apparel the licensing 
business licenses third parties to apply groupowned brands to noncore products 
manufactured and distributed by those third parties the division currently has 
c270 licensees worldwide we manage these licensees to ensure global brand 
consistency and the international success of our group brands
we recently added to our brand portfolio with the purchase of gelert
the brands division is closely involved in the development of licensed products 
and monitors licensees and their manufacturers to ensure product quality 
presentation and consistency with the appropriate brand strategy the brands 
division continues to sponsor a variety of prestigious events and retains a 
portfolio of globallyrecognised highprofile athletes
acquisitions of key brands will remain high on the agenda
the brands division strategy is focused on further expansion into asia and the 
americas such expansion will provide us with more opportunities to expand the 
global presence and international appeal of our group brands
in order to improve worldwide brand awareness the brands division will 
continue to invest in the development of core products for wholesale customers 
and distributors throughout the world
strategy
strategic report
8  the board monitors the performance of the group by reference to a number of key performance indicators kpis which are discussed in this chief executive’s report and also in 
the financial review the most important of these kpis are 
 
52 weeks ended
proforma 52 
weeks ended
27 april 2014 28 april 2013 29 april 2012
2
financial kpis
group revenue £27060m £21856m £18072m
underlying ebitda 
1
£3311m £2879m £2357m
sports retail gross margin 429 403 403
sports retail likeforlike stores gross contribution 
3
105 106 07
online revenue as a percentage of total sports retail revenue 
4
171 150 116
underlying earnings per share 
5
321p 269p 187p
nonfinancial kpis
no of sports retail stores 
6
665 498 483
employee turnover 192 155 170
cardboard recycling 9230 tonnes 8893 tonnes 6622 tonnes
 
1 the method for calculating underlying ebitda is set out in the financial review
2 the fy12 income statement has been restated to provide a 52week proforma set of results
3 sports retail likeforlike contribution is defined as the percentage change in gross contribution in the successive 12 month period adjusted to remove the impact of the 53week year in 2012 a likeforlike store is one that has been 
trading for the full 12 months in both periods and has not been affected by a significant change such as a major refurbishment 
4 excludes wholesale revenue and revenue in eag and sig including revenue in eag and sig online sales represented 151 of turnover
5 the method for calculating underlying earnings per share is set out in the financial review
6 excluding associates
key performance indicators
strategic report
sports direct international plc 
annual report and accounts 2014 9 internal controls and risk management 
the board has a responsibility to govern the group in the interest of the shareholders 
comments and suggestions of shareholders are always considered by the board where 
the board considers that the risk has not been fully mitigated followup meetings 
will be arranged to assess the risk and formulate mitigation strategies a specialist 
management team of directors and senior managers highlight risks as and when 
they become apparent the team then in turn assist the board in devising controls to 
minimise the group’s exposure
the group’s approach to risk 
the identification and management of risk is a continuous process and the group’s 
system of internal controls and the business continuity programmes are key elements of 
that the group maintains a system of controls to manage the business and to protect 
its assets with the development of contingency plans and rapid response to changing 
circumstances and does much to mitigate the risks facing the group the group 
continues to invest in people systems and in it to manage the group’s operations and 
its finances effectively and efficiently
1 the risks are identified
2 the risks are evaluated
3 action is taken to manage the risks
4 the practices are reviewed and monitored to limit the risk
the specialist management teams are responsible for the identification analysis 
evaluation and mitigation of the significant risks applicable to their areas of business 
the teams meet regularly to discuss the identified risks and how these should be 
reviewed and monitored the board ensures that the appropriate arrangements are 
in place under which employees can raise concerns about possible financial or other 
impropriety which are then appropriately investigated
the board is assisted by the audit committee in fulfilling its overview responsibilities 
reviewing the reporting of financial and nonfinancial information to shareholders and 
the audit process satisfying itself that appropriate systems of internal control and risk 
management are in place and are serving to identify and manage risk
the group operates a retail support unit which provides strong operational internal 
audit services in the retail division and there are procedures in place in the brands 
division to monitor and control licensees
the external auditors are invited to attend all meetings of the audit committee save 
for those parts of any meeting when the committee reviews the performance of the 
auditors
with the exception of heatons which is the group’s only material associate the group’s 
system of internal control and risk management and its effectiveness is monitored and 
reviewed by the board the audit committee and management and the board believes 
that the group has maintained throughout the year and up to the date of approval of 
the annual report and accounts an effective embedded system of internal control and 
has complied with the turnbull guidance
the systems of internal control and risk management are designed to manage rather 
than eliminate the risk of failing to achieve business objectives
risk policies and procedures 
business plans and budgets for each business include financial and strategic targets 
against which performance is monitored monitoring includes the examination of and 
changes to rolling annual and quarterly forecasts monthly measurement of actual 
achievement against key performance targets and plans and weekly reviews of 
performance
the group has clear procedures for the approval and control of expenditure strategic 
investment decisions involving both capital and revenue expenditure are subject to 
formal detailed appraisal and review according to approval levels set by the board 
operating expenditure is controlled within each business with approval levels for such 
expenditure being determined by the individual businesses
there is an approved employee whistleblowing policy within the group the policy 
was established to be utilised by employees who wish to raise any issues or concerns 
relating to the group’s activities and all matters are discussed on a confidential basis
key risks 
control environment 
the group’s operating procedures include a comprehensive system for reporting 
information to the board including
• assessment of three years of strategy plans for business development
•  creation and assessment of legal policies and
•  review of the group at each board meeting focusing on potential new risks such as 
key changes in the market and succession planning
control procedures 
detailed operational procedures have been developed for each of the group’s operating 
businesses that embody key controls the implications of changes in law and 
regulations are taken into account within these procedures
financial reporting process 
the group has in place internal control and risk management systems in relation to 
the group’s financial reporting process and the group’s process for the preparation 
of consolidated accounts these include clearly defined lines of accountability and 
delegation of authority policies and procedures that cover financial planning and 
reporting preparing consolidated accounts capital expenditure project governance 
and information security
the audit committee is responsible for overseeing and monitoring these processes 
which are designed to ensure that the group complies with relevant regulatory reporting 
and filing provisions as at the end of the period covered by this report the audit 
committee with the participation of the chief executive evaluated the effectiveness 
of the design and operation of disclosure controls and procedures designed to ensure 
that information required to be disclosed in financial reports is recorded processed 
summarised and reported within specified time periods
4
2
3 1
risks and uncertainties relating to the group’s business 
strategic report
i d e n t i f y
m o n i t o r
e v a l u a t e
m a n a g e
10  principal risks affecting the group 
the group has identified the following factors in the following table as potential risks to and uncertainties concerning the successful operation of its business the group is 
however exposed to a wider range of risks than discussed below but these are the principal risks that have recently been discussed by the board and audit committee and are of 
primary concern
strategic report
area risk mitigation
supply chain
the group operates internationally so is 
reliant on the successful distribution of 
goods from when they are distributed by 
the manufacturer to when they are sold 
in the stores
the group is reliant on manufacturers in 
developing countries as the majority of 
the group’s products are sourced from 
outside the uk
the group is subject to the risks associated with 
international trade and transport as well as those 
relating to exposure to different legal and other 
standards particular risks including worker strikes 
failure to meet minimum code of conduct standards 
and transport delays for products could all cause 
substantial difficulties
disasters in or around the factories of our suppliers 
could bring negative media attention to the group
the group requires all suppliers to sign up to the group’s code of ethicssupply policy 
which enables the group to monitor and benchmark the performance of the supplier 
it allows the group to carry out inspections of premises to ensure compliance with the 
group’s codes for continuity and quality of supply the policy extends throughout the 
duration of the group’s contract with each supplier and allows the group to conduct 
inspections of supplier premises at random intervals
many risks relating to the supply chain reliance on nonuk suppliers and to the reputation 
of the group’s brands are managed and mitigated by the implementation of these policies 
strong service level agreements and maintaining relationships with all parties involved in 
the supply chain also mitigate these risks
key suppliers
the group is reliant on good 
relationships with its major 
manufacturers key brands or brand 
suppliers
a failure to replace any of its major manufacturers 
or suppliers on commercially reasonable terms could 
have an adverse effect on the group’s business 
operating profit or overall financial condition it may 
mean that customers shop elsewhere if stores cannot 
supply the required product
the group follows policies of forging longterm relationships with suppliers and of utilising 
two leading supply chain companies to procure much of the group’s own branded goods 
this close relationship brings a better understanding of the supplier’s resources enabling 
the group to react quickly to changes in the international supply market
lengthy contracts are often used by the group to ensure that key manufacturers are aware 
of our commitment to them
treasury and financial risk
the group operates internationally the 
majority of foreign contracts relating to 
the sourcing of group branded goods 
are denominated in us dollars and the 
euro thus leaving exposure to foreign 
exchange risk
the group has net borrowings which 
are principally at floating interest rates 
linked to bank base rates or libor
the group is exposed to foreign exchange risk arising 
from various currency exposures and a strengthening 
of the us dollar or a weakening of the pound sterling 
making goods more expensive
foreign exchange risk arises when future commercial 
transactions or recognised assets or liabilities are 
denominated in a currency that is not the entity’s 
functional currency as exchange rates move this 
could significantly reduce profitability
the group seeks to mitigate the fx fluctuations by hedging via forward foreign currency 
contracts which are designated as cash flow hedges
the group also holds assets overseas in local currency and these assets are revalued in 
accordance with currency movements this currency risk is not hedged
the group is cash generative and is now targeting its debt levels to mitigate interest rate 
risk and currently has debt levels of less than 1 x underlying ebitda
credit and liquidity risk
the group primarily the brands division 
provides credit to some of its customers
funding and liquidity for the group’s 
operations are provided through bank 
loans overdrafts and shareholders’ 
funds
the group could have a credit risk if credit 
evaluations were not performed on all customers 
requiring credit over a certain amount
the group’s objective is to maintain sufficient 
funding and liquidity for its requirements but the 
availability of adequate cash resources from bank 
facilities and achieving continuity of funding in the 
current financial climate could be a risk to the group 
in future years
the purchase of acquisitions to strengthen and 
compliment the group may be hindered
relationships with suppliers could break down if we 
are unable to pay them in line with our contractual 
obligations
the group’s key suppliers also face credit risk and as such the group regularly assesses 
the viability of its suppliers and ensures there are plans to source from alternative 
businesses should key suppliers fail
rigorous procedures are in place to mitigate this credit risk the group has a credit policy 
in place and the exposure to risk is monitored on an ongoing basis
credit evaluations are performed on all customers requiring credit over a certain amount 
and concentration of credit risk is managed
investment of cash surplus borrowings and derivative investments are made through 
banks and companies which have credit ratings and investment criteria approved by the 
board
the group mitigates liquidity risk by keeping debt levels low and the current finance facility 
is held with a club of 13 banks thereby spreading the risk
succession planning
key individuals within the group have 
knowledge of the business and are 
essential to drive the business forward
natural disaster illness injury or the sudden 
resignation of key individuals could change the 
direction of the group
our departments work together to develop their understanding of each department and 
of the group senior managers work at ground level to help to assess the strengths of 
their employees and to offer development opportunities where appropriate this can be of 
assistance when considering the suitability of internal candidates for vacancies
promotion opportunities a newly developed competency framework and regular 
appraisals give employees a voice encourage a sense of responsibility and support career 
progression
our structured talent management programmes and specialist masterclasses encourage 
internal progression within the group
the group has formed working relationships with head hunters and recruitment agents 
who are aware of the qualities required in a typical candidate
sports direct international plc 
annual report and accounts 2014 11 strategic report
risks and uncertainties relating to the group’s business 
continued
area risk mitigation
market forces
the sports retail industry is highly 
competitive and the group currently 
competes at national and local levels 
with a wide variety of retailers of 
varying sizes who may have competitive 
advantages new competitors may enter 
the market
the competition continues to place pressure on the 
group’s pricing strategy margins and profitability
the group has a discount pricing policy to help reduce the risk of increased competition in 
the industry 
the group has a strong property portfolio and continues to strengthen this by opening and 
closing stores to adapt to market conditions 
a number of key brands are owned by the group reducing pressure on margins 
operational
the group is reliant on the head office 
and national distribution centre at 
shirebrook operating without disruption 
along with the uninterrupted running of 
the group’s fleet of vehicles
the majority of the group’s revenue is 
derived from the uk
any disruption to the head office national 
distribution centre or the fleet of vehicles might 
significantly impact the group’s ability to manage 
its operations distribute products to its stores and 
maintain its supply chain
any longterm interruption of the group’s it systems 
would have a significant impact on the group’s 
operation particularly in the retail division
terrorist attacks armed conflicts government 
actions or adverse weather affecting the road 
networks within the uk could result in a significant 
reduction in consumer confidence which would in 
turn have an adverse affect on sales in stores
the group has a strong business continuity plan that is regularly reviewed to address 
operational risks the last review and testing of this took place during the most recent 
financial year
the board is confident that as far as it is practical the risks and uncertainties that face 
the group are being monitored and managed and that where required appropriate action 
is being taken
the group constantly monitors the business environment and the nature of the business 
model allows for the group to act swiftly under extraordinary circumstances
health  safety
health and safety is key across all areas 
of the group policies are implemented 
in conjunction with legal standards to 
protect our employees and customers
potential injuries distress and fatalities could 
result from a failure to establish and maintain safe 
environments lack of competence in health and 
safety reporting could lead to legal claims which are 
difficult to defend
we ensure that each company within the group is fully trained to the required standards 
applicable in each requisite country
training courses are regularly offered and employees are encouraged to learn essential 
health and safety techniques
the team at head office are always on hand to discuss health and safety issues assess 
incidents and refer reportable matters to ridor
the incidents within the group are reported to the board regularly as are the legal claims 
that arise from these the board consider ways to reduce the number of claims
legal
the group’s trade marks patents 
designs and other intellectual property 
rights are central to the value of the 
group’s brands
the group believes that its licensees suppliers 
agents and distributors are in material compliance 
with employment environmental and other laws 
the violation or allegations of a violation of such 
laws or regulations by any of the group’s licensees 
suppliers agents or distributors could lead to 
adverse publicity and a decline in public demand for 
the group’s products or require the group to incur 
expenditure or make changes to its supply chain and 
other business arrangements to ensure compliance
the group may need to resort to litigation in the 
future to enforce its intellectual property rights and 
any litigation could result in substantial costs and a 
diversion of resources
third parties may try to challenge the ownership or 
counterfeit the group’s intellectual property
the group has an inhouse legal team who have knowledge of a variety of legal areas that 
apply to the group this inhouse expertise is vital in mitigating such issues
the legal team work closely with external consultants to assist with matters outside their  
areas of expertise
the group’s legal team actively monitor trade mark applications by other companies as 
well as the stock of rival retailers to ensure that our rights are not infringed and where 
these are infringed to take appropriate action 
as a testament to the legal team’s hard work and commitment to protecting the group’s 
trade marks the trade mark team recently won sport entertainment and media team of 
the year at the world trademark review awards in dallas
sales
the group’s retail businesses are 
subject to seasonal peaks the incidence  
of and participation in major sporting 
events will have a particular impact on 
the sports retail business
prolonged unseasonal weather conditions or 
temporary severe weather during peak trading 
seasons could have a material adverse effect on the 
group’s businesses the group is dependent upon the 
store portfolio and consumers’ spending habits
although unable to mitigate environmental conditions the group are able to influence the 
retail portfolio and therefore constantly monitor development of stores and the group’s aim 
to increase the square footage through viable new retail space by monitoring stock levels 
through sales forecasting the group can manage the peaks in demand and trading profiles 
can be predicted
12  overview of financial performance 
i am pleased to report a further year of strong revenue and profit growth for sports 
direct the results for the year are even more impressive given that the prior year 
included the uefa european championships and the 2012 london olympics and have 
been achieved in a retail environment that remains challenging the group has grown 
consistently and the resilience and flexibility of our business model continues to allow 
us to offer an unrivalled product range offering exceptional quality and unbeatable 
value we will continue to be the consumers’ champion 
building on our strategy of broadening our customer base through expansion during 
the year we have opened c300000 net sq ft of additional retail space across the uk 
refitting a further c300000 sq ft in europe we have opened c200000 net sq ft of 
retail space in our existing business and have acquired a further c19 million sq ft 
with our acquisitions in austria and the baltics
the outperformance that we have achieved over recent years truly serves to 
demonstrate how successful the employee bonus share scheme has been in motivating 
our employees to work towards a shared goal the 2009 scheme targets were achieved 
and the shares vested in august 2012 and 2013 with over 2000 employees receiving 
lifechanging sums as reward for their hard work and dedication to the business over 
the last five years 
underlying ebitda targets under the 2011 employee bonus share scheme for fy12 
fy13 and fy14 have been met with only one target left to achieve the scheme is 
also on course to vest in 2015 and 2017 i am also delighted that following a general 
meeting on 2 july shareholders have now given approval for a new 2015 bonus share 
scheme this will ensure the commitment of our employees for many more years to 
come
group 
for the year we increased group revenue by 238 to £27060m this was primarily 
due to the retail division where we grew revenues by 259 including a 241 
increase in sports retail revenue partly due to the acquisition of eag in austria and 
sig in the baltic region premium lifestyle revenue also grew by 494 due largely to 
the acquisition of republic in february 2013
group gross margin in the year increased by 180 basis points from 409 to 427 
sports retail division gross margin increased by 260 basis points to 429 fy13 
403 while brands division gross margin decreased to 431 fy13 449
group operating costs increased 359 to £8261m fy13 £6079m sports retail and 
brands division operating costs were £6563m fy13 £4796m 
1
 and £631m fy13 
£666m respectively the increase in group operating costs is mainly attributable 
to our recent acquisitions in austria and the baltics excluding the impact of these 
acquisitions group operating costs increased by 197 operating costs increased 
slightly as a percentage of sales from 278 in fy13 to 297 in fy14 excluding the 
impact of acquisitions due to provision reversals in the prior year and the impact of a 
full year of costs within republic
reflecting the success of our approach – balancing revenues and gross margin while 
maintaining a tight focus on operating costs – we grew group underlying ebitda 
before scheme costs for the year by 150 to £3311m fy13 £2879m within this 
underlying ebitda we increased the retail division ebitda by 153 to £3009m 
fy13 £2609m while the brands division ebitda increased by 119 to £302m 
fy13 £270m
excluded from underlying ebitda is an £119m fy13 £221m charge in respect of 
the 2009 and 2011 employee bonus share schemes and the executive bonus share 
scheme this charge has been taken centrally and except in note 4 to the accounts is 
not reflected in the divisional retail and brands numbers in this report 
for the year group underlying profit before tax increased 198 to £2493m primarily 
as a result of the £432m increase in ebitda prescheme costs and a £102m 
reduction in employee bonus share scheme charges offset by a £93m increase in 
depreciation and amortisation underlying eps for the year increased by 193 to 
321p fy13 269p 
net debt at 27 april 2014 was £2120m 28 april 2013 £1540m which is 066 times 
reported ebitda 28 april 2013 058 times reported ebitda includes realised foreign 
exchange gainslosses in selling and administration costs and the employee bonus 
share scheme charges
review by business segment 
retail revenue
52 weeks ended 
27 april 2014 
£’m 
28 april 2013 
£’m
sports retail 22744 18333
premium lifestyle
1
2141 1433
total retail revenue 24885 19766
cost of sales 14273 11756
gross profit 10612 8010
gross margin percentage 426 405
1 fy13 premium lifestyle revenue restated to include republic previously included within wholesale and other
 
brands revenue 
52 weeks ended 
27 april 2014 
£’m 
28 april 2013 
£’m
wholesale 1852 1783
licensing 323 307
total brands revenue 2175 2090
cost of sales 1238 1152
gross margin 937 938
gross margin percentage 431 449
 
sports retail 
sports retail revenue growth has continued with the acquisition of two international 
subsidiaries in austria and the baltics as well as further enhancements in our retail 
and logistics infrastructure
sports retail sales grew 241 to £22744m fy13 £18333m driven by our recent 
european acquisitions and strong growth in our existing business sports retail 
gross margin for the year increased by 260 basis points to 429 fy13 403this 
increase is mainly attributable to ongoing investment in our ‘better and best’ product 
range and the further development of group brands 
sales in the second half of the year were up 255 to £11383m fy13 h2 £9073m 
gross margins for the second half of the year improved to 425 fy13 h2 397 
sports retail likeforlike gross contribution which excludes online increased by 
105 marking the fifth consecutive year of growth in this kpi against a tough 
comparator last year which included the uefa european championships and the 2012 
london olympics fy13 106  fy12 07  fy11 68  fy10 37 
sports retail likeforlike contribution is defined as the percentage change in gross 
contribution in the successive 12month period a likeforlike store is one that has 
been trading for the full 12 months in both periods and has not been affected by a 
significant change such as a major refurbishment the number of stores included in 
this year’s kpi is 339 fy13 340
sports retail operating costs increased by 368 to £6563m including acquisitions 
fy13 £4796m excluding the impact of acquisitions operating costs increased by 
163 to £5576m  operating costs in h2 increased by 123 to £2836m fy13 h2 
£2526m 
strategic report
chief executive’s report  business review 
1 fy13 comparative now excludes operating costs in republic now included within premium lifestyle
sports direct international plc 
annual report and accounts 2014 13 online 
we have experienced growth in online revenue which has increased by 268 from £2646m to £3354m in the year  
this represented 171 of sports retail sales fy13 150 excluding wholesale sales and sales in eag and sig including 
eag and sig online revenue represented 151 of sports retail sales online sales to nonuk customers now represent 
465 of all online sports retail sales fy13 351 and 482 of online contribution fy13 338
our multichannel offering remains a strategic focus for the group order fulfilment and information technology solutions 
are developed inhouse with full backup support from our national distribution centre in shirebrook derbyshire specific 
customer landing pages and ‘my account’ pages have now been upgraded and provide an improved customer experience  
401 of the uk store fascia are now branded sportsdirectcom an increase of 25 from last year fy13 376
approximately 25 of visits to sportsdirectcom are now made via mobile devices given the rapid developments in this 
area we have updated our mobile site to support multiple language and currency options customer satisfaction through 
a multichannel offering remains one of our key areas of focus during fy15 we aim to enhance the customer experience by 
upgrading our search facility to ensure that the results are as relevant as possible we are developing additional functionality 
including click  collect which is expected to be rolledout in uk sports direct stores during autumnwinter 2014 online gift 
cards and the opportunity to open a credit facility
strategic report
chief executive’s report  business review  
continued
store wages were up 375 in the year to £2114m fy13 £1537m but as a 
percentage of sales increased only slightly to 93 fy13 84 sports retail 
premises costs increased by 331 to £1927m fy13 £1448m largely due to 
a £146m reversal of our onerous lease provision in fy13 following the closure of 
a significant number of unprofitable stores excluding the impact of this reversal 
premises costs increased by 209 other operating costs were up 328 to £2466m 
fy13 £1857m increasing slightly as a percentage of sales to 108 fy13 101
the currency impact due to the change in the eurosterling exchange rate was a cost of 
£56m in the current year fy13 a gain of £46m
underlying ebitda for sports retail was £3213m fy13 £2599m an increase of 
236 for the year 202 excluding the impact of acquisitions this increase was 
driven by a £2366m increase in gross profit including acquisitions due to the  
growth in store contribution and online sales offset by the £1767m increase in 
operating costs
the group’s retail businesses performed strongly in a difficult economic environment 
our retail model offering outstanding value to our customers remains resilient both 
in the uk and internationally throughout the year we continued to focus on offering 
our customers the most comprehensive product range the best availability and value 
while minimising operating costs as a percentage of gross sales  
the group has continued its planned expansion into europe with the acquisition  
of two key subsidiaries in june 2013 the group acquired a 51 stake in the sports 
eybl  sports experts group ag eag a leading sports retailer with stores in austria 
and germany the remaining 49 of the business was subsequently acquired in 
march 2014 in august 2013 the group acquired a 60 shareholding in sportland 
international group sig the market leader in the baltic states of estonia latvia  
and lithuania
we are currently in the final design stages for phase three of the development of our 
national distribution centre in shirebrook the construction of an additional c600000 
sq ft warehouse and office facility preparation of the site is already in progress 
with the aim of commencing works in september 2014 and completion of the project 
anticipated for late 2015
employee training continues to be a major area of investment during the last year  
over 50000 hours were devoted to training and developing our colleagues our 
national training facility in shirebrook is committed to maximising the individual 
performances of our employees and to helping others to identify work towards and 
achieve their own distinct career goals
the national training facility is supported by nike and puma who have their own 
individual environments this unique training experience is the only centre of its type 
globally for both nike and puma
our store portfolio remains constantly under review with the performance of each 
store and ways of maximising performance being regularly examined during the year 
we opened 32 stores in the uk closing 10 and have opened an additional 15 stores 
in europe closing five through acquisitions we also added a further 134
1
 stores in 
austria and the baltics
we increased our period end squarefootage to c45m sq ft
2
 fy13 c40m in the 
uk and c30m sq ft
3
  fy13 c11m sq ft across the rest of europe including an 
additional c19m sq ft as a result of acquisitions we also refitted c300000 sq ft 
of our existing retail store space in the uk
1 store numbers taken at date of acquisition
2 due to differing methodologies this implies a range between 425m sq ft  475m sq ft
3 due to differing methodologies this implies a range between 275m sq ft  325m sq ft
during the year the expansion of the shirebrook sports direct store was also 
completed the expanded store includes dedicated nike and puma areas as well as 
enhanced running outdoor football and women’s fitness areas following the success 
of the shirebrook store our oxford street store relocated to the former hmv store in 
may 2014 the continued evolution of the whole estate and in particular key city centre 
stores is vital in building relationships with thirdparty brands and will continue with 
the redevelopment of our glasgow store which is expected to finish in autumn 2014
in fy15 we are targeting to refit c400000 sqft of retail space across the uk
14  strategic report
uk store portfolio
27 april 2014 28 april 2013
stores at year end 418 396
opened 32 37
closed 10 36
freehold properties 59 52
sportsdirectcom fascias 401 376
other 17 20
area sq ft c45m c40m
 
in the 52 weeks to 27 april 2014 rent reviews have been agreed on 30 stores the 
average increase in rent was 064 013 annual equivalent there are currently 41 
rent reviews outstanding with a further 54 falling due in fy15 our lease expiry profile 
over all leasehold stores excluding lillywhites piccadilly is now 51 years including 
68 stores with contractual expiries or break dates within the next 12 months  this 
significant amount of flexibility within our portfolio allows us to continue to monitor and 
adapt our format to the rapidly changing multichannel environment
in the current financial year we are targeting to open between 30 and 40 stores c30 
of which are expected to be relocations in the first quarter we have already opened 
10 stores and have closed five of which four were due to relocations within the same 
town
we continue to benefit from the acquisition of the properties purchased from mike 
ashley in 2012 which have resulted in a £94m increase to ebitda when viewed 
against a proforma comparative
fy14 proforma  
£
fy14 inc 
acquired ma 
properties 
£
rental charge – 32 stores 
1
76 
thirdparty rental income  19
ebitda contribution 32 stores 165 259
1 assumed rent based on 10 of store turnover
international store portfolio preexisting business
27 april 2014 28 april 2013
belgium 44 45
slovenia 15 15
portugal 15 15
poland 7 
france 6 6
netherlands 6 6
cyprus 5 6
hungary 4 2
czech republic 4 2
slovakia 3 3
luxembourg 2 2
spain 1 
total 112 102
 
note excluding republic of ireland  iceland 
 
fy14 acquisitions
27 april 2014
austria 52
estonia 36
latvia 24
lithuania 20
germany 3
total 135
 
all of the above stores are operated by companies whollyowned by the group except 
portugal where the group owns 501 and estonia latvia and lithuania where the 
group owns 600 as part of the accelerated growth programme in our european 
subsidiary we now have an additional 10 stores in europe and have entered two new 
countries spain and poland including our recent acquisitions in austria and the 
baltic region we are now active in 19 countries across europe includes associates in 
the republic of ireland and iceland 
the integration of eag initially focused on the sports expert format but has now been 
extended to include the eybl fascia sports direct point of sale systems are now in all 
stores with all eag stock now centrally managed while the strategic focus to date 
has been the sellthrough of legacy stock we also intent to rebrand all eag stores to 
sportsdirectcom
our strategy remains to identify partners in new territories while continuing to expand 
our operations in the countries where we currently trade for fy15 in line with our 
accelerated european expansion we are targeting 1015 organic new stores in the first 
quarter we have opened three stores closing two
the group has a 50 shareholding in the heatons chain which operates 15 sports 
direct stores in northern ireland and 26 sports stores in the republic of ireland we also 
own a 25 shareholding in the sports direct store in iceland
local management continue to work hard to ensure that all new and existing stores in 
europe are committed to striving towards the operational efficiencies and standards 
that exist across our uk sports stores
sports direct international plc 
annual report and accounts 2014 15 chief executive’s report  business review  
continued
premium lifestyle 
premium lifestyle sales grew 494 to £2141m fy13 £1433m in large part due to 
the inclusion of a full year’s trading in republic which was acquired in february 2013 
premium lifestyle gross margin for the year decreased by 350 basis points to 403 
fy13 438 due to the clearance of old stock in the year
premium lifestyle operating costs including republic increased by 729 to £1067m 
fy13 £617m excluding republic operating costs increased by 52 to £587m 
fy13 £558m 
underlying ebitda for premium lifestyle was a loss of £204m fy13 £10m profit 
this was largely due to significant restructuring costs within republic we are 
targeting to see the benefit of this restructuring along with the impact of the closure 
of a significant number of lossmaking stores in the year in fy15 
integration of our premium lifestyle division has continued in the year including it 
systems in flannels cruise and republic and the relocation of the flannels head 
office to our site in wigan the previous republic warehouse and head office has been 
relocated to the existing usc facilities and 53 former republic stores were converted 
to the usc fascia not withstanding this progress supply from major thirdparty 
brands remains very challenging
the fy13 results included nine months of trading for flannels and two months for 
republic 
online revenue in the division increased by 576 in the year to £375m fy13 
£238m during the year the division’s ecommerce platforms have been integrated 
with the group’s it systems these now consist of flannelscom cruisefashioncouk 
and usccouk 
usc online sales increased by 1165 to £236m fy13 £109m due to improved 
stock availability and increased brand awareness the launch of the usc and flannels 
mobile platforms in november 2013 has also contributed towards the increase in 
online sales in the premium lifestyle division
at the year end the premium lifestyle division traded from 126 stores under five main 
fascias
27 april 2014 28 april 2013
usc 90 40
republic  104
van mildert 9 10
cruise 10 8
flannels 8 8
other 9 8
total 126 178
brands  
the group’s brand portfolio includes a wide variety of worldfamous sport fashion and 
lifestyle brands the group’s retail division sells products under these group brands 
in its stores and the brands division exploits the brands through its wholesale and 
licensing activities the brands division continues to sponsor a variety of prestigious 
events and retains a variety of globallyrecognised highprofile sportsmen and women 
as brand ambassadors
brands division total revenue increased by 41 to £2175m fy13 £2090m 
wholesale revenues were up 39 to £1852m fy13 £1783m with continued growth 
in the key us market which now represents 394 of total wholesale revenue
brands gross margin decreased by 180 basis points to 431 fy13 449 
wholesale gross margins fell 220 basis points to 332 fy13 354 negatively 
impacted by the loss of firetrap wholesale income and stock clearance in gelert 
acquired in july 2013 following the acquisition of the gelert brand and assets from 
the administrator the business underwent a complete customer and operational review 
resulting in significant cost savings and a more efficient business going forward
licensing revenues in the year were up 52 to £323m fy13 £307m we 
signed 84 new licence agreements covering multiple brands product categories 
and geographies with minimum contracted values of 507m over the life of the 
agreements at 27 april 2014 the group had 427 licence agreements worldwide 
across 273 licensees with contracted minimums of 309m over the remaining life of 
the agreements
longer term we still regard licensing as the key driver of brands division profitability 
and central to the overall growth of the brands business the key growth areas are 
expected to include asia pacific the middle east and north africa and the americas 
which should compensate for a more challenging licensing landscape in the uk and 
europe as sports retail continues to expand in these territories 
operating costs decreased by 53 to £631m fy13 £666m as we begin to benefit 
from the consolidation of our back office functions with both firetrap and gelert now 
fully integrated the full impact of the consolidation of back office functions across the 
brands division is expected to be felt in fy15 as a result of cost savings underlying 
ebitda increased by 119 to £302m fy13 £270m
we continue to focus on developing worldclass products that are endorsed by leading 
athletes on the field of play and continue to invest in our key brands
strategic report
16  strategic report
employees 
the success of the group has largely been 
created by our c28000 employees whose 
dedication and commitment has been 
sustained over many years their enthusiasm 
and “one team” attitude has assisted the 
group to succeed where many other retailers 
have failed the board are extremely grateful 
for the time that our employees have taken to 
develop their skills and expertise we promote 
staff training wherever possible to enable our 
employees to be the best that they can be 
the 2009 and 2011 employee bonus share 
schemes have been fundamental tools in the 
motivation and incentivisation of employees 
under the 2009 employee bonus share 
scheme c27 million shares vested with 
our eligible employees subject to achieving 
the fy15 ebitda target and satisfactory 
personal performance a further c20 million 
shares are expected to vest under the 2011 
employee bonus share scheme
contracts essential to the business of the group 
the group has longestablished relationships with nike and adidas the major 
suppliers of thirdparty branded sporting goods and considers that continued supplies 
from these companies are critical to the business of the group
environmental matters  
the corporate responsibility report is on pages 20 to 23 and a review of the 
assessment of the group’s impact on the environment is included in the corporate 
responsibility report on page 22
research and development 
the group’s success depends on the strength of the group brands and to a lesser 
extent the licensedin brands
the group’s efforts to continually develop or obtain brands in a timely manner or at all 
may be unsuccessful
outlook 
overall trading since the year end has been in line with management’s expectations 
with some stronger weeks offset by england’s disappointing world cup matches 
the group’s performance continues to benefit from a number of factors including the 
historic investment in gross margin investment in product range and availability 
increased operating efficiencies and the continued optimisation of the group’s instore 
and web product offer 
based on the performance to date we are very confident of achieving the final ebitda 
target of £300m before scheme costs under the 2011 employee bonus share scheme 
consistent with previous guidance we continue to target an underlying ebitda 
target of £360m before the charge for the 2011 employee  executive bonus 
share schemes the group’s success is underpinned by our core strategy offering 
our customers a wide range of products which represent exceptional quality and 
unbeatable value
 
dave forsey 
chief executive
17 july 2014
the 2011 employee bonus share scheme underlying ebitda targets before scheme costs relate to performance between fy12 and fy15 the fy12 target of £215m the fy13 
target of £250m and the fy14 target of £260m have all been achieved the fy15 target is £300m before scheme costs and this final target combined with the individual 
employee’s satisfactory personal performance must be achieved in order for the scheme to vest
shares under the 2011 employee bonus share scheme are due to vest in 2015 and 2017 under the 2011 employee bonus share scheme employees are eligible for awards on a 
prorata basis depending on their length of service with the group awards under the 2011 scheme are granted at either 100 75 50 or 25 of the employees’ base pay 
subject to the performance criteria being fulfilled c5 million shares are due to vest in 2015 and c15 million shares are due to vest in 2017
an additional 3 million shares are due to vest with one of our executive directors and two members of senior management in 2017 under the executive bonus share scheme 
subject to performance criteria being fulfilled the executive bonus share scheme performance targets mirror those to be applied to awards under the 2011 employee bonus  
share scheme 
as a result of the successes of previous schemes the 2015 bonus share scheme has been devised to encourage further outstanding employee performance the scheme will 
provide for the grant of nilcost options over up to 25 million shares the vestings are dependant on particularly stretching performance criteria spanning between fy16 and fy19 
with targets of £480m for fy16 £570m for fy17 £650m for fy18 and £750m for fy19 the scheme has the potential to not only motivate employees but also to create a further 
substantial increase in shareholder value
sports direct international plc 
annual report and accounts 2014 17 summary of results
52 weeks ended 
27 april 2014 
£’m 
28 april 2013 
£’m 
revenue 27060 21856
underlying ebitda 3311 2879
underlying profit before tax 2493 2081
reported profit before taxation 2395 2072
pence per share pence per share
reported eps 308 266
underlying eps 321 269
 
the directors believe that underlying ebitda underlying profit before tax and 
underlying earnings per share provide more useful information for shareholders on the 
underlying performance of the business than the reported numbers and are consistent 
with how business performance is measured internally they are not recognised profit 
measures under ifrs and may not be directly comparable with “adjusted” profit 
measures used by other companies
ebitda is earnings before investment income finance income and finance costs tax 
depreciation and amortisation and therefore includes the group’s share of profit from 
associated undertakings and joint ventures underlying ebitda is calculated as ebitda 
before the impact of foreign exchange any exceptional or other nontrading items and 
costs relating to the employee bonus share schemes
ebitda and profit before tax
ebitda £’m pbt £’m
operating profit 2491 
depreciation amortisation and impairment 641 
exceptional items 55 
share of profit of associated undertakings  
excl fv adjustments
23 
reported 3210 2395
bonus share scheme 119 
impairment of fixed assets  03
exceptional items  55
profit on disposal of investments  54
realised fx gain 18 18
ias 39 fx fair value adjustment on forward  
currency contracts
 112
underlying 3311 2493
 
underlying 52 week fy14 profit before tax excludes
i impairments which decreased profit by £03m
ii exceptional items which decreased profit by £55m
iii profit on disposal of investments which increased profit by £54m
iii realised foreign exchange gains which increased profits by £18m and
iv ifrs revaluation of foreign currency contracts which decreased profit by £112m
foreign exchange 
the group manages the impact of currency movements through the use of forward 
fixed rate currency purchase and sales contracts the group’s policy is to hold or hedge 
between zero and five years of anticipated purchases in foreign currency
the realised exchange gain of £18m fy13 £23m gain included in administration 
costs has arisen from
a accepting dollars and euros at the contracted rate and
b the translation of dollars and euro denominated assets and liabilities at the period 
end rate or date of realisation
the exchange loss of £112m fy13 £20m loss included in finance costs  income 
substantially represents the reduction in the marktomarket asset made under 
ifrs for the group’s unhedged forward contracts as at 27 april 2014 a number of 
the forward contracts outstanding at 27 april 2014 qualify for hedge accounting and 
the fair value loss on these contracts of £216m has been debited to equity through 
the consolidated statement of comprehensive income the group has sufficient usd
gbp contracts to cover the majority of purchases in uk retail for fy15 and fy16 these 
hedged contracts are at an average rate of usd  gbp 1681
the sterling exchange rate with the us dollar was 1547 at 28 april 2013 and 1680 
at 27 april 2014
given the potential impact of commodity prices on raw material costs the group may 
hedge certain input costs including cotton crude oil and electricity going forward
finance costs
52 weeks ended 
27 april 2014 
£’m 
28 april 2013 
£’m
interest on bank loans and overdrafts 75 66
interest on other loans 06 06
interest on retirement benefit obligations 06 05
fair value adjustment to forward foreign exchange 
contracts
112 20
199 97
 
the rise in interest payable is a result of the increased use of the revolving credit 
facility and additional debt inherited from acquired companies the increase in the use 
of the revolving credit facility is attributable to the acquisitions during the year and the 
investment in working capital going forward the group may look to manage or hedge 
its interest exposures
the loss on the fair value of forward foreign exchange contracts arises under ifrs as 
a result of marking to market at the period end those contracts that do not qualify for 
hedge accounting
exceptional items
52 weeks ended 
27 april 2014 
£’m 
28 april 2013 
£’m
profit on sale of intangible assets  06
impairment of assets 55 
55 06
 
the impairment relates to assets in a newly acquired entity that were no longer 
required post acquisition
taxation 
the effective tax rate on profit before tax in fy14 was 250 fy13 268 this rate 
reflects depreciation on nonqualifying assets and overseas earnings being taxed at a 
higher rate
financial review
the financial statements for the group for the 52 weeks ended 27 april 2014 are presented in accordance with international financial reporting 
standards ifrs as adopted by the eu 
strategic report
18  earnings
52 weeks ended
27 april 2014
pence per share
28 april 2013
pence per share
change 

reported eps basic 308 266 156
underlying eps 321 269 193
weighted average number  
of shares actual
585513537 568971942
 
basic earnings per share eps is calculated by dividing the earnings attributable to 
ordinary shareholders by the weighted average number of ordinary shares outstanding 
during the actual financial period shares held in treasury and the employee benefit 
trust are excluded from this figure
the underlying eps reflects the underlying performance of the business compared with 
the prior year and is calculated using the weighted average number of shares it is 
not a recognised profit measure under ifrs and may not be directly comparable with 
“adjusted” profit measures used by other companies
the items adjusted for arriving at the underlying profit after tax and minority interests 
is as follows
52 weeks ended
27 april 2014
£m
28 april 2013
£m
profit after tax 1802 1517
post tax effect of adjustment items
profit on disposal of listed investments 40 
impairment of goodwill 03 22
fair value adjustment to forward foreign 
exchange contracts
84 15
realised gain on forward foreign exchange 
contracts
14 18
profit on sale of intangible assets  05
fair value adjustment within associated 
undertakings
 03
impairment of fixed assets 41 
underlying profit after tax 1876 1528
 
dividends 
the board has decided not to propose a dividend in relation to fy14 the board feels 
that it remains in the best interests of the group to preserve financial flexibility 
facilitating the pursuit of potential acquisition and other growth opportunities the 
payment of dividends remains under review in future years
capital expenditure 
during the year capital expenditure amounted to £691m fy13 £498m which 
includes expenditure on licences within intangible assets 
acquisitions 
the group made acquisitions during the year including the purchase of two european 
subsidiaries based in austria and the baltic region
strategic investments 
during the year the group disposed of a small number of shares in jd sports and 
fashion plc but at year end continued to hold an 1181 stake in jd sports the fair 
value of the group’s holding at 27 april 2014 was £1049m 28 april 2013 £476m 
during the year 27120 shares were sold resulting in a gain on disposal of £03m 
the movement in the fair value of the shares held has been recognised directly in 
equity in accordance with ifrs following the year end the group
i entered into a derivatives agreement which gives the counterparty the right to 
acquire jd sports shares from the group at a premium to the current market price 
and
ii acquired a further 1965
1
 jd sports shares
1
 
references to the number of shares are based on the shares outstanding prior to the recent jd sports shares 
subdivision
in january the group acquired a 46 stake in debenhams plc this stake was 
subsequently sold at a profit and the group currently has a beneficial interest in a 
66 stake in debenhams via a derivative agreement
cash flow and net debt 
net debt increased by £580m from £1540m at 28 april 2013 to £2120m at 27 april 
2014
the analysis of debt at 27 april 2014 was as follows 
27 april 2014 
£’m 
28 april 2013 
£’m 
cash and cash equivalents 1510 1474
borrowings 3630 3014
net debt 2120 1540
 
the group continues to operate comfortably within its banking facilities and covenants 
the group has recently signed a new £688m committed unsecured revolving credit 
facility which will remain in place until september 2018
cash flow 
total movement is as follows
27 april 2014 
£’m 
28 april 2013 
£’m 
underlying 52 week ebitda 3311 2879
realised profit on forward foreign exchange 
contracts
18 23
taxes paid 557 447
underlying 52 week free cash flow 2772 2455
invested in 
working capital and other 1101 1312
purchase of own shares  217
acquisitions including debt 1442 470
net of purchase of investments 46 15
net capital expenditure 691 498
finance costs and other financing activities 72 61
increase in net debt 580 88
 
the increase in working capital is predominantly in inventory to support the growth of 
sports retail and the online business
pensions 
the group operates a number of closed defined benefit schemes in the dunlop 
slazenger companies the net deficit in these schemes decreased from £199m at 28 
april 2013 to £154m at 27 april 2014
 
dave forsey 
chief executive
17 july 2014
strategic report
sports direct international plc 
annual report and accounts 2014 19 employees 
the loyalty and dedication of our employees has proven a key tool in the success 
that we have enjoyed we invest in our employees by developing them with high 
standards of training and structured career progression plans the group requires 
high calibre individuals who share the group’s ethos
nurturing our employees and promoting them internally has been a tool which has 
been used in the group for over 30 years the success that can be achieved by this 
method is evidenced by a number of our senior management team our graduate 
internship programmes which offer paid internships permanent roles and payment 
of university fees have helped to attract new talent
key highlights 
total employees total group 28000 
hours invested in training 50000
excludes the recently acquired eag  sig
attracting our people  
our employee bonus share schemes are utilised to attract motivate and incentivise 
employees we have found that creating a shared goal has improved employee 
satisfaction levels
we reward the hard work of our employees with employee bonus share schemes  
our employee bonus share schemes are dependant on the achievement of  
predetermined underlying ebitda targets as well as the satisfactory performance 
of the individual employees the targets for the 2011 employee bonus share  
scheme are
2012 underlying ebitda of £215m  achieved 
2013 underlying ebitda of £250m  achieved 
2014 underlying ebitda of £260m  achieved 
2015 underlying ebitda of £300m
three out of four of the 2011 bonus share scheme targets have already been 
achieved and the fourth target is within reach c27 million shares in total vested 
under the 2009 employee bonus share scheme and a further c20 million shares 
are expected to vest under the 2011 employee bonus share scheme
we are committed to employing the best possible people within the group in an 
effort to achieve this we offer a graduate internship programme the eightweek 
programme offers graduates covering key areas of the group the opportunity 
to complete projects within the group and compete for prizes the prizes include 
£10000 in cash payment of final year university fees and the opportunity to work 
within the group in a permanent role the scheme is paid with interns working on 
projects similar to those in a work environment the programme ensures that we are 
bringing in new talent and the group is constantly evolving with new ideas and ways 
of thinking
retaining our people 
employee satisfaction levels are constantly scrutinised by the group with employee 
retention indicators being reported to the board in every board pack the group are 
all too aware that retaining experienced employees is crucial to its future success 
and we attach a significant amount of weight to this key performance indicator
during the year 192 of our uk employees have left the group an increase from 
155 in fy13 the increase was expected to occur following the final vesting of 
the 2009 employee bonus share scheme however the figure remains well below the 
levels prior to the implementation of the scheme
salaried staff turnover since fy09
fy12
17
fy13
155
fy14
192
17
fy11
17
fy10
29
fy09
 
 
the group also has several policies and systems to in place to ensure employee 
welfare is monitored and maintained these are laid out in the diagram below 
equal opportunity  
 diversity policy
staff forum
right to a  
trade union
tailored 
employee 
handbook
it is important to sports direct that all employees are engaged and that they convey 
a consistent message to customers delivering effective induction training is key 
to this inductions are pivotal to the group and without these there is a risk that 
employees will not understand compliance issues and policies resulting in poor 
customer service and lost sales
recently we have implemented a new interactive induction programme for all 
employees which ensures consistency and structure in foundation training the 
training takes place through elearning and compliments the existing face to face 
training that we offer this is the first in a planned suite of courses that will cover 
all aspects of the company’s activities the responsive framework is aimed at 
being accessible on the go and thus enables the course to be utilised on tablets 
smartphones and desktop computers
corporate social responsibility report
corporate responsibility is central to our vision to be an industry leader our established corporate responsibility framework focuses 
on five key areas employees health and safety the environment customers and the community sports direct has developed key 
performance indicators kpis to ensure we deliver on our commitments these kpis are further discussed in this report and in the chief 
executive’s report and business review and are based solely on our uk operations unless expressly stated
strategic report
20  developing our people 
the newly developed elearning programme has also been tailored to reenergise our 
existing employees in both the uk and europe the programme takes place through a 
new opensource framework called adapt it is one of the very first adapt elearning 
courses leading the way in this innovative style of training
throughout the year we have focused on defining and delivering a competency 
framework to drive a more holistic approach to measuring performance and 
conducting our annual appraisals this has been supported by the creation of 
sports direct ‘success factors’ which provide the behaviours that lead to great 
performance in individual job roles here at sports direct they include qualities and 
skills that help people to be successful and drive our corporate strategy more work 
will be done in the coming year to embed the framework into all our people practice 
from recruitment through to training
with the introduction of the new competency framework and appraisals we have in 
turn created a new mechanism of identifying and developing our talent across the 
group thus supporting our internal succession planning we have also worked on 
developing our recruitment website and processes to enhance our candidate journey 
from application through to induction this ultimately improves our employer brand 
and our capacity to attract the right level of skill ability and performance to the 
group to support our future growth plans
home grown is a structured talent management programme which provides 
opportunities for talented employees to progress within the group the programme 
helps to retain talented employees and reduce external recruitment costs following 
the successful completion of the programme exemplary employees will be offered 
key positions within the group
diversity 
diversity within the group is an essential asset and at all times we try to ensure 
that our employees meet the diversity cultures and values of our varied customer 
base as the group continues to expand into new countries and continents we 
find that the local knowledge of our employees is an important factor towards our 
success we aim to develop the skills of each of our employees in order that they all 
have opportunities to progress within the group
our board currently has a 14 female representation with further details being 
shown on page 24 we are in the process of looking to recruit another female for 
the board although we consider that the necessary skills and experience are of 
paramount importance with diversity being of lesser significance 
29 of our senior management team are female while we appreciate that work 
could be done to ensure that the figure is more balanced we are satisfied that the 
team possess the appropriate balance of skills and knowledge as positions become 
available the necessary level of consideration will be given to ensuring diversity 
within the team
481 of our overall uk employees are female proving that discrimination 
for factors including gender will not be tolerated within the group the law is 
paramount when we recruit employees and we aim to ensure that both male and 
female candidates are provided with equal opportunities to apply for and work in all 
positions across the group
a breakdown of gender diversity within the group
male female
directors 6 1
other senior managers 32 13
all uk employees 14643 13577
nike training 
sports direct works exclusively with nike to offer nike training and the nike graduate 
scheme the robust training programmes offered at our shirebrook national training 
facility inform and train employees on product innovation and brand initiatives
we remain a heavy user of nike sku sports knowledge underground and continue 
to be one of the worldwide front runners in terms of percentage completion for 
a multiple door retailer sku provides another elearning opportunity for the 
sports direct team which allows the employee to gain some essential foundation 
knowledge on nike products
the foundation knowledge gained by our employees is taken one step further on 
the many nike training days held at the shirebrook national training facility the 
days are hosted by the nike experts and extend the knowledge gained from sku to a 
higher level via interaction and involvement the nike graduate scheme encourages 
those who attend the training day to transfer their learning to the instore team 
by doing so the nike graduates gain the recognition of becoming a nike graduate 
within their store
adidas and puma training 
we continue to work closely with both adidas and puma to offer extensive training 
programmes to support instore initiatives and products the puma training rooms 
at our shirebrook campus have been utilised extensively since their opening in fy13 
the training programmes have continued to support instore initiatives and product 
launches
management induction training 
all new and existing store managers have attended a twoweek residential induction 
programme at our shirebrook head office the training equips them with the 
requisite skills for life in a sports direct store and ensures that they have the 
knowledge to perform in conjunction with our highest standards the programme 
consists of a mixture of shop floorbased training and classroom centred activities 
typical areas covered focus on merchandising product training administration 
delivery process health and safety shop opening and closure processes and retail 
business skills
management development training 
furthering the careers of our employees within the group has been a key driver 
in our success our internal promotion programme is aimed at employees who 
aspire to progress into operational and managerial positions an important part 
of the training consists of a fiveday residential programme at our shirebrook 
campus which consists of a combination of trainerled modules the modules 
focus on operational training and the style and behaviour measures that form part 
of an employee’s role these cover areas such as communication leadership and 
decisionmaking
footwear masterclass 
aimed at store managers responsible for the footwear department in their branch 
the footwear masterclass is a threeday residential programme at our shirebrook 
campus focusing on one of the key departments in a store typical subjects covered 
include merchandising staff efficiency health and safety best practice and key 
policies and procedures
strategic report
sports direct international plc 
annual report and accounts 2014 21 corporate social responsibility report 
continued
health and safety 
sports direct is committed to appropriate standards of health and safety our board 
has ultimate responsibility for health and safety across the group and we regularly 
review our procedures to ensure that safety management is robust the continued 
emphasis on training in the business has improved awareness of reporting and 
recording of incidents
key figures
• no environmental prosecutions or workrelated fatalities however one fire safety 
prosecution
• in fy14 1419 2013 1854 accidents were reported to head office of which 85 
2013 67 were reportable to the health and safety executive
• 80 of accidents occurred in store and 20 were slips trips and falls
environment 
we recognise that we have a responsibility to manage the impact our business has on 
the environment and we are committed to reducing this both now and in the future we 
continue to comply with the government’s carbon reduction commitment and have 
identified key areas where we can make a difference in particular energy usage in our 
stores transport and waste management
we are continuously aiming to reduce our carbon footprint the single most significant 
element is electricity which makes up 83 of the footprint the carbon footprint 
spread across all uk sites is detailed in the chart below
carbon footprint analysis 1 april 2013  31 march 2014
electricity 83
diesel 14
other 3
while the growth of our company has increased the number of our stores and therefore 
the absolute ghg emissions our chosen intensity ratio of electricityrelated emissions 
per £m revenue of 09 has increased only slightly from our 2012 base partly due to 
the inclusion of a number of newly acquired companies
greenhouse gas ghg emissions reporting 
reporting period
1
1 april 2013  31 march 2014
baseline year fy12
consolidation 
approach
operational control
boundary summary all uk entities and facilities either owned or under 
operational control were included emissions from air 
conditioning and refrigeration units are excluded due to the 
cost of data collection these are expected to be a negligible 
 of scope 1 emissions
consistency with 
financial statements
only uk companies have been included in this assessment 
due to the significant changes and acquisitions in our 
european operations where the data is currently not readily 
available
emission factor data 
source
defra may 2013
assessment 
methodology
the greenhouse gas protocol and iso 140641 2006 
we have used the 2013 uk government’s ghg conversion 
factors
materiality threshold materiality was set at group level at 5 with all uk 
facilities estimated to contribute 05 of total emissions 
included
intensity ratio emissions per £m revenue
1 the emissions declared are for the period 1 april 2013 – 31 march 2014 to be in line with the crc energy 
efficiency scheme
scope 1 ghg emissions are calculated based on the purchased quantities of 
commercial fuels using published emission factors scope 2 ghg emissions are 
primarily calculated from metered electricity consumption and published emission 
factors  
co2 equivalent factors are used which ensures we have reported on all of the emission 
sources required under the companies act 2006 regulations 
year 2014
scope 1 co2e emissions 11206
scope 2 co2e emissions 64747
total scope 1 and scope 2 co2e emissions tonnes 75953
co2e emissions tonnes£m
1
368
1 not including nonuk revenue in line with the co2e emissions reported
this is the first year of mandatory reporting of this data to provide analysis against 
the prior year we have shown comparative data for electricityrelated emissions which 
accounts for 83 of our ghg emissions in the current year the table below details 
electricity vs revenue and shows a pro rata increase of 55 across the year
year 2013 2014
co2e emissions from electricity tonnes 52577 63393
co2e emissions from electricity tonnes£m
1
294 307
electricity vs sales turnover index 2012 100 970 1015
1 not including nonuk revenue in line with the co2e emissions reported
waste reduction 
we are actively reducing the amount of waste we send to landfill and segregate waste 
to ensure that we recycle as much as possible
this year we recycled
• 7099 units of electrical equipment 2013 6425 units
• 78 tonnes of waste paper 2013 58 tonnes
• 9230 tonnes of cardboard 2013 8893 tonnes
• 147 tonnes of metal 2013 107 tonnes
• 558 tonnes of plastic 2013 508 tonnes
all stores now use biodegradable carrier bags and provide the option of a “bag for 
life” this is actively promoted instore through high levels of employee engagement
looking ahead we will continue our commitment to minimise waste and improve 
energy efficiency across our stores
customers 
customer service is at the forefront of our business we aim to provide customers with 
an enjoyable experience both instore and online and ensure all our products are safe 
and fit for purpose
monitoring customer satisfaction and responding to queries is a continuous process 
all written complaints are recorded including an analysis of the nature of the 
complaint so that trends can be assessed and appropriate action taken
we have an online customer contact form that reduces the time it takes for our 
customers to contact us and increases the volume of contact online communication 
has reduced the amount of time it takes for us to respond to queries thereby increasing 
our service levels while reducing the print and postage costs for both the group and 
customers
we are continuously working to improve customer service at all levels within the group 
from the retail stores head office and through to our website
strategic report
22  in partnership with mind gym a customer service programme has been developed and 
rolled out to all sports direct stores the concept of the programme is to engage equip 
and inspire our employees to serve well and sell well the programme has developed a 
‘sales through service’ concept which consists of five main principles stars
smile     talk     ask     recommend     sale
the programme has been rolled out to all store managers through a seminar and 
supporting documents to further the learning experience since its inception we have 
received positive feedback from those who have attended
community 
supply chain  
we are committed to responsible business practices in our own business and within 
our supply chain we continue to procure merchandise from manufacturers who have 
proved to uphold ethical employment and trading practices and we have a strict code 
of ethics that we require every supplier to adhere to the code provides for the fair 
treatment of workers ensuring a safe environment in accordance with the local and 
national laws where workers are treated with respect and paid fairly for what they do 
the code also ensures there is no child labour and no use of illegal means or materials 
in the production of goods
we have longstanding relationships with our suppliers who have demonstrated that 
their work practices are consistent with sports direct’s standards approximately 40 
of our current suppliers have been working with the company for 10 years or more
we have worked with two leading supply chain companies in singapore and south 
korea for a number of years using their local knowledge and experience helps benefit 
the business and the communities in which they operate both businesses have the 
highest social and business ethics code which aligns with our own code of ethics the 
bsci code of conduct which is based upon the united nations declaration of human 
rights and the social accountability 8000 sa8000 code
sports direct relies on those supply chain companies to inspect the premises of all 
suppliers and manufacturers frequent inspections are carried out randomly to ensure 
that goods meet our quality standards as well as assessing continued compliance with 
sa8000 and our code of ethics we cease immediately to work with suppliers who do 
not meet our criteria
we comply with an internationally recognised list of chemicals that are banned for 
use in fabrics the supply chain companies conduct random tests on fabric which are 
then taken to a recognised laboratory for quality testing and to ensure that banned 
chemicals are not being used
charity 
sport is our passion we believe that everyone should have a chance to participate in 
sports and enjoy the health and lifestyle benefits it brings we provide a wide range of 
equipment and clothing to promote sports participation amongst people of all abilities 
including those who would not normally have access to equipment and facilities
slazenger ‘chance to shine’ 
slazenger is the exclusive cricket equipment supplier to the country’s most recognised 
grassroots cricket development programme ‘chance to shine supported by brit 
insurance’ each project provides structured coaching and a competition programme 
for a group of schools who would not have otherwise had the chance to participate  
in the sport
by 2013 the programme had reached one third of all primary and secondary schools 
amounting to almost 7000 schools and has supported two million young people 
almost half of whom are girls over £600000 worth of cricket equipment has been 
supplied by slazenger to enable the programme to run successfully
dunlop 
dunlop works together with its sponsored professional golfers lee westwood and 
darren clarke to supply clothing to their ‘golf schools’ these are junior player 
development schemes which provide qualified coaching and mentoring to youngsters
over £40000 worth of clothing has been provided through sponsorship to the schemes 
so far
lonsdale 
lonsdale is the official equipment and fight sports apparel supplier for all three 
individual armed services in the uk consisting of the raf  the army and the royal navy 
product to the value of £10000 is provided each year and used in competitions
at a grassroots level lonsdale is also a sponsor of the amateur boxing association’s 
junior and school boy finals and provides 100 pairs of golden gloves worth £2500 to 
the finalists
everlast 
everlast supports a variety of organisations throughout the year including both sports
oriented and charitable programs a longstanding supporter of the most prestigious 
amateur boxing competition in the us the new york golden gloves everlast is the 
official fight glove and apparel sponsor the organisation celebrated its 87th year in 
april and for the first time honoured 12 past greats with induction into the inaugural 
hall of fame class
everlast provides support to the dr theodore a atlas foundation a nonprofit 
organisation providing financial assistance to individuals and programs in need with  
a focus on youth in 2013 everlast provided 3000 to assist their youth programming
since 2006 everlast has also served as a proud supporter of the breast cancer 
research foundation® bcrf each year everlast donates a portion of the sale 
proceeds from selected pink products to help the foundation provide funding for 
clinical and genetic research last year everlast donated 116342 to bcrf’s research 
efforts to find a cure
antigua group 
also in the us the antigua group has been a consistent supporter of a number of 
charitable efforts including the salvation army men against prostate cancer and  
the phoenix children’s hospital
the antigua group also provides significant support for junior golf in arizona junior 
player initiatives include the junior golf association of america “girls golf” through 
the lpga foundation and the antigua national high school golf invitational
the strategic report was approved by a duly authorised committee of the board of 
directors on 17 july 2014 and signed on its behalf by
dave forsey 
chief executive
strategic report
sports direct international plc 
annual report and accounts 2014 23 the board
governance
dr keith hellawell qpm  
nonexecutive chairman chairman of nomination committee 
appointed 24 november 2009
previous roles prior to joining the team at sports direct international plc dr hellawell 
spent over 40 years in public sector management being a former chief constable of 
two british police forces while working directly for the prime minister between 1998 
and 2002 he wrote and coordinated the united kingdom national and international 
antidrugs policy
present roles dr hellawell has been involved in the private sector since 1998 when 
he joined evans of leeds a fully listed property company since then he has served 
on the boards of both dalkia plc and sterience limited subsidiaries of the french 
company veolia env dr hellawell is currently a nonexecutive director of mortice plc a 
singaporebased facilities management company and a director of the superleague 
team huddersfield giants he was nonexecutive chairman of goldshield group plc a 
marketingled pharmaceutical and consumer health company from may 2006 to its 
sale in december 2009 he has held a number of other nonexecutive board positions 
in private companies including vehicle manufacturing and it he also runs his own 
management and training consultancy company
key skillsstrengths dr hellawell has worked in both the public and private sector for 
over 50 years throughout this time he has built up a wealth of experience which he 
brings to the group to ensure the successful and effective operation of the board
 
mike ashley 
executive deputy chairman 
appointed 1982 founder
previous roles mike established the business of the group on leaving school in 1982 
and was the sole owner until the group’s listing in march 2007 
key skillsstrengths mike was the founder of the group and has the necessary skills 
for formulating the vision and commercial strategy of the group with over 30 years in 
the sports retail business with sports direct he is invaluable to the group
 
dave forsey 
group chief executive 
appointed 1984
key skillsstrengths dave has been with the business for over 30 years during 
which time he has acquired significant knowledge and experience of the sports retail 
business in conjunction with the deputy chairman he agrees strategy appropriate 
objectives and policies for each of the businesses dave has overall responsibility for 
the daily management of the group
 
bob mellors 
group finance director 
appointed 2004 
retired 31 december 2013
previous roles a graduate in economics bob qualified with pricewaterhousecoopers 
in london before joining eacott worrall where sports direct became a client in 1982 
he was managing partner and head of corporate finance at eacott worrall before 
joining the group 
key skillsstrengths bob qualified as a chartered accountant with 
pricewaterhousecoopers and has extensive financial experience bob has extensive 
knowledge of mergers and acquisitions
simon bentley  
senior independent nonexecutive director chairman of audit committee 
appointed 02 march 2007
previous roles simon qualified as a chartered accountant in 1980 and in 1987 joined 
blacks leisure group plc where he was chairman and chief executive for 12 years
present roles simon chairs and is on the board of a range of companies and 
organisations among these he is chairman of the hair brand umberto giannini is the 
principal owner and chairman of the leading mobile atm operator cash on the move 
and is chairman of yad vashem – uk foundation
key skillsstrengths he has lengthy experience of the sporting goods industry
 
dave singleton  
nonexecutive director chairman of remuneration committee 
appointed 27 october 2007
previous roles dave spent 25 years with reebok international limited he stepped 
down in april 2007 having assisted with the successful integration of reebok following 
its acquisition by adidas group in january 2006 for eight years he was vice president 
of northern europe region  uk and then was senior vice president of europe middle 
east  africa
present roles dave is chairman of bolton lads  girls club chairman of bolton 
community leisure trust and a trustee at bolton wanderers community trust
key skillsstrengths dave has an extensive senior management record and brings 
valuable experience of international sports brand operations
 
charles mccreevy  
nonexecutive director 
appointed 31 march 2011
previous roles charles is a highly experienced politician who previously served as 
eu commissioner for internal markets and services between 20042010 and has held 
positions in several irish government ministerial offices including minister for finance 
between 19972004 minister for tourism  trade between 19931994 and minister for 
social welfare from 19921993 
present roles charles currently holds nonexecutive director positions at ryanair 
holdings plc sentenial limited celsius funds plc grove limited and barchester 
holdco jersey limited 
key skillsstrengths charles has extensive allround business knowledge with 
particular relevance to the european union
 
claire jenkins  
nonexecutive director 
appointed 25 may 2011
previous roles claire’s most recent executive role was as group director corporate 
affairs and a member of the executive leadership team responsible for the company’s 
sustainability and communications activities at rexam plc a leading global beverage 
can maker prior to that she was a member of the management committee of 
international tobacco company gallaher group plc acquired by japan tobacco in 2007 
where she was responsible for investor relations and group planning claire has also 
gained corporate experience in various consulting roles and at laing  cruickshank 
and as a nonexecutive director of retro classics fund
present roles claire is chairman of amicus and a nonexecutive director of media 
for development
key skillsstrengths claire has excellent allround business experience and in 
addition has particular corporate governance and communication skills
audit committee        nomination committee        remuneration committee
24  directors’ report
governance
principal activities and business review 
the chief executive’s report on pages 13 to 17 provides a detailed review of the group’s 
current activities and potential future developments together with factors likely to affect 
future development performance and conditions there is also a table of the principal 
risks and uncertainties likely to affect the group the financial position of the group 
its cash flow liquidity position and borrowing facilities are described in the financial 
review on pages 18 to 19 the corporate responsibility report on pages 20 to 23 
reports on environmental matters including the impact of the group’s businesses on the 
environment the group’s employees and on social and community issues
the principal activities of the group during the year remained unchanged and were
• retailing of sports and leisure clothing footwear and equipment
• wholesale distribution and sale of sports and leisure clothing footwear and 
equipment under groupowned or licensed brands and
• licensing of group brands
further information of the group’s principal activities is set out in the front of this 
document and in the chief executive’s report on pages 13 to 17
results for the year and dividends 
revenue for the 52 weeks ended 27 april 2014 was £27060m and profit before tax was 
£2395m compared with £21856m and £2072m in the prior year the trading results 
for the year and the group’s financial position as at the end of the year are shown in the 
attached financial statements and discussed further in the chief executive’s report 
and business review and in the financial review on pages 13 to 17 and 18 to 19 
respectively
the board has determined not to recommend a dividend this year
share capital and control 
the authorised share capital of the company is £100000000 divided into 999500010 
ordinary shares of 10p each and 499990 redeemable preference shares of 10p each
further information regarding the group’s issued share capital can be found on page 63 
of the financial statements
details of executive and employee share schemes are also set out on page 63 no votes 
are cast in respect of the shares held in the employee benefit trust and dividends would 
be waived
there are 640602369 ordinary shares of 10p in issue and fully paid of which 
42137508 are currently held in treasury
there are no specific restrictions on the transfer of shares which are governed both by 
the general provisions of the articles of association and prevailing legislation
the directors are not aware of any agreements between holders of the company’s shares 
that may result in restrictions on the transfer of securities or on voting rights
the directors were authorised to allot shares in the capital of the group up to an 
aggregate nominal amount of £19948829 being approximately one third of the then 
issued share capital for the period expiring at 10 september 2014 the date of the next 
2014 annual general meeting
in line with guidance from the association of british insurers the company was also 
granted authority to issue a further third of the issued share capital to a nominal 
amount of £39897658 being approximately 35 of the issued share capital in 
connection with a rights issue
a further authority to allot shares up to a maximum nominal value of £2992324 being 
approximately 5 of the then issued share capital as if statutory preemption rights 
did not apply was also approved
the authorities expire at the close of the next annual general meeting of the company 
but a contract to allot shares under these authorities may be made prior to the expiry of 
the authority and concluded in whole or part after the annual general meeting and at 
that meeting other authorities will be sought from shareholders
the group was authorised to make market purchases of ordinary shares of 10p each in 
the company of up to a maximum aggregate number 59846486 representing 10 of 
the company’s issued ordinary share capital at the 2013 annual general meeting the 
above authority expires at the close of the next annual general meeting of the company
shareholders 
no shareholder enjoys any special control rights and except as set out below there are 
no restrictions in the transfer of shares or of voting rights
mike ashley has entered into a relationship agreement with the company under the 
terms of the agreement mike ashley undertook that for so long as he is entitled to 
exercise or to control the exercise of 15 or more of the rights to vote at general 
meetings of the company he will
• conduct all transactions and relationships with any member of the group on arm’s 
length terms and on a normal commercial basis and with the approval of the non
executive directors
• exercise his voting rights or other rights in support of the company being managed 
in accordance with the listing rules and the principles of good governance set out in 
the uk corporate governance code and not exercise any of his voting or other rights 
and powers to procure any amendment to the articles of association of the company
• other than through his interest in the company not have any interest in any business 
which sells sports apparel and equipment subject to certain rights after notification 
to the company to acquire any such interest of less than 20 of the business 
concerned and certain other limited exceptions without receiving the prior approval 
of the nonexecutive directors and not solicit for employment or employ any senior 
employee of the company
the company has been advised that the following parties had a significant direct or 
indirect shareholding in the shares of the company 
number of shares held
percentage of issued 
ordinary share capital 
with voting rights held nature of holding
mash holdings 
limited 
1
345400000 5771 direct
odey asset 
management 
2
47939325 801 indirect
black rock 
3
31092347 520 indirect
1 mash holdings limited is whollyowned by mike ashley these figures are as at 17 july 2014
2 odey asset management indirectly held 4171529 shares in a contract for difference account these figures are 
as at 28 january 2014 being the last date on which the company was notified of a change of the percentage of 
shares held by odey
3 black rock indirectly held 4956303 shares in a contract for difference account these figures are as at 02 june 
2014 being the last date on which the company was notified of a change of the percentage of shares held by black 
rock
suppliers 
the group understands the importance of maintaining good relationships with suppliers 
and it is group policy to agree appropriate terms and conditions for its transactions with 
suppliers ranging from standard written terms to individually negotiated contracts 
and for payment to be made in accordance with these terms provided the supplier has 
complied with its obligations
contracts essential to the business of the company 
the chief executive’s report on pages 13 to 17 details information about persons with 
whom the group has contractual or other arrangements and are deemed essential or 
material to the business of the group
takeovers  
the directors do not believe that there are any significant contracts that may change 
in the event of a successful takeover of the company details of the impact of any 
successful takeover of the group on the directors’ bonus and share schemes are set out 
in the director’s remuneration report on pages 33 to 40
employee share schemes 
details of the executive bonus share schemes are set out in the directors’ remuneration 
report on page 34 and details of the employee bonus share schemes on page 20 of the 
corporate social responsibility report
the directors of sports direct international plc present their annual report and accounts for the year ended 27 april 2004
sports direct international plc 
annual report and accounts 2014 25 employee involvement 
the group currently employees c28000 employees in our stores offices and 
warehouses the contributions that employees have made to the group’s 
accomplishments have played a vital role and the overwhelming dedication shown 
has been the deciding factor in encouraging the group to propose a third bonus share 
scheme
the 2009 employee bonus share scheme vested in august 2012 and 2013 the 2011 
employee bonus share scheme is currently underway and three of the requisite 
underlying ebitda targets have been achieved with one target remaining 
the 2015 bonus share scheme has recently been approved by shareholders at a 
general meeting which took place on 2 july 2014 the ebitda targets for the scheme 
are extremely stretching and span from fy16 to fy19 unlike previous schemes 
participation for the scheme is more widereaching being open for both employees and 
executive directors to take part
employees are notified of announcements and major changes in the business via 
company news emails noticeboard announcements and information transmitted 
through line managers employee training programmes and our annual conference 
allows employees an opportunity to increase their knowledge of the group learn about 
the groups’ objectives for the future understand the brands and engage with one 
another
further information on relationships with employees can be found in the corporate 
social responsibility report on pages 20 to 21
equal opportunities 
the group’s policy for employees and all applicants for employment is to match the 
capabilities and talents of each individual to the appropriate job factors such as 
gender race religion or belief sexual orientation age disability or ethnic origin 
should be ignored and any decision which is made with regard to candidates should 
be irrespective of these discrimination in any form will not be tolerated under any 
circumstances within the group
applications for employment by disabled persons are given full and fair consideration 
for all vacancies and are assessed in accordance with their particular skills and 
abilities the group does all that is practicable to meet its responsibilities towards 
the training and employment of disabled people and to ensure that training career 
development and promotion opportunities are available to all employees
the group makes every effort to provide continuity of employment where current 
employees become disabled attempts are made in every circumstance to provide 
employment whether this involves adapting the current job role and remaining in the 
same job or moving to a more appropriate job role job retraining and job adaptation 
are just two examples of how the group works in the interests of employees to promote 
equal opportunities in order that the employee’s employment within the group may 
continue the group values the knowledge and expertise that employees have gained 
throughout their employment with us and therefore does not wish to lose valued 
employees
research and development 
the group designs clothing and some footwear for sale in stores and has arrangements 
with suppliers for the research and development of goods for the brands division
charitable and political donations 
during the year the group made charitable donations of £146569 2013 £25132 
in the uk no political donations were made 2013 nil there have been a number of 
further donations of sporting equipment made to worthy causes and these are set out 
on page 23
directors 
details of current directors dates of appointment their roles responsibilities and 
significant external commitments are set out on page 24
although the company’s articles of association require retirement by rotation of one 
third of directors each year the group has chosen to comply with the 2012 uk corporate 
governance code and at each annual general meeting all of the directors will retire and 
stand for reappointment
information on service contracts and details of the interests of the directors and their 
families in the share capital of the company at 27 april 2014 and at the date of this 
report is shown in the directors’ remuneration report on page 39
copies of the service contracts of executive directors and of the appointment letters of 
the chairman and nonexecutive directors are available for inspection at the company’s 
registered office during normal business hours and at the annual general meeting
no director has a directorship in common or other significant links with any other 
director except in the case of the executive directors holding directorships of subsidiary 
companies of the group
directors’ conflicts of interest 
the board has formal procedures to deal with directors’ conflicts of interest during the 
year the board reviewed and where appropriate approved certain situational conflicts 
of interest that were reported to it by directors and a register of those situational 
conflicts is maintained and reviewed the board noted any transactional conflicts of 
interest concerning directors that arose and were declared no director took part in 
the discussion or determination of any matter in respect of which he had disclosed a 
transactional conflict of interest
directors’ indemnities 
the group have granted the directors with qualifying thirdparty indemnity provisions 
within the meaning given to the term by sections 234 and 235 of the 2006 act this is 
in respect of liabilities to which they may become liable in their capacity as director 
of the company and of any company within the group such indemnities were in force 
throughout the financial year and will remain in force
annual general meeting 
the 2014 annual general meeting will be held on 10 september 2014 at unit d brook 
park east shirebrook ng20 8ry the meeting will commence at 300pm the board 
encourages shareholders to attend and participate in the meeting
going concern 
the company’s business activities together with the factors likely to affect its future 
development performance and position are set out in the business review on pages 13 
to 17
the financial position of the company its cash flows liquidity position and borrowing 
facilities are described in the financial review on pages 18 to 19 in addition the 
financial statements include the company’s objectives policies and processes for 
managing its capital its financial risk management objectives details of its financial 
instruments and hedging activities and its exposures to credit risk and liquidity risk
the group is profitable highly cash generative and has considerable financial 
resources the group is able to operate comfortably within its banking facilities and 
covenants which run until september 2018 and is well placed to take advantage of 
strategic opportunities as they arise
as a consequence the directors believe that the group is well placed to manage its 
business risks successfully despite the continued uncertain economic outlook
the group’s forecast and projections taking account of reasonable possible changes in 
trading performance show that the group should be able to operate within the level of 
the current facility
the directors have thoroughly reviewed the group’s performance and position and the 
directors are therefore confident that the group will continue in operational existence for 
the foreseeable future on this basis the directors continue to adopt the going concern 
basis for the preparation of the annual report and financial statements
accountability and audit 
a statement by the auditor can be found on page 42 detailing their reporting 
responsibilities the directors fulfil their responsibilities and these are set out in the 
responsibility statement on page 41
auditor 
grant thornton uk llp have expressed a willingness to continue in office in accordance 
with section 489 4 of the companies act 2006 resolutions to determine remuneration 
are to be agreed at the annual general meeting
by order of the board 
 
cameron olsen 
company secretary
17 july 2014
directors’ report 
continued
governance
26  governance
corporate governance report
chairman’s introduction 
i am pleased to introduce the corporate governance statement which contains 
details of the activities of the board and its committees and how the group 
complied with the uk corporate governance code 2012 for the year ended 27 april 
2014
during the year the board undertook an external evaluation by an independent 
consultant to facilitate an accurate assessment the external evaluation was 
also aimed at assisting in the adoption of best practices wherever possible and 
ensures that the board have complied with the framework provided in the corporate 
governance code aspects assessed during the evaluation included decision 
making strategic debate and risk management
i have found that the culture and values of the board are imperative for the 
purposes of good corporate governance the board were more than willing to assist 
the evaluator and the results of his evaluation were positive further information on 
the external evaluation can be found on page 29
throughout fy14 we have spent a great deal of time considering how to achieve lord 
davies’ target of 25 of board members being female by 2015 the culture of the 
group is to promote internal training and progression and ideally we would like to 
see our female members of management promoted up to executive board levels as 
and when vacancies arise our board is extremely diverse and the members’ mutual 
trust and understanding has been vital to the difficult decisions that they have 
reached it is essential that any new member of the board possesses the necessary 
qualities in order to constructively challenge opinions and fit in with the board’s 
attitude
the group’s strategy includes further international expansion both instore and 
online we are aware that online is an important growth opportunity and we continue 
to invest in infrastructure and people to protect our online business as online 
penetration grows the vulnerability of transactional websites is an issue for all 
online retailers expertise in such a rapidly evolving area is also recognised and 
valued by the board
the board work together and individually to follow the group’s strategy and further 
the interests of our shareholders the clear leadership by the board and senior 
management team has had a positive impact on the performance of the group and 
the corresponding share value
key topics of discussion throughout the year have included bonus share schemes 
legal matters appointments of key individuals and corporate governance matters 
additional details of the group’s strategy can be found on page 8 
ways in which the board have furthered the interests of shareholders during the 
year include meeting with major investors to discuss our corporate governance 
procedures and discussing the qualities required for the company secretarial and 
finance director positions the appointment of our head of legal in the company 
secretariat role has ensured that there is a clear flow of information between the 
two departments and that the board are fully informed of material legal matters 
within the group as they arise an external search consultancy was not used for the 
appointment as it was concluded that the head of legal already had the requisite 
knowledge of the group in order to be best suited to the appointment an external 
search consultancy has been engaged for the recruitment of the finance director 
role the consultancy that have been engaged do not have any interest or formal 
connection with the group
as well as holding full board and committee meetings nonexecutive meetings 
have also taken place throughout the year the nonexecutive meetings allow the 
nonexecutive directors to discuss a range of issues without the influence of the 
executive directors the senior independent nonexecutive director simon bentley 
also facilitates the independence of the board amongst his powers he is able 
to add items to meeting agendas and he is vocal in ensuring a balance in the 
powers of the board during the year one meeting has been held solely for the non
executives in the absence of the chairman this has enabled the nonexecutives to 
discuss a range of matters with the senior independent nonexecutive director
as a major employer in the uk we are constantly looking for new talent to join the 
group during the year we have attracted new employees with fresh ideas by 
offering an employee internship scheme the scheme is paid and offers interns the 
opportunity to work towards cash rewards and permanent roles the scheme has 
already commenced for fy15 extending its remit and now offering internships for up 
to 90 people in three key areas of the group further details on the scheme can be 
found on page 20
compliance with the uk corporate governance code 
the overall responsibility for the group’s risk management and internal controls 
systems sits with the board this is an ongoing process which relates to the 
identification evaluation management and monitoring of significant risks this 
complies with the uk corporate governance code
the board is subject to the latest corporate governance code which was issued in 
september 2012 the main principles of the code are
leadership 
effectiveness 
accountability 
remunerations 
relations with shareholders
the board has reviewed the company’s corporate governance processes and policies 
and has concluded that during the 52 weeks ended 27 april 2014 the year the 
company complied with the provisions of the code
the board 
the board consists of a nonexecutive chairman keith hellawell the executive 
deputy chairman mike ashley one other executive director and four further non 
executive directors the names skills and short biographies of each member of the 
board are set out on page 24
the size and composition of the board are regularly reviewed by the board to ensure 
that there is the appropriate balance of skills and experience 
role of the board 
the role of the board is to ensure the overall longterm success of the group this is 
achieved through the review development and implementation of the group’s strategy 
the board also maintains responsibility for corporate responsibility accountability and 
to ensure effective leadership is delegated to management for the day to day running 
of the group and ensures an appropriate strategy is in place for succession planning
the board has a programme in place to enable it to discharge its responsibility of 
providing effective and entrepreneurial leadership to the group within a framework of 
prudent and effective controls
the board plans to meet on a formal basis six times during the year with up to four 
additional strategy meetings at convenient times throughout the year when broader 
issues concerning the strategic future of the group will be discussed the board will 
meet on other occasions as and when the business demands during the year the 
board met on 10 occasions
a detailed agenda is established for each meeting and appropriate documentation is 
provided to directors in advance of the meeting regular board meetings provide an 
agenda that will include reports from the chief executive reports on the performance 
of the business and current trading reports on meetings with investors reports from 
committees of the board and specific proposals where the approval of the board 
is sought the board will monitor and question monthly performance and review 
anticipated results
the group is committed to high standards of corporate governance the following section will detail how the uk corporate governance 
code has been applied during the year 
sports direct international plc 
annual report and accounts 2014 27 governance
presentations are also given on business or strategic issues where appropriate and 
the board will consider at least annually the strategy for the group minutes of the 
meetings of committees of the board are circulated to all members of the board 
unless a conflict of interest arises to enable all directors to have oversight of those 
matters delegated to committees and copies of analysts’ reports and brokers’ notes 
are provided to directors
in an effort to secure the longterm future of the group the board have created a high 
performance culture within the group by devising employee bonus share schemes as 
well as a share scheme for senior members of management
it is the responsibility of the directors to ensure that the accounts are prepared and 
submitted having assessed the current annual report along with the accounts the 
directors confirm that taken as a whole they are fair balanced and understandable 
the directors authorise that these documents provide the necessary information 
in order for shareholders to assess the group’s performance business model and 
strategy
key activities
• ensuring the longterm success of the group
• considering the obligations to shareholders and other stakeholders
• considering the effect the group’s activities have on the environment and 
community in which it operates
• maintaining a high business reputation
• maintaining relationships with suppliers customers and the wider community
there is a formal schedule of matters that require board approval they are matters 
that could have significant strategic financial or reputational effects on the group as 
a whole
matters reserved for the board
• sets budgets
• monitors and reviews strategy and business performance
• approves acquisitions expansions into other regions  countries
• appointments and removal of board members
• succession planning
• overall responsibility for internal control and risk management as described on 
pages 29 to 30
the chairman and executive directors 
the division of responsibilities between the nonexecutive chairman the executive 
deputy chairman and the chief executive is in writing and has been agreed by the 
board however they work closely together to ensure effective decisionmaking and the 
successful delivery of the group’s strategy
the chairman is responsible for leadership of the board ensuring its effectiveness 
and that all directors are able to play a full part in the activities of the company he 
ensures that the directors receive accurate timely and clear information
the chairman officiates effective communication with shareholders and ensures that 
the board understands the views of major investors and is available to provide advice 
and support to members of the executive team
the executive deputy chairman is an ambassador for the company he takes the lead 
in the strategic development of the company formulating the vision and strategy 
which he does in conjunction with the chief executive
the company has entered into a relationship agreement with mike ashley the 
executive deputy chairman whose whollyowned company mash holdings limited 
currently holds approximately 577 of the issued share capital of the company 
excluding treasury shares this agreement is described in the directors’ report on 
page 25
the chief executive is responsible for the running of the group’s business for the 
delivery of the strategy leading the management team and implementing specific 
decisions made by the board to help meet shareholder expectations the chief 
executive reports to each board meeting on all material matters affecting the group’s 
performance no one individual has unfettered power of decision
given the structure of the board the fact that the chairman and chief executive roles 
are fulfilled by two separate individuals and the terms of the relationship agreement 
with mike ashley the board believes that no individual or small group of individuals 
can dominate the board’s decision making
the nonexecutive directors 
the board consists of four nonexecutive directors and the chairman the role of the 
nonexecutive directors is to understand the group in its entirety and constructively 
challenge strategy and management performance set executive remuneration levels 
and ensure an appropriate succession planning strategy is in place they must also 
ensure they are satisfied with the accuracy of financial information and that thorough 
risk management processes are in place
the nonexecutive directors have excellent experience from a wide range of sectors 
the nonexecutive directors assist the board with issues such as governance internal 
control remuneration and risk management
simon bentley is the senior independent nonexecutive director he supports the 
chairman and nonexecutive directors and is available to shareholders if they have 
concerns
the nonexecutive directors – external appointments 
nonexecutive directors are required to disclose prior appointments and other 
significant commitments to the board and are required to inform the board of any 
changes to or additional commitments details of the nonexecutives directors’ 
external appointments can be found on page 24
before accepting new appointments nonexecutive directors are required to obtain 
approval from the chairman and the chairman requires the approval of the whole 
board it is essential that no appointment causes a conflict of interest or jeopardises 
the nonexecutive director’s commitment and time spent with the group in their 
existing appointment
the nonexecutive directors – independence 
the group considers the nonexecutive directors to be independent in accordance with 
the 2012 uk corporate governance code
each year the board evaluations consider the independence of each board member 
the most recent evaluations did not highlight any directors who lacked independence 
although the board have remained constant for some time the longestserving 
member of the board has been with the board for seven years this being less than the 
nine year period after which independence is questioned 
executive and nonexecutive directors  conflicts of interest 
the board has set procedures to deal with directors’ conflicts of interest that arise 
during the year the board reviewed and where appropriate approved certain 
situational conflicts of interest that were reported to it by directors and a register 
of those situational conflicts is maintained and reviewed the board noted any 
transactional conflicts of interest concerning directors that arose and were declared 
no director took part in the discussion or determination of any matter in respect of 
which he had disclosed a transactional conflict of interest
executive and nonexecutive directors  reelection 
the group complies with the 2012 uk corporate governance code and all directors 
offer themselves for reelection every year
the board have determined that all directors must put themselves forward for election 
or reelection at the 2014 annual general meeting to comply with the uk corporate 
governance code retiring directors may seek reappointment if willing and eligible to 
do so and if so recommended by the nomination committee all directors appointed by 
the board are appointed after consideration of the recommendations of the nomination 
committee and those so appointed must stand for reappointment at the following 
2014 annual general meeting
nonexecutive director charles mccreevy has informed the board that he will not 
stand for reelection at the 2014 annual general meeting his retirement will therefore 
become effective at the conclusion of the annual general meeting
details of executive directors’ service contracts and of the chairman’s and the non
executive directors’ appointment letters are given on pages 36 to 37 copies of service 
contracts and of appointment letters are available for inspection at the company’s 
registered office during normal business hours and at the annual general meeting
corporate governance report 
continued
28  governance
executive and nonexecutive  training and development 
all newly appointed directors are provided with a tailored induction programme based 
on their existing skills and experience the board is also informed of any material 
changes to laws and regulations affecting the group’s business
all directors have access to the advice and services of the company secretary and 
each director and each board committee may take independent professional advice 
at the company’s expense subject to prior notification to the other nonexecutive 
directors and the company secretary the company maintains appropriate directors 
and officers insurance
executive and nonexecutive directors  performance evaluation 
there is a formal process in place for the performance evaluation of the board its 
committees and individual directors each director is given the opportunity to express 
their views on the organisation and operation of the board and its committees their 
effectiveness and contribution to the business and on any other matter they consider 
relevant
the evaluator that was selected by the board was njmd corporate services limited 
which is a specialist consultancy led by nigel davies
board committees 
to assist the board with their duties there are three principal board committees being 
the audit committee the remuneration committee and the nomination committee 
the committees are governed by terms of reference which provide detail of matters 
delegated to each committee and the authority they have to make decisions full terms 
of reference are available on request and on the company’s website
attendance by directors at board and committee meetings during the year and the 
total number of meetings that they could have attended are set out in the table below 
all directors attended all meetings of the board and of committees of the board of 
which they were members unless prevented from doing so by prior commitments the 
board is satisfied that currently no one director exercises a disproportionate influence
board  
meetings
audit  
committee 
meetings
remuneration  
committee 
meetings
nomination  
committee 
meetings
keith hellawell 1010 33
1
44 11
mike ashley 410   
simon bentley 1010 33 44 11
dave forsey 1010 33
1
44
1
11
1
dave singleton 1010 33 44 11
1
claire jenkins 810 33 44 11
1
charles mccreevy 810 33 34 11
bob mellors
2
310 13
1
24
1

1 a number of audit committee remuneration committee and nomination committee meetings were attended by 
board members who were not members of the committees the board members concerned attended these meetings 
at the invitation of the committee members 
2 meetings attended by bob mellors up until his retirement on 31 december 2013
during the year the additional board meetings were also held in order to attend to 
urgent matters which arose between scheduled meetings following unscheduled 
meetings all absent members of the requisite committees subsequently reviewed and 
endorsed the decisions made this ensured that all members could have their thoughts 
recorded even though they weren’t available during the meeting itself
there were a number of meetings throughout the year which were solely for non
executives meetings also took place which were attended by nonexecutives although 
the nonexecutive chairman was not able to attend these meetings enabled the 
nonexecutives to discuss matters which they perhaps could not discuss with the 
executives andor the nonexecutive chairman present
audit committee 
dear shareholder 
i am pleased to present the audit committee report for the 52 weeks ended 27 april 
2014
the audit committee has an important role to play in effective reporting to our 
stakeholders and ensuring high standards of quality and effectiveness in the external 
audit process and this year has seen the introduction of many changes to corporate 
reporting
this report provides an overview of
• what the committee has done during the year and what is planned for 2015
• how it has assessed the effectiveness of the external auditors including ensuring 
their independence and 
• the committee’s opinion on the annual report when viewed as a whole
membership 
the audit committee comprises me as chairman and all of the independent non
executive directors biographical details of each member are shown in the board of 
directors’ profiles on page 24 all of the members of the committee are considered 
independent
meetings 
the committee met three times during the year and attendance at those meetings is 
shown on page 29 within the corporate governance report at the invitation of the 
committee members the group chairman chief executive and finance director attend 
committee meetings as do the external auditors after each of its meetings we met 
with the external auditors in each case without the presence of executive directors or 
management in addition i meet with the auditors as and when it is needed
the main responsibilities of the audit committee include
• assisting the board with the discharge of its responsibilities in relation to internal 
and external audits and controls 
• agreeing the scope of the annual audit and the annual audit plan and monitoring 
the same
• reviewing and monitoring the independence of the external auditors and 
relationships with them and in particular agreeing and monitoring the extent of the 
nonaudit work that may be undertaken
• monitoring making judgements and recommendations on the financial reporting 
process and the integrity and clarity of the group’s financial statements
• reviewing and monitoring the effectiveness of the internal control and risk 
management policies and systems in place
• monitoring the audit of the annual and consolidated accounts
• reporting to the board on how it has discharged its responsibilities
what has the committee done during the year 
• monitored the effectiveness of internal controls and also considered the current 
economic climate and its likely impact on the group
• considered the reappointment of the auditors
• reviewed accounting policies presentations and the financial statements
internal controls 
as one of the fastestgrowing retailers with a rapidly expanding overseas and internet 
operations we have many complex operational risks to manage
the internal audit reviews led by the long established retail support unit have led the 
way through their audits across the retail operations each year in providing comfort 
over the efficiency of controls over the operational procedures and systems which help 
to generate and report the numbers within the financial statements and will continue 
to do so  
we are however conscious of the rate of growth and complexity taking place and have 
therefore recently appointed bdo as internal audit advisers bdo have specialists 
experienced in auditing the strategies and plans put in place to mitigate risks to 
further strengthen the control environment
bdo will conduct a review of our key risks and develop a strategic audit plan to provide 
assurance to the audit committee regarding the management of these key risks over 
the next three to five years this plan will be presented to the audit committee for 
approval and agreement of a detailed annual programme 
sports direct international plc 
annual report and accounts 2014 29
sd14arinners 2507indd   29 25072014   123338 pm corporate governance report 
continued
governance
the committee has delegated responsibility from the board for considering operational 
financial and compliance risks on a regular basis information on the group’s approach 
to internal control and risk management is set out in the corporate governance report 
on pages 27 to 32
external auditors  
on an annual basis the committee considers the reappointment of the auditors 
and their remuneration and makes recommendations to the board the auditors are 
appointed each year at the annual general meeting the committee consider the level 
of service provided by the auditors and their independence
the committee has recommended the reappointment of grant thornton uk llp 
for fy15 the committee took a number of factors into account in its assessment 
including but not limited to
• the quality and scope of the planning of the audit in assessing risks and how the 
external auditors planned to evolve the audit to respond to changes in the business
• the quality and timeliness of reports provided to the committee and the board
• the level of understanding demonstrated of the group’s businesses and the retail 
sector
• the objectivity of the external auditors’ views on the controls around the group and 
the robustness of challenge and findings on areas which required management 
judgement 
the committee’s view following this assessment was positive in relation to their 
evaluation of the work of the external auditors and they felt that high standards had 
been maintained 
after taking into account all of the above factors the committee concluded that the 
external auditors were effective
the committee believes their independence the objectivity of the external audit 
and the effectiveness of the audit process is safeguarded and remains strong this 
is displayed through their robust internal processes their continuing challenge 
their focused reporting and their discussions with both management and the audit 
committee
to maintain the objectivity of the audit process the external auditors are required to 
rotate audit partners for the group audit every five years and the current lead partner 
has been in place for one year under the corporate governance code 2012 audit 
services must be put to tender at least every ten years or else we must explain why we 
have not done so our current auditors namely grant thornton uk llp  have been in 
place since the listing in february 2007
the committee has approved a policy on the engagement of the external auditors 
for nonaudit work in order to ensure that the objectivity of the auditors’ opinion on 
the group’s financial statements is not or may not be seen to be impaired and has 
established a process to monitor compliance
the policy identified three categories of potential work
auditor authority type of work
work the auditor may not provide 
as completing the task could 
create a threat to independence
the work includes the preparation of accounting 
entries or financial statements it systems design 
and implementation management of projects 
and tax planning where the outcome would have 
a material impact on the financial statements or 
where the outcome is dependent upon accounting 
treatment
work the auditor may undertake 
with the consent of the chairman 
of the audit committee
corporate finance services acquisition due diligence 
management consultancy and secondment of staff 
other than for the preparation of accounting entries 
or financial statements
work the auditor may undertake there are services that the auditors may provide 
as the work is clearly auditrelated and there is 
no potential threat to independence including 
regulatory reporting and acting as reporting 
accountants the company is satisfied that its 
policy falls within the requirements of the auditing 
practices board
reviewed accounting policies presentations and the financial statements 
following the revision to the uk corporate governance code which applies to financial 
years commencing on or after 1 october 2012 the board asked the committee to 
advise on whether the annual report and financial statements taken as a whole 
were fair balanced and understandable and provided the information necessary for 
shareholders to assess the group’s business model strategy and performance the 
committee reviewed the process for preparing the annual report and accounting 
statements this process included the following key elements 
• review of new regulations and reporting requirements with external advisers to 
identify additional information and disclosures that may be appropriate
• preparation of a detailed timetable and allocation of drafting responsibility to 
relevant internal teams with review by an appropriate senior manager
• provision of an explanation of the requirements of “fair balanced and 
understandable” to those with drafting responsibility
• monitoring of the integrity of the financial statements and other information 
provided to shareholders to ensure they represented a clear and accurate 
assessment of the group’s financial performance and position
• review of significant financial reporting issues and judgements contained in the 
financial statements
• review of all sections of the report by relevant external advisers
•  review by senior manager working group responsible for the annual report process 
•  interim progress review of process and report content with the audit committee 
•  review of a paper presented to the committee which set out to review the contents 
of the annual report and substantiate why it provided a fair balanced and 
understandable view of the year under review
the committee reviewed the annual report and has confirmed it is fair balanced and 
understandable 
financial reporting 
the committee’s review of the interim and full year financial statements focused on the 
following areas of significance
• acquisition accounting  the committee provided a robust challenge to 
management over the judgments formed in respect of the accounting for the 
acquisition of eag and sig during the year including the assessment of the fair 
values of the assets and liabilities acquired the committee is satisfied that 
the related disclosures appropriately reflect these assessments as well as the 
underlying strategic rationale
• intangibles impairment assessment  the committee considered the key 
judgements including the discount rate longterm growth rate and the projected 
future cash flows of each cashgenerating unit to which goodwill is allocated based 
upon financial plans approved by the board the committee is satisfied with the 
methodology and assumptions used and the conclusion that the group’s intangible 
assets are not impaired
• carrying value of inventory  the committee has reviewed management’s paper 
setting out the basis on which the inventory provision is calculated and is satisfied 
with the reasonableness and consistency of model applied and that stock is held at 
the lower of cost and net realisable value
the audit committee are satisfied with the level of rigor applied by the external 
auditors in addressing these areas as part of the audit procedures 
looking ahead to fy15 with the further assistance that can be expected following the 
appointment of bdo as internal auditors the audit committee will ensure appropriate 
internal control procedures are in place as the group continues to grow
 
simon bentley 
chairman of the audit committee and senior independent nonexecutive director
17 july 2014
30  governance
remuneration committee 
directors who served on the committee during the year were
dave singleton chairman 
simon bentley 
keith hellawell 
charles mccreevy 
claire jenkins
the remuneration committee assists the board to ensure appropriate levels of pay 
and benefits are in place for executive and nonexecutive directors a key priority is 
to ensure that remuneration policy is aligned with strategy to achieve the longterm 
success of the group the committee ensures that it complies with the requirements of 
regulatory and governance bodies including the uk corporate governance code whilst 
meeting shareholder and employee expectations all members of the committee are 
nonexecutive directors and are considered independent
the responsibilities of the remuneration committee include
• determining the company’s policy on executive remuneration including  
the design of bonus schemes and targets and payments made thereunder
• determining the levels of remuneration for the chairman and each of the executive 
directors
• monitoring the remuneration of senior management and making recommendations 
in respect thereof 
•  agreeing any compensation for loss of office of any executive director 
the remuneration committee meets at least three times a year and met on three 
occasions during the year
a report on the remuneration of directors appears on pages 33 to 40 
what has the committee done during the year
• reviewed executive remuneration to include salaries and bonuses
• reviewed and approved the directors’ remuneration report contained  
on pages 33 to 40
full details of directors’ remuneration can be found in the remuneration report on 
page 38
 
dave singleton 
chairman of the remuneration committee
17 july 2014
nomination committee 
as chairman of the nomination committee i lead the process for the appointment of 
new board members with the overall decision being that of the board we have seen a 
change in the board over the course of the year following the resignation of bob mellors 
due to ill health bob had been with the group for almost 10 years when he resigned 
and the knowledge that he had amassed during that time was invaluable the loss 
of bob by the group has left a knowledge gap in the board which will be difficult to 
replace
there are a number of factors that must be taken into account when considering 
board appointments including age ethnicity and nationality although the targets 
for diversity of the davies report must be awarded appropriate recognition so must 
the requirements of the group the group’s expansion into new markets with differing 
customer bases must be awarded appropriate consideration upon appointing new 
board members with any new appointee requiring knowledge of the challenges 
involved in breaking into new markets and an awareness of the changing business 
landscape 
there is a strategy within the group for improving the gender imbalance of the board 
and it is our overall aim to nurture our inhouse talent however we are open to 
recruiting external board members where specific knowledge cannot be found inhouse 
we aim to attract the most number of recruits by utilising a number of different 
recruitment methods including head hunters word of mouth and advertising
members of the nomination committee during the year were 
keith hellawell chairman 
simon bentley 
dave singleton 
charles mccreevy
the nomination committee will meet at least once a year and will also meet when 
appropriate the committee met on one occasion during the year although met 
informally on a number of further occasions in order to discuss the appointment of 
a replacement finance director all of the nomination committee members are non
executive directors and considered independent
the responsibilities of the nomination committee include
• review the board’s structure
• review the composition and make up of the board including evaluating the balance 
of skills knowledge and experience of the members of the board
• give consideration to succession planning for directors
• prepare a description of the role and capabilities required for any board 
appointment
• make recommendations to the board concerning the standing for reappointment of 
directors
• identify potential candidates to be appointed as directors and make 
recommendations to the board as the need may arise
the board has established a nomination committee to ensure a formal rigorous 
and transparent procedure for the appointment of new directors to the board the 
composition of that committee and a description of its terms of reference are set out on 
the sports direct international plc website
the nomination committee also determines succession plans for the chairman and 
the chief executive who are not present at meetings when the matter is discussed 
succession plans are reviewed by the nomination committee at least once a year
dave forsey the chief executive will usually attend meetings of the nomination 
committee unless the nomination committee is dealing with matters relating to him or 
with the appointment of his successor
the board believes that the board and its committees as currently constituted are 
working well
 
dr keith hellawell qpm 
chairman of the nomination committee and chairman of the board
17 july 2014
 
sports direct international plc 
annual report and accounts 2014 31 uk bribery act 
the group has an approved policy in place which was created following the 
introduction of the uk bribery act as a result of the act all policies and procedures 
have been reviewed to ensure that they comply with the act and measures are in place 
to prevent employees accepting bribes
business model  
our business model which sets out the basis on which the company generates or 
preserves value over the longer term and the strategy for delivering the objectives of 
the company can be found at pages 7 and 8
whistleblowing  
there is a formal whistleblowing policy in place for employees who wish to raise 
issues or concerns relating to the group’s activities on a confidential basis
relations with shareholders 
the board recognise the importance of communicating with shareholders this is done 
through the annual report and financial statements interim statements and trading 
updates all directors are available at the annual general meeting when shareholders 
have the opportunity to ask questions
the chairman and the chief executive regularly meet with the company’s institutional 
shareholders to discuss the group’s strategy and financial performance within the 
constraints of information already available to the public the senior independent non
executive director is also available to meet with shareholders
the company’s website is an important method of communication and holds all 
material information reported to the london stock exchange together with copies of 
financial reports interim management statements and trading updates
during the year members of the board and senior management have met with 
shareholders in order to discuss their questions and concerns the meetings have 
been considered an opportunity not only to recognise the views of shareholders but 
also for shareholders to fully understand the premise of the business the shareholder 
meetings that have taken place throughout the year include face to face nonexecutive 
director meetings telephone discussions regional visits and overseas visits 
remuneration 
the remuneration committee is responsible for determining and reviewing 
remuneration policy and setting remuneration levels see remuneration report on 
pages 33 to 40
share dealing code 
the group has adopted the model code as published in the uk listing rules
anyone deemed to have ‘insider information’ must seek consent before dealing in the 
group’s shares
the executive directors require the consent of the chairman or the senior independent 
director and the chairman requires consent from the chief executive and the senior 
independent nonexecutive director any other employees with ‘insider information’ 
must gain the consent of the chief executive or company secretary before dealing in 
the group’s shares
details concerning the share capital structure of the company can be found in the 
director’s report on pages 25 to 26
risks and uncertainties 
the key features of the group’s system of internal control and risk management 
systems in relation to the financial reporting process and the preparation of the group 
accounts are set out below or crossreferred to other parts of the annual report where 
relevant
the board of directors has overall responsibility for determining the nature and extent 
of the significant risks it is willing to take in achieving its strategic objectives and for 
maintaining sound risk management and internal control systems and for reviewing 
their effectiveness the risk management process and systems of internal control are 
designed to manage rather than eliminate the risk of failures to achieve the company’s 
objectives it should be recognised that such systems can only provide reasonable but 
not absolute assurance against material misstatement or loss
assessment of business risk 
a system to identify assess and evaluate business risk is embedded within the 
management processes throughout the group strategic risks are regularly reviewed by 
the board risks relating to the key activities within the subsidiary operating units are 
assessed continuously
further details of the risks and uncertainties relating to the group’s business and how 
the group seeks to mitigate these can be found on pages 10 to 12
 
by order of the board
cameron olsen 
company secretary
17 july 2014
corporate governance report 
continued
governance
32  directors’ remuneration report
statement from the chairman of the remuneration committee 
dear shareholder
on behalf of the board i am pleased to present our report on the remuneration strategy and policy of the company at the end of yet another very successful year we firmly believe 
that this continued success is strongly connected with the introduction of our employee and executive bonus share schemes in 2009 and 2011 the schemes are designed to 
recognise and reward outstanding performance and have clearly driven shareholder value
new regulations have come into effect which impact the presentation and disclosure of directors’ remuneration and the layout of this report reflects those new regulations this 
report is therefore presented in two sections the annual report on remuneration and the directors’ remuneration policy
the annual report on remuneration provides details on the amounts earned in respect of the year ended 27 april 2014 and will be subject to an advisory vote at the agm the 
directors’ remuneration policy sets out the forwardlooking remuneration policy that will be subject to a binding vote at the agm and shall take binding effect from the end of the 
company’s 201415 financial year
the remuneration policy of the company is aligned to its commercial strategy for longterm consistent and profitable growth the remuneration package for senior executives is 
highly weighted towards performancerelated remuneration paid mostly in shares and its design is consistent with the reward philosophy for the wider employee population this 
strategy is reflective of an extremely strong executive and employee performance culture and a reward ethos of “one team”
the company philosophy is that executive remuneration should be simple transparent and directly support the delivery of the business strategy and shareholder return the 
executive directors’ basic salaries have been deliberately set at a level well below the lower quartile of a business of the size and complexity of the group indeed these salaries 
have remained the same since 2002 and again will not increase in 201415 also the senior executives currently enjoy no additional benefits from the company
the executive directors do not receive an annual bonus rather to drive sustained longterm business performance instead of granting smaller awards on an annual basis 
larger upfront awards are granted which only vest if significant and consistent growth is delivered year on year annual performance targets which must be hit ensure a focus is 
maintained on a consistent and longterm profitable growth strategy the extended time horizon for vesting of awards for the 2011 executive bonus share scheme is six years in 
2017 
clear published and stretching annual performance targets must be fully satisfied before any of the share awards vest aligned to the company’s high performance culture the 
employee and executive bonus share schemes are designed on the basis that awards should vest in full for achieving stretching targets ie with an all or nothing’ vesting 
schedule rather than providing for a lower level of vesting for meeting a threshold target rising to full vesting for achieving the stretch targets ie a scaled vesting schedule 
because the executive directors’ remuneration opportunity is highly weighted towards performancerelated remuneration which will not vest if stretching performance targets 
aligned with the business strategy are not met they share risk with the shareholders the size of these performanceonly awards should be considered in this context
the remuneration committee firmly believes that this simple and very transparent share incentive framework is totally aligned with both the company strategy for growth and its 
performance culture we also believe that this strategy has directly driven the historic and continued outperformance of stretch targets originally set by the committee by further 
aligning executive and employee remuneration potential to increased and ongoing shareholder value this increased share value incentive has also led to a further ‘lifting of the 
performance bar’ for future awards
there is no doubt that since the inception of the current remuneration strategy in 2009 it has clearly led to strong shareholder value increases during a difficult economic period 
and has provided a strong platform for the ongoing and longterm success of the company
specifically tailored to company culture and growth strategy we continue to review the robustness of the scheme during 201314 the remuneration committee reassessed the 
shareholding guidelines for executive directors and determined that the executive directors must now hold a minimum shareholding of 50000 while they remain employed by the 
company as noted on page 39 dave forsey’s shareholding on 27 april 2014 meant that he satisfied the guideline and held shares with a value equal to approximately 260 of his 
salary
on 2 july 2014 we were pleased to announce that the resolution to approve the 2015 bonus share scheme was passed with a majority of shareholders eligible to vote on the 
resolution voting in favour the executive directors elected not to vote
under the 2015 bonus share scheme all eligible employees including executive directors who meet the qualifying conditions and performance criteria as determined and agreed 
by the remuneration committee and the board will be able to participate the terms of the 2015 bonus share scheme provide for the grant of nilcost options over up to 25 
million ordinary shares in the company amounting to approximately 42 of the issued share capital of the company the vesting of any options would be conditional upon the 
achievement by the company of all the following ebitda targets before scheme costs i fy16 of £480 million ii fy17 of £570 million iii fy18 of £650 million and iv fy19 
of £750 million if these performance targets are all met 25 of any award would vest following the announcement of the company’s audited results for fy19 in july 2019 and 
75 of the award would vest following the announcement of the company’s audited results for fy21 in july 2021
to date mike ashley has not received any remuneration from the company since before the public offering in february 2007 nor has he participated in the executive share 
bonus scheme despite being eligible to participate in the 2015 bonus share scheme following discussions with the committee mike ashley has informed the company and the 
committee that he does not wish to participate in the scheme nor does he expect any share based incentive scheme to be proposed to shareholders in relation to his role as an 
executive director while the 2015 bonus share scheme is in place he remains fully committed to achieving the stretching targets of the scheme
the board considers the leadership of mike ashley to be essential to the company and we are grateful that shareholders have now recognised the huge impact of our proven and 
innovative share scheme on the success of the company its executives and employees it has always been our intention to continue with the existing highly performancegeared 
remuneration policy for our executives ie low salary no annual bonus or additional benefits and the 2015 bonus share scheme allows us to continue on this path
we are committed to further building an open and transparent engagement with our investors and employees we believe that a key objective of the directors’ remuneration report 
is to communicate clearly how much our executive directors are earning how this is very clearly linked to the performance of the company and is of benefit to our shareholders
 
dave singleton 
chairman of the remuneration committee
15 july 2014
governance
sports direct international plc 
annual report and accounts 2014 33 governance
directors’ remuneration policy 
this part of the report sets out the company’s directors’ remuneration policy which subject to shareholder approval at the 2014 agm shall take binding effect from the end of the 
company’s 201415 financial year the policy is determined by the committee 
future policy table 
the table below describes each of the elements of the remuneration package for the executive directors  
 
element of 
remuneration
purpose  link to 
strategy
operation maximum performance measures
base 
salary
fixed element of the 
remuneration package 
where the balance of fixed 
and variable remuneration 
is aligned to the commercial 
strategy of longterm 
profitable growth and reflects 
the company remuneration 
philosophy of gearing 
reward to performance with 
a sharing of risk between 
executive directors and 
shareholders
base salaries are normally reviewed annually and have not been 
increased since 2002
mike ashley does not currently receive a salary for his role
although salaries for existing executive directors other 
than mike ashley who does not currently receive a salary 
have been set at £150000 since 2002 the company 
retains discretion to set salaries at a level commensurate 
with other companies of a similar size and complexity as 
the company 
salaries for new executive directors will be set in 
accordance with the committee’s approach to recruitment 
remuneration as described on page 36
not applicable
benefits
not applicable for current 
executive directors
the current executive directors do not receive any additional benefits  
there is currently no intention to change this whilst the executive 
bonus share scheme and 2015 bonus share scheme remain in place
benefits may be provided in line with market practice to recruit a new 
executive director taking into account individual circumstances such 
benefits may include relocation expenses
whilst the remuneration committee has not set an 
absolute maximum level of benefits executive directors 
may receive the company retains discretion to set benefits 
at a level which the remuneration committee considers 
appropriate against the market and to support the on
going strategy of the company
not applicable
retirement 
benefits
provide postemployment 
benefits to recruit and retain 
individuals of the calibre 
required for the business
the executive directors are entitled to participate in a stakeholder 
pension scheme on the same basis as other employees the current 
executive directors have opted out of this arrangement
the current maximum employer contribution to the 
stakeholder pension scheme is 1 
the company retains the discretion to set retirement 
benefits including pension contributions andor a salary 
supplement in lieu of a pension contribution for any 
executive directors in accordance with the committee’s 
approach to recruitment remuneration as described on 
page 36
not applicable
annual 
bonus
not applicable as executive 
directors do not participate 
in an annual bonus scheme
the committee has determined that no annual bonus scheme will be 
operated for executive directors while the 2015 bonus share scheme 
is in place
no annual bonus opportunity for an executive director who 
participates in the 2015 bonus share scheme for so long 
as that scheme is in place if that scheme is not in place 
for example if one of the adjusted underlying ebitda 
targets is not met so that awards under that scheme lapse 
the committee may award an annual bonus opportunity of 
up to 200 of base salary the committee will not award 
such a bonus opportunity and grant an award under the 
executive bonus share scheme as referred to below
the annual bonus opportunity for any newly recruited 
executive director will be set in accordance with the 
committee’s approach to recruitment remuneration as 
described on page 36
not applicable for so long as executive directors 
do not participate in an annual bonus scheme 
if an executive director does participate in an 
annual bonus scheme performance will be 
assessed against one or more metrics determined 
by the committee and linked to the company’s 
strategy with the weighting between the metrics 
determined by the committee bonuses will 
be determined between 0 and 100 of the 
maximum opportunity based on the committee’s 
assessment of the applicable metrics
longterm 
incentive 
pay 2015 
bonus 
share 
scheme 
and 
executive 
bonus 
share 
scheme
to recognise and reward 
outstanding performance of 
the executives and to drive 
underlying group ebitda in 
line with group strategy and 
align executive directors’ 
interests with the interests 
of shareholders in bringing 
consistent longterm 
profitable growth to the 
company
2015 bonus share scheme  
the 2015 bonus share scheme was approved by shareholders at a 
general meeting of the company in july 2014 awards may be granted 
under the scheme to executive directors on an annual or more 
frequent basis however in accordance with the company’s policy 
of granting larger upfront awards which only vest if significant and 
consistent growth is delivered year on year one award may be granted 
under the scheme to any executive director during the period for which 
it is proposed this directors remuneration policy shall apply with 
vesting subject to the satisfaction of the ebitda targets set out in the 
2015 bonus share scheme measured over a period of four financial 
years 75 of an award is subject to a further deferral period such that 
it will vest in 2021 with 25 vesting in 2019
following discussions with the committee mike ashley has advised 
that he does not wish to participate in the 2015 bonus share scheme 
and accordingly the committee has decided to make no award to mike 
ashley under the 2015 bonus share scheme
unvested awards are subject to malus provisions such that the 
committee has the discretion to reduce cancel or impose further 
conditions on the awards in the event of a material misstatement of 
the company’s results material failure of risk management or serious 
reputational damage
executive bonus share scheme  
the executive bonus share scheme was approved by shareholders 
at the annual general meeting in september 2010  the committee 
may grant further awards under this scheme if the 2015 bonus share 
scheme is not in place for example if one of the adjusted underlying 
ebitda targets is not met so that awards under the 2015 bonus share 
scheme lapse  mike ashley is not eligible to be granted awards under 
the executive bonus share scheme  
any award granted under the executive bonus share scheme would be 
subject to malus provisions on a comparable basis to those that will 
apply to awards granted under the 2015 bonus share scheme
2015 bonus share scheme 
awards over no more than 25 million shares may be 
granted under the 2015 bonus share scheme
no more than 1 million shares subject to such adjustment 
as the committee determines to reflect any variation in the 
company’s share capital may be awarded to any executive 
director other than mike ashley who has advised the 
committee that he does not wish to participate in the 2015 
bonus share scheme
executive bonus share scheme 
any award granted to an executive director under the 
executive bonus share scheme during the period for 
which it is proposed this directors’ remuneration policy 
shall apply would be over a maximum of 1 million shares 
subject to such adjustment as the committee determines 
to reflect any change in the company’s share capital  
stretching performance targets are set reflecting 
the business priorities that underpin group 
strategy 
2015 bonus share scheme  
awards under the 2015 bonus share scheme are 
subject to satisfactory personal performance and 
will only vest if the following adjusted underlying 
ebitda targets before scheme costs are met
fy16 £480 million      
fy17 £570 million      
fy18 £650 million      
fy19 £750 million
for these purposes “adjusted underlying ebitda” 
means underlying ebitda as reported in the 
company’s published accounts for the relevant 
year after such adjustments as the committee 
considers appropriate
executive bonus share scheme  
any award granted under the executive bonus 
share scheme would be subject to stretching 
performance targets determined by the 
committee based on adjusted underlying ebitda 
which would be disclosed in the directors’ 
remuneration report following the grant of any 
such award  
directors’ remuneration report 
continued
34  governance
2500
2000
1500
1000
500
minimum performance performance in line
with expectations
total remuneration £000
maximum performance
0
dave forsey
base salary benefits  pension                    2015 bonus share scheme
92
19113
150 150
the table below sets out an overview of the approach to remuneration for the chairman and nonexecutive directors
purpose  link to strategy approach of the company
chairman and nonexecutive director fees
provide an appropriate reward to attract and retain 
directors of the calibre required for the business
the committee’s remuneration policy in respect of the nonexecutive directors is to pay annual fees which reflect 
the responsibilities and duties placed upon them while also having regard to market practice
nonexecutive directors receive a fixed annual fee
nonexecutive directors do not participate in any bonus or share schemes
nonexecutive directors may be eligible for benefits such as the use of secretarial support travel costs or other 
benefits that may be appropriate
 
information supporting the policy table 
prior to the introduction of the 2015 bonus share scheme awards were granted to executive directors under the executive bonus share scheme one award held by an executive 
director remains outstanding under the executive bonus share scheme as referred to on page 39
other than where the 2015 bonus share scheme is not in place for example if one of the adjusted underlying ebitda targets is not met so that awards under the 2015 bonus 
share scheme lapse or where an award is to be granted in connection with the recruitment of an executive director as referred to on page 36 no further awards will be granted to 
executive directors of the company under the executive bonus share scheme during the period for which this policy applies  
the committee may amend the terms of the executive bonus share scheme the 2015 bonus share scheme or any awards granted under them within the scope defined in the rules 
of those schemes including in the event of a variation of the company’s share capital or a demerger or special dividend which may in the committee’s opinion affect the current 
or future value of shares and may elect to settle awards under those schemes in cash  
explanation of performance measures chosen 
for the 2015 bonus share scheme underlying group ebitda is chosen because it is a measure that provides a simple and transparent basis on which to measure the company’s 
performance over the longer term and to provide alignment with the company’s business strategy in addition the committee considers it to be a robust measurement of sustained 
earnings growth for shareholders this measurement has been consistently and publicly used by the company as a performance measure since the floatation in 2007
in respect of each relevant year the committee will adjust reported underlying group ebitda as it considers appropriate underlying group ebitda is calculated prior to any 
charges relating to any bonus share schemes outstanding at the relevant time
explanation of differences in remuneration policy for other employees 
the company has a large number of employees with different responsibilities and differing levels of seniority reward policies for employees other than executive directors are 
determined by reference to grade role performance and other relevant factors the committee does not consult with the wider employee population about the remuneration policy 
for directors however the committee has reviewed the salaries other remuneration and other employment conditions of senior and middle managers throughout the group and 
has taken them into account in considering directors’ salaries and the creation of new incentive schemes in order to create a sense of common purpose and sharing of success 
indeed in order to reflect the company’s “one team” ethos the 2015 bonus share scheme applies to both executives and eligible employees who meet the qualifying conditions as 
determined and agreed by the committee on the same basis including the performance conditions
illustrations of application of remuneration policy 
the charts below set out an illustration of the policy for 201415 in line with the future policy table above the charts provide an illustration of the total remuneration opportunity 
that could arise under three different levels of performance no chart is included for mike ashley who does not receive any remuneration from the company and does not participate 
in any share scheme
for the purposes of the adjacent chart the following assumptions have been made
fixed pay 2015 bonus share scheme
minimum remuneration base salary of £150000 no vesting
performance in line with 
expectations
no employer pension 
contribution as current 
executive directors have 
opted out of the company’s 
stakeholder pension scheme
no vesting because rewards 
under the executive bonus 
share scheme vest on an “all 
or nothing” basis for achieving 
the upper end of stretch 
targets
maximum remuneration no benefits as no benefits 
were provided to the current 
executive directors in 
201314
see note below
for the purposes of this chart it has been assumed that dave forsey is granted an award over 1 million shares and that no award is granted to mike ashley as referred to in the policy table on page 34 the value of the award is then 
calculated based on a share price of £7045 being the price at the close of business on 15 july 2014 when this report was approved by the committee and one quarter of this value is then shown representing the intention to grant one 
award under the 2015 bonus share scheme the vesting of which will be subject to ebitda performance targets measured over a period of four financial years fy16 fy17 fy18 and fy19 the vesting of any awards is conditional upon the 
achievement by the company of all four ebitda targets under the 2015 bonus share scheme
sports direct international plc 
annual report and accounts 2014 35 directors’ remuneration report 
continued
governance
approach to recruitment remuneration 
when agreeing a remuneration package for the appointment of a new executive director the committee will apply the following principles
• given that the high gearing of reward for performance over a long period and a low basic salary may result in a ‘cash flow’ issue for any new executive director  the intention is 
to move the director appropriately and in a timely manner onto an equal footing with other executive directors
• the package will be sufficient to attract the calibre of director required to deliver the company’s strategy
• the committee will seek to ensure that no more is paid than is necessary and
• in the next annual report on remuneration the committee will explain to shareholders the rationale for the arrangements implemented
the committee will ordinarily seek to implement the remuneration package in accordance with the elements referred to in the policy table on pages 34 and 35 the committee 
retains discretion to make appropriate remuneration decisions outside that policy including the ability to grant awards under the executive bonus share scheme to meet the 
individual circumstances of the recruitment subject to the limits and parameters of this recruitment remuneration section of the directors’ remuneration report
element approach
base salary and benefits aligned with the policy set out in the policy table on page 34 if the new executive director participates in the 2015 bonus share scheme at the same 
level as existing executive directors other than mike ashley
retirement benefits aligned with the policy set out in the policy table on page 34 if the new executive director participates in the 2015 bonus share scheme otherwise 
up to 20 of salary paid to a pension arrangement or paid as a supplement to base salary in lieu of a pension arrangement until the new executive 
director joins that scheme
2015 bonus share 
scheme
the remuneration committee’s intention is for a newlyappointed executive director to participate in the 2015 bonus share scheme with an award 
of up to 1 million shares subject to such adjustment as the committee determines to reflect any variation in the company’s share capital ie up to 
the maximum level referred to in the policy table but reduced to reflect the new executive director’s shortened period of service 
variable remuneration in recognition of the fact that a newly appointed executive director’s award under the 2015 bonus share scheme would not vest until 2019 the 
committee may award a newly appointed executive director an award over up to 1 million shares subject to such adjustment as the committee 
determines to reflect any change in the company’s share capital under the executive bonus share scheme or a similar scheme the vesting of which 
would be subject to the same performance conditions as apply to existing awards under the executive bonus share scheme or other stretching 
performance conditions determined by the committee  
in addition until such time as the newly appointed executive director participates in the 2015 bonus share scheme he or she may be awarded an 
annual or longerterm incentive opportunity of up to 200 of salary per annum
maximum variable 
remuneration
the maximum level of variable remuneration that may be awarded to a new executive director is
a an award over up to 1 million shares subject to such adjustment as the committee determines to reflect any change in the company’ s share 
capital under the 2015 bonus share scheme but reduced to reflect any variable remuneration awarded as referred to in c below 
b an award over up to 1 million shares subject to such adjustment as the committee determines to reflect any change in the company’ s share 
capital under the executive bonus share scheme or a similar scheme and
c until such time as he or she participates in the 2015 bonus share scheme an annual or longerterm incentive opportunity of up to 200 of salary 
per annum  
in each case the value of any buyout arrangements described below does not count towards the maximum  
compensation for 
forfeited arrangements
the committee may make awards on hiring an external candidate to buyout the remuneration arrangements forfeited on leaving a previous 
employer in doing so the committee will have regard to relevant factors including any performance conditions attached to such arrangements and 
whether such conditions were achieved the form of those arrangements eg cash or shares and the timeframe of such arrangements
while such awards are excluded from the maximum level of variable remuneration referred to below the committee’s intention is that the value 
awarded would be no higher than the expected value of the forfeited arrangements buyout awards will be subject to forfeiture or clawback on 
early departure with 100 being subject to forfeiture if the executive departs within 12 months of joining and a sliding scale down to 50 if the 
departure occurs within 12 and 24 months of joining at the committee’s discretion 
relocation costs if necessary the company will pay appropriate relocation costs the committee will seek to ensure that no more is paid than is necessary
 
any share awards referred to in this section will be granted as far as possible under the company’s existing share schemes if necessary and subject where relevant to the 
limits referred to above awards may be granted outside existing share plans as permitted under the listing rules which allow for the grant of awards to facilitate in unusual 
circumstances the recruitment of an executive director
where a position is filled internally any ongoing remuneration obligations or outstanding variable pay elements shall be allowed to continue according to their subsisting terms
the remuneration package for a newly appointed nonexecutive director would normally be in line with the policy set out in the future policy table above for nonexecutive directors
36  governance
service contracts and policy on payments for loss of office  
the company’s policy is for executive directors to be employed on the terms of service contracts which may be terminated by either the company or the executive director on the 
giving of not less than 12 months notice  
executive directors 
details of each current service contract are set out below
contract date unexpired term  notice period proper law
mike ashley 11022007 12 months england  wales
dave forsey 11022007 12 months england  wales
 
the principles on which the determination of payments for loss of office will be approached are summarised below
payment in lieu 
of notice
the company may terminate an executive director’s employment with immediate effect by making a payment in lieu of notice consisting of
• basic salary for the notice period 
• if the executive director participates in an annual bonus scheme a prorated amount reflecting completed months of service in the year of termination 
assuming on target performance
• either the cost of providing other benefits other than pension and bonus that the executive director would have been entitled to during the notice period 
or an amount equal to 10 of base salary or alternatively the company may continue to provide benefits for the remainder of the notice period that 
would have applied
however in accordance with the current policy as set out in the policy table on page 34 no annual bonus scheme or benefits are currently offered to 
executive directors     
annual bonus
in accordance with the current policy as set out in the policy table on page 34 no annual bonus scheme is offered to existing executive directors were an 
executive director to participate in an annual bonus arrangement whether to award a bonus in full or in part in the event of a termination of employment 
would be at the discretion of the committee on an individual basis and dependent on a number of factors including the circumstances of the executive 
director’s departure and his contribution to the business during the bonus period in question typically bonus amounts would be prorated for time in service 
to termination
2015 bonus 
share scheme  
and executive 
bonus share 
scheme
if a participant in the 2015 bonus share scheme or executive bonus share scheme ceases employment before the performance conditions attaching to an 
award under that scheme are satisfied the award will lapse if the participant ceases employment after the performance conditions are satisfied but before 
the vesting dates as a result of his death or any other reason determined at the discretion of the committee the award will vest in the case of a reason 
other than death the extent of vesting will be determined by the committee at its absolute discretion taking into account the time that has elapsed between 
grant and cessation
other payments
the remuneration committee reserves the right to make additional exit payments where such payments are made in good faith in discharge of an existing 
legal obligation or by way of damages for breach of such an obligation or by way of settlement or compromise of any claim arising in connection with the 
termination of a director’s office or employment in appropriate circumstances payments may also be made in respect of legal fees were the company 
to make an award on recruitment of an executive director to buy out remuneration arrangements forfeited on leaving a previous employer then the leaver 
provisions for that award would be determined at the time of grant
 
in the event of a change of control of the company or other relevant corporate event unvested awards under the 2015 bonus share scheme and the executive bonus share scheme 
will lapse unless the performance conditions are satisfied and the event occurs between satisfaction of the conditions and the vesting date in which case the award shall vest in 
the case of the 2015 bonus share scheme the extent of vesting shall be determined by the committee taking into account the period of time that has elapsed between the grant 
date and the date of the relevant event and in the case of the executive bonus share scheme the awards shall vest in full unless the committee determines otherwise
nonexecutive directors 
the nonexecutive directors enter into an agreement with the group for a period of three years other than the chairman whose agreement continues until terminated in accordance 
with its terms the appointments of the nonexecutive directors may be terminated by either party on one month’s written notice and in accordance with the articles of association 
of the company termination would be immediate in certain circumstances including the bankruptcy of the nonexecutive director
nonexecutive directors do not and are not entitled to participate in any bonus or share scheme
nonexecutive directors are subject to confidentiality undertakings without limitation in time nonexecutive directors are not entitled to receive any compensation on the 
termination of their appointment
details of the letters of appointment are set out below
position date of letter of appointment
keith hellawell nonexecutive chairman february 2010 
simon bentley nonexecutive director 15 july 2014
dave singleton nonexecutive director 15 july 2014
charles mccreevy nonexecutive director 31 march 2011
claire jenkins nonexecutive director 15 july 2014
sports direct international plc 
annual report and accounts 2014 37 directors’ remuneration report 
continued
governance
payments outside the policy in this report 
the committee retains discretion to make any remuneration payment or payment for loss of office outside the policy in this report
• where the terms of the payment were agreed before the policy came into effect 
• where the terms of the payment were agreed at a time when the relevant individual was not a director of the company and in the opinion of the committee the payment was 
not in consideration of the individual becoming a director of the company or
• to satisfy contractual commitments made under legacy remuneration arrangements  
for these purposes “payments” includes the satisfaction of awards of variable remuneration and in relation to an award over shares the terms of the payment are “agreed” at 
the time the award is granted  
statement of consideration of shareholder views 
the committee consults major shareholders and representative groups where appropriate concerning remuneration matters
annual report on remuneration 
this part of the directors’ remuneration report sets out the actual payments made by the company to its directors with respect to the period ending 27 april 2014 and how our 
directors’ remuneration policy will be applied in the year commencing 28 april 2014
single figure table audited 
the aggregate remuneration provided to individuals who have served as directors in the period ended 27 april 2014 is set out below along with the aggregate remuneration 
provided to individuals who have served as directors during the prior financial year 
 
director salaries and fees other benefits bonus longterm incentives pension total
201314 201213 201314 201213 201314 201213 201314 201213 201314 201213 201314 201213
£000 £000 £000 £000 £000 £000 £000 £000 £000 £000 £000 £000
executive
mike ashley            
dave forsey 150 150         150 150
bob mellors
1
1125 150         1125 150
nonexecutive
keith hellawell 155 155         155 155
simon bentley 50 50         50 50
dave singleton 50 50         50 50
charles mccreevy 50 50         50 50
claire jenkins 50 50         50 50
1 bob mellors resigned from the board on 31 december 2013
notes to the single figure table and implementation of policy in the year ending 26 april 2015 
base salary and fees 
base salaries are normally reviewed annually in the review in 201314 the committee decided not to alter executive directors’ salaries the committee has decided not to increase 
executive directors’ salaries in 201415 executive directors’ salaries have been at the same level since 2002 which is set at a level well below the lower quartile for a business of 
the size and complexity of the group mike ashley does not receive a salary for his role 
fees for nonexecutive directors are normally reviewed annually in the review in 201314 fees were not increased fees for nonexecutive directors will not be increased for 
201415 
annual bonus scheme 
the committee has determined that no annual bonus scheme will be operated for executive directors while the 2015 bonus share scheme is in place
executive bonus share scheme 
no awards were granted under the executive bonus share scheme in 201314 awards which were subject to the satisfaction of a performance condition based on ebitda in the 
201011 financial year vested in august 2013
following the approval of the 2015 bonus share scheme in july 2014 the committee proposes to grant each executive director other than mike ashley an award under the scheme 
in 201415 over 1 million shares subject to such adjustment as the committee determines to reflect any variation in the company’ s share capital the performance conditions for 
the awards will be as set out in the policy table on page 34
payments to past directors during the financial year 
no payments have been made to past directors during the period ended 27 april 2014
payments for loss of office during the financial year 
no payments were made for loss of office during the period ended 27 april 2014
38  governance
shareholding guidelines and total shareholdings of directors 
the board believes it is important that executive directors have a significant holding in the capital of the company in order to participate in the executive bonus share scheme 
there were internal guidelines that the executive directors would be required to maintain a minimum level of shareholding in the company equivalent to one year’s salary while 
they remain employed by the company however these guidelines can be waived with the permission of the board the committee has raised the required shareholding value of 
executive directors to 50000 shares while employed by the company in 2014
dave forsey’s beneficial shareholding on 27 april 2014 was 50000 shares and based on a share price of £779 being the price at the close of business on 25 april 2014 the last 
trading day before sunday 27 april 2014 the value of that holding was £389500
the beneficial interests of the directors in office on 27 april 2014 and of their families in both cases at the beginning of the financial year  or at the date of appointment if later 
and at the end of the financial year in the share capital of the company are shown below
ordinary shares 29 april 2013 ordinary shares 27 april 2014
mike ashley 385400000 345400000
simon bentley 50000 10000
dave forsey  50000
keith hellawell 130000 50000
claire jenkins 20000 19500
charles mccreevy  1500
dave singleton 153621 52000
 
there have been no changes in the directors’ holdings in the share capital of the company as set out in the table above between 27 april 2014 and 15 july 2014
the only award held by a director under a share scheme as at 27 april 2014 is as follows  
director scheme grant date number of shares status
dave forsey executive bonus share scheme 22 august 2011 1000000 unvested
 
the award was granted subject to the satisfaction of the following ebitda targets of which three have been met
• underlying ebitda of £215 million in fy12 
• underlying ebitda of £250 million in fy13
• underlying ebitda of £260 million in fy14
• underlying ebitda of £300 million in fy15
subject to the satisfaction of the remaining ebitda target the award will vest in 2017
performance graph and table 
the following graph shows the company’s performance measured by the total shareholder return compared with the performance of the ftse 100 and ftse 250 index excluding 
investment trusts
the committee considered this an appropriate index against which to compare the company’s performance as it is widely accepted as a national measure and includes the 
companies that investors are likely to consider alternative investments
£50
£0
£100
£150
£200
£250
£300
£350
£400
29apr07 27apr08 26apr09 25apr10 24apr11 29apr12 28apr13 27apr14
 ftse 250 ex investment trusts           ftse 100           sports direct
sports direct international plc 
annual report and accounts 2014 39 governance
the table below shows details of the total remuneration and performancerelated pay for dave forsey over the last five financial years 
total remuneration executive bonus share scheme as a  of maximum opportunity
201314 £150000 na
201213 £150000 na
201112 £150000 na
201011 £6620000 100
200910 £150000 na
 
 for these purposes the total remuneration in 201011 includes the value of an award over 1000000 shares that vested on 15 august 2013 subject to the satisfaction of a performance condition based on ebitda in 201011 financial year  
for these purposes the value of a share is £647 being the closing price of a share on that date
ceo pay increase in relation to all employees 
the table below sets out in relation to salary taxable benefits and annual bonus the percentage increase in pay for dave forsey compared to the average increase between the 
same periods for the group’s uk head office employees which the committee believes is the most appropriate comparator group the percentages shown relate to the amounts for 
201314 financial year as compared to the amounts for the 201213 financial year
element of remuneration dave forsey   change uk head office employee average   change
salary 0 23
taxable benefits 0 no taxable benefits were provided to dave forsey in either year 32
annual bonus 0 no annual bonus arrangement was operated for dave forsey in either year 132
 
relative importance of spend on pay 
the table below sets out the group’s distributions to shareholders by way of dividends and share buybacks total groupwide expenditure on pay for all employees as reported in 
the audited financial statements for 201314 and 201213 and the company’s share price calculated as at the close of business on the last day of the fy14 financial year and the 
fy13 financial year
fy14 fy13 percentage change
distributions to shareholders by way of dividend and share buyback £0 £391554 100
investment £323475000 £227998000 418
groupwide expenditure on pay for all employees £307948000 £221103000 393
share price pence 7795 4672 6685 
comprises of increases in working capital acquisitions and capital expenditure in the year as the board believes these to be the most relevant measures of the group’s investment in future growth 
for these purposes the share price for fy14 and the share price for fy13 are calculated as the close of business on 27 april 2014 and 28 april 2013 respectively 
this increase is reflective of the group’s acquisitions and retail expansion in europe
consideration by the directors of matters relating to directors’ remuneration 
membership 
the committee consists of simon bentley dave singleton claire jenkins and charles mccreevy who are independent nonexecutive directors and keith hellawell who is the non
executive chairman
the role and main responsibilities of the committee are detailed in the corporate governance report on page 31
attendance at the meetings held during the year is detailed on page 29
the members of the committee have no personal financial interest other than as shareholders in the matters to be decided no actual or potential conflicts of interest arising from 
other directorships and no daytoday operational responsibility within the company
advisers to the committee 
dave forsey the chief executive bob mellors the former group finance director and mike ashley the executive deputy chairman have advised or materially assisted the 
committee when requested no executive director is present or takes part in discussions in respect of matters relating directly to their own remuneration
shareholder voting 
the following table sets out actual voting in respect of the resolution to approve the directors’ remuneration report for the year ended 28 april 2013 and in respect of the resolution 
to approve the 2015 bonus share scheme 
votes for  for votes against  against total votes cast votes withheld
directors’ remuneration report for the year ended 28 april 2013 523524503 977 12086759 23 535611262 59875 
approval of the 2015 bonus share scheme 111926611 604 73372592 396 185299203 213882
 
dave singleton 
chairman of the remuneration committee
15 july 2014
directors’ remuneration report 
continued
40  governance
directors’ responsibilities 
the directors are responsible for preparing the annual report the remuneration report and the company and group financial statements in accordance with applicable law  
and regulations
company law requires the directors to prepare financial statements for each financial year under that law the directors are required to prepare the group financial statements  
in accordance with international financial reporting standards ifrss as adopted by the european union
the directors have elected to prepare the company financial statements in accordance with united kingdom generally accepted accounting practices uk gaap
under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs and profit or loss  
of the company and group for that period in preparing the financial statements the directors are required to
• select suitable accounting policies and then apply them consistently
• make judgements and estimates that are reasonable and prudent
• for the group financial statements state whether the applicable ifrss have been followed subject to any material departures disclosed and explained in the financial 
statements
• for the company financial statements state whether the applicable uk accounting standards have been followed subject to any material departures disclosed and explained  
in the financial statements and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company and group will continue in business
the directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at 
any time the financial position of the company and enable them to ensure that the financial statements and the remuneration report comply with the companies act 2006 and 
article 4 of the ias regulation they are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection  
of fraud and other irregularities
the directors confirm that
• so far as each director is aware there is no relevant audit information of which the company’s auditors is unaware and
• the directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that 
information
the directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’ s website legislation in the united kingdom 
governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions
to the best of our knowledge
a the annual report including the strategic report prepared in accordance with the applicable set of accounting standards give a true and fair view of the assets liabilities 
financial position and profit of the company and of the undertakings included in the consolidation taken as a whole
and
b the management report includes a fair review of the development and performance of the business and the position of the company and the undertakings included in the 
consolidation taken as a whole together with a description of the principal risks and uncertainties that they face
 
on behalf of the board
dave forsey  
chief executive
17 july 2014
directors’ responsibility and responsibility statement
sports direct international plc 
annual report and accounts 2014 41 we have audited the financial statements of sports direct international plc for the 52 
week period ended 27 april 2014 which comprise the consolidated balance sheet the 
consolidated income statement the consolidated statement of comprehensive income 
the consolidated statement of changes in equity the consolidated statement of cash 
flows and the related notes 1 to 37 the financial reporting framework that has been 
applied in their preparation is applicable law and international financial reporting 
standards ifrss as adopted by the european union
this report is made solely to the company’s members as a body in accordance with 
chapter 3 of part 16 of the companies act 2006 our audit work has been undertaken 
so that we might state to the company’s members those matters we are required to 
state to them in an auditor’s report and for no other purpose to the fullest extent 
permitted by law we do not accept or assume responsibility to anyone other than the 
company and the company’s members as a body for our audit work for this report or 
for the opinions we have formed
respective responsibilities of directors and auditor 
as explained more fully in the directors’ responsibilities statement set out on page 41 
the directors are responsible for the preparation of the financial statements and for 
being satisfied that they give a true and fair view our responsibility is to audit and 
express an opinion on the financial statements in accordance with applicable law and 
international standards on auditing uk and ireland those standards require us to 
comply with the auditing practices board’s ethical standards for auditors
scope of the audit of the financial statements 
a description of the scope of an audit of financial statements is provided on the 
financial reporting council’s website at wwwfrcorgukapbscopeprivatecfm
auditor commentary 
an overview of the scope of our audit  
our audit scope included a full audit of the consolidated financial statements of sports 
direct international plc we evaluated controls over key financial systems identified 
as part of our risk assessment this included a review of the general it controls the 
accounts production process and the controls addressing critical accounting matters 
identified in our risk assessment we undertook substantive testing on significant 
transactions balances and disclosures the extent of which was based on various 
factors such as our overall assessment of the control environment the effectiveness of 
controls over individual systems and the management of specific risks
as set out on page 53 the group has three operating segments sports retail premium 
lifestyle and brands the group financial statements are a consolidation of the 
reporting units comprising the operating businesses within these segments
in establishing the overall approach to the group audit we determined the type of work 
that needed to be performed on the reporting units by us as the group engagement 
team or component auditors operating under our instruction where the work was 
performed by component auditors we determined the level of involvement we needed 
to have in the audit work at those reporting units to be able to conclude whether 
sufficient appropriate audit evidence had been obtained as a basis for our opinion on 
the group financial statements as a whole
the reporting units vary significantly in size and we identified two reporting units that 
in our view required an audit of their complete financial information due to their size 
or risk characteristics providing 65 coverage of the group’s revenues and 89 of 
the group adjusted ebitda
specific audit procedures on certain balances and transactions were performed at 
a further 8 reporting units due to their size providing a further 25 coverage of the 
group’s revenues and 2 of the group adjusted ebitda with the remaining reporting 
units subject to analytical procedures
our application of materiality 
we apply the concept of materiality in planning and performing our audit in evaluating 
the effect of any identified misstatements and in forming our opinion for the purpose 
of determining whether the financial statements are free from material misstatement 
we define materiality as the magnitude of a misstatement or an omission from the 
financial statements or related disclosures that would make it probable that the 
judgement of a reasonable person relying on the information would have been changed 
or influenced by the misstatement or omission 
for the group audit we established materiality for the consolidated financial 
statements as a whole to be £112m which is 35 of adjusted earnings before 
interest taxation depreciation and amortisation ebitda we use adjusted ebitda 
because in our view this is the metric against which the financial performance of the 
group is measured both internally and externally
for the financial information of the individual subsidiary undertakings we set our 
materiality based on a proportion of group materiality appropriate to the relative 
scales of each of the businesses we determined the threshold at which we will 
communicate misstatements to the audit committee to be £560000 in addition 
we will communicate misstatements below that threshold that in our view warrant 
reporting on qualitative grounds
our assessment of risk 
without modifying our opinion we highlight the following matters that are in our 
judgement likely to be most important to users’ understanding of our audit our 
audit procedures relating to these matters were designed in the context of our audit 
of the consolidated financial statements as a whole and not to express an opinion on 
individual transactions account balances or disclosures
risk of fraud in revenue recognition 
under isas uk  ireland there is a presumed risk of fraud in revenue recognition 
because of the pressure and incentives management may feel to achieve planned 
levels of sales we therefore identified revenue recognition as a significant risk 
requiring special audit consideration
our audit work included but was not restricted to testing manual journals posted 
to revenue for indication of fraudulent transactions assessing the retail control 
environment surrounding revenue recognition and its completeness and performing 
substantive procedures in respect of nonretail sales to ensure the related revenue was 
accounted for correctly and in the correct period 
the group’s accounting policy in respect of revenue recognition is included in note 1
carrying value of inventories 
the carrying value of inventories is stated net of provisions for obsolete or slow moving 
stock judgement is applied by management in assessing the amount of provision 
required to record inventory at the lower of cost and net realisable value
our audit work included but was not limited to verifying the models used for 
mathematical accuracy considering the appropriateness and consistency of the 
underlying assumptions within the model and performing a review of inventory sold 
post year end 
the group’s accounting policy on inventories and details of the judgements applied by 
the directors in establishing the provision is included in note 1
acquisition accounting 
as further disclosed in note 29 the group made two significant acquisitions during 
the year the accounting for these acquisitions required management in accordance 
with ifrs3 business combinations to make a number of judgements including 
the identification and valuation of separately identifiable intangible assets fair 
value adjustments to assets and liabilities acquired and the accounting for option 
agreements in relation to minority interests we therefore identified the related 
acquisition accounting as a significant risk
our audit work included but was not restricted to understanding the terms of 
the respective acquisitions and option agreements and evaluating whether the 
group has obtained control in each case agreeing the fair value of the assets and 
liabilities acquired to supporting documentation and evaluating the appropriateness 
of judgements applied by the directors considering the existence of any separately 
identifiable intangibles assets ensuring the costs of the respective acquisitions have 
been expensed to the income statement and reviewing the respective disclosures 
within the financial statements
disclosure of the acquisitions in the period analysis of the fair values of assets 
including separately identifiable intangible assets and liabilities acquired and 
judgements formed in respect of the option agreements to acquire minority interests is 
set out in note 29
the group’s accounting policy in respect of accounting for acquisitions is included in 
note 1
independent auditors report 
to the members of sports direct international plc
financial statements
42  financial statements
intangibles impairment assessment 
as more fully explained in note 15 the directors are required to make an annual 
assessment to determine whether the value of goodwill of £1535m and brands of 
£733m is impaired the process for measuring and recognising impairment under ias 
36 is complex and highly judgemental we therefore identified impairment reviews as a 
significant risk requiring special audit consideration 
our audit work included but was not restricted to an evaluation of the methodology 
and assumptions used by the directors in particular those key assumptions relating 
to the cash flow projections the appropriateness of the discount rates and perpetuity 
rates and we also focused on the adequacy of the disclosures on the sensitivity of the 
key assumptions used in the impairment assessment and the related disclosures
the group’s accounting policy on impairment is included in the group’s principal 
accounting policies and details of the judgements and estimates made by the directors 
are included in note 1
management override of financial control 
under isas uk  ireland for all of our audits we are required to consider the risk of 
management override of financial controls due to the unpredictable nature of this risk 
we are required to assess it as a significant risk requiring special audit consideration
our audit work included but was not restricted to specific procedures relating to 
this risk that are required by isa 240 ‘ the auditors responsibilities relating to fraud 
in an audit of financial statements’ this included tests of manual journal entries 
the evaluation of judgements and assumptions in the director’s estimates and tests 
of significant transactions outside the normal course of business this included a 
detailed review of related party transactions
in particular our work on judgements applied by the directors when establishing the 
inventory provision the acquisitions made in the year and the intangible impairment 
assessment addressed key aspects of isa 240
opinion on financial statements 
in our opinion the consolidated financial statements
• give a true and fair view of the state of the group’s affairs as at 27 april 2014 and 
of its profit for the 52 week period then ended
• have been properly prepared in accordance with ifrss as adopted by the european 
union and
• have been prepared in accordance with the requirement of the companies act 2006 
and article 4 of the ias regulation
other reporting responsibilities 
opinion on other matters prescribed by the companies act 2006
• the information given in the strategic report and the director’s reports for the 
financial year for which the group financial statements are prepared is consistent 
with the group financial statements and
• the information given in the corporate governance statement set out on pages 27 
to 32 with respect to internal control and risk management systems in relation to 
financial reporting processes and about share capital structures is consistent with 
the financial statements
matters on which we are required to report by exception 
we have nothing to report in respect of the following
under the isas uk and ireland we are required to report to you if in our opinion 
information in the annual report is
• materially inconsistent with the information in the audited financial statements or
• apparently materially incorrect based on or materially inconsistent with our 
knowledge of the group acquired in the course of performing our audit or
• is otherwise misleading
in particular we are required to consider whether we have identified any 
inconsistencies between our knowledge acquired during the audit and the directors’ 
statement that they consider the annual report is fair balanced and understandable 
and whether the annual report appropriately discloses those matters that were 
communicated to the audit committee which we consider should have been disclosed
under the companies act 2006 we are required to report to you if in our opinion
• certain disclosures of directors’ remuneration specified by law are not made or
• we have not received all the information and explanations we require for our audit 
or
• a corporate governance statement has not been prepared by the company
under the listing rules are required to review
• the directors’ statement set out on page 26 in relation to going concern and
• the part of the corporate governance statement relating to the company’s 
compliance with the nine provisions of the uk corporate governance code specified 
for our review
other matter 
we have reported separately on the parent company financial statements of sports 
direct international plc for the 52 week period ended 27 april 2014 and on the 
information in the directors’ remuneration report that is described as having been 
audited
 
philip westerman 
senior statutory auditor 
for and on behalf of grant thornton uk llp 
statutory auditor chartered accountants 
london
17 july 2014
sports direct international plc 
annual report and accounts 2014 43 consolidated income statement 
for the 52 weeks ended 27 april 2014
52 weeks ended
note
27 april 2014
 £’000
28 april 2013
restated
1
  £’000  
revenue 14 2705958 2185580
cost of sales 1551036 1290822
gross profit 1154922 894758
selling distribution and administrative expenses 908843 689578
other operating income 5 8583 7199
exceptional items 6 5531 625
operating profit 47 249131 213004
other investment income 9 7017 1473
finance income 10 891 1117
finance costs 11 19853 9688
share of profit of associated undertakings and joint ventures 16 2266 1320
profit before taxation 239452 207226
taxation 12 59839 55569
profit for the period 4 179613 151657
attributable to
equity holders of the group 180245 151596
noncontrolling interests 632 61
profit for the period 4 179613 151657
earnings per share attributable to the equity shareholders
pence per share pence per share
basic earnings per share 13 308 266
diluted earnings per share 13 292 244
underlying basic earnings per share 13 321 269
 
the consolidated income statement has been prepared on the basis that all operations are continuing 
the accompanying accounting policies and notes form part of these financial statements
1
 restatement relates to the adoption of ias 19 ‘ employee benefits’ see note 1
financial statements
44  financial statements
52 weeks ended
note
27 april 2014
 £’000
28 april 2013
restated
1
  £’000  
profit for the period 4 179613 151657
other comprehensive income
items that will not be reclassified subsequently to profit or loss
actuarial gainslosses on defined benefit pension schemes 24 3860 2818
taxation on items recognised in other comprehensive income 698 
items that will be reclassified subsequently to profit or loss
exchange differences on translation of foreign operations 33118 12436
exchange differences on hedged contracts  recognised in the period 27 3737 15408
exchange differences on hedged contracts  reclassified and reported in net profit 27 17909 196
fair value adjustment in respect of availableforsale financial assets 17 57373 1011
taxation on items recognised in other comprehensive income 4170 4636
other comprehensive income for the period net of tax 1601 30869
total comprehensive income for the period 181214 182526
attributable to
equity holders of the group 181846 182465
noncontrolling interest 632 61
181214 182526
 
the accompanying accounting policies and notes form part of these financial statements
consolidated statement of comprehensive income 
for the 52 weeks ended 27 april 2014
1
 restatement relates to the adoption of ias 19 ‘employee benefits’ see note 1
sports direct international plc 
annual report and accounts 2014 45 note
27 april 2014
£’000
28 april 2013
£’000
assets  noncurrent
property plant and equipment 14 412361 332036
intangible assets 15 255109 240420
investments in associated undertakings and joint ventures 16 41763 32117
availableforsale financial assets 17 116504 47645
deferred tax assets 25 31130 47952
856867 700170
assets  current
inventories 18 565479 446962
trade and other receivables 19 123014 96111
derivative financial assets 27 4355 17965
cash and cash equivalents 20 151024 147375
843872 708413
total assets 1700739 1408583
equity and liabilities
share capital 21 64060 64060
share premium 874300 874300
treasury shares reserve 56234 56234
permanent contribution to capital 50 50
capital redemption reserve 8005 8005
foreign currency translation reserve 5280 38398
reverse combination reserve 987312 987312
own share reserve 13251 64375
hedging reserve 5625 16021
retained earnings 931819 752018
821092 644931
noncontrolling interests 3538 254
total equity 817554 644677
liabilities  noncurrent
borrowings 23 6764 245627
retirement benefit obligations 24 15350 19940
deferred tax liabilities 25 24046 24978
provisions 26 37780 41072
83940 331617
liabilities  current
derivative financial liabilities 27 18665 
trade and other payables 28 392019 320261
borrowings 23 356226 55753
current tax liabilities 32335 56275
799245 432289
total liabilities 883185 763906
total equity and liabilities 1700739 1408583
 
the accompanying accounting policies and notes form part of these financial statements the financial statements were approved by the board on 17 july 2014 and were signed on 
its behalf by
 
 
dave forsey 
director 
consolidated balance sheet 
at 27 april 2014
financial statements
46  financial statements
52 weeks ended
note
27 april 2014
 £’000
28 april 2013
 £’000
cash inflow from operating activities 30 222785 159094
income taxes paid 55730 44673
net cash inflow from operating activities 167055 114421
cash flow from investing activities
proceeds on disposal of property plant and equipment  79
proceeds on disposal of intangible assets  625
proceeds on disposal of listed investments 49394 
purchase of associate net of cash acquired 8000 96
purchase of subsidiaries net of cash acquired 29 15407 46941
purchase of intangible assets 1827 2282
purchase of property plant and equipment 14 67304 48247
purchase of listed investments 55467 
investment income received 1604 1473
finance income received 891 1117
net cash outflow from investing activities 96116 94272
cash flow from financing activities
finance costs paid 8111 7196
borrowings drawn down 300910 404970
borrowings repaid 348452 323942
exercise of option over noncontrolling interests 11678 
purchase of own shares  21742
net cash outflowinflow from financing activities 67331 52090
net increase in cash and cash equivalents including overdrafts 3608 72239
cash and cash equivalents including overdrafts at beginning of period 141674 69435
cash and cash equivalents including overdrafts at the period end 20 145282 141674
the accompanying accounting policies and notes form part of these financial statements
consolidated cash flow statement 
for the 52 weeks ended 27 april 2014
sports direct international plc 
annual report and accounts 2014 47 treasury 
shares 
£’000
foreign currency 
translation
£’000
own share 
reserve 
£’000
retained 
earnings 
£’000
other reserves 
£’000
subtotal 
£’000
noncontrolling 
interests 
£’000
total 
£’000
at 29 april 2012 55839 25962 57684 600431 40480 472390 505 471885
credit to equity for sharebased payment    4012  4012  4012
vesting of sharebased payment   14656 16728  2072  2072
current tax on share schemes    3581  3581  3581
deferred tax on share schemes    6297  6297  6297
cost of shares acquired 395     395  395
purchase of own shares   21347   21347  21347
noncontrolling interests  acquisitions       190 190
transactions with owners 395  6691 2838  9924 190 9734
profit for the financial period    151596  151596 61 151657
other comprehensive income
cash flow hedges
 recognised in the period     15408 15408  15408
 reclassified and reported in net profit     196 196  196
actuarial losses on defined benefit pension schemes    2818  2818  2818
fair value adjustment in respect of availableforsale 
financial assets    1011  1011  1011
taxation    4636  4636  4636
translation differences  group  11135    11135  11135
translation differences  associates  1301    1301  1301
total comprehensive income for the period  12436  154425 15604 182465 61 182526
at 28 april 2013 56234 38398 64375 752018 24876 644931 254 644677
vesting of sharebased payments   51124 51124    
current tax on share schemes    25500  25500  25500
deferred tax on share schemes    11215  11215  11215
noncontrolling interests  acquisitions       10513 10513
exercise of option over noncontrolling interest    19970  19970 7861 12109
transactions with owners   51124 56809  5685 2652 8337
profit for the financial period    180245  180245 632 179613
other comprehensive income
cash flow hedges
 recognised in the period     3737 3737  3737
 reclassified and reported in net profit     17909 17909  17909
actuarial gain on defined benefit pension schemes    3860  3860  3860
fair value adjustment in respect of availableforsale 
financial assets    57373  57373  57373
taxation    4868  4868  4868
translation differences  group  32498    32498  32498
translation differences  associates  620    620  620
total comprehensive income for the period  33118  236610 21646 181846 632 181214
at 27 april 2014 56234 5280 13251 931819 46522 821092 3538 817554
consolidated statement of changes in equity 
for the 52 weeks ended 27 april 2014
financial statements
48  financial statements
1 accounting policies 
the consolidated financial statements of sports direct international plc the 
“company” and its subsidiaries together the “group” have been prepared in 
accordance with international financial reporting standards as adopted by the 
european union “ifrs”
basis of preparation 
the consolidated financial statements have been prepared in accordance with ifrs as 
adopted for use in the european union including international accounting standards 
“ias” and international financial reporting standards interpretations committee 
“ifrsic” and with those parts of the companies act 2006 applicable to companies 
reporting under ifrs as adopted for use in the european union the consolidated 
financial statements have been prepared under the historical cost convention as 
modified to include fair valuation of certain financial assets and derivative financial 
instruments
the following ifrs ifrsic interpretations and amendments are effective for the first 
time in this financial year
ias19 revised ‘employee benefits’ has been adopted in the financial year the 
revised standard replaces the expected return on plan assets and the interest cost on 
liabilities with a net interest expense calculated by applying the discount rate to the 
net defined benefit asset or liability in addition administration costs on pension funds 
are now recognised in the profit or loss when administration services are performed 
the revised standard has retrospective application the adoption of the revised 
standard has resulted in the following changes
income statement
• pension interest income decreased by £19m
• expected return on plan assets decreased by £19m
balance sheet no impact
statement of comprehensive income no impact
consolidation 
the consolidated financial statements consolidate the revenues costs assets 
liabilities and cash flows of the company and its subsidiaries being those entities in 
relation to which the company has the power to govern the financial and operating 
policies generally achieved by a share of more than 50 of the voting rights
on acquisition the assets and liabilities and contingent liabilities of a subsidiary are 
measured at their fair values at the date of acquisition any excess of fair value of the 
consideration transferred over the fair values of the identifiable net assets acquired is 
recognised as goodwill any deficiency of fair value of consideration transferred below 
the fair values of the identifiable net assets acquired is credited to the consolidated 
income statement in the period of acquisition the noncontrolling interest is stated at 
the noncontrolling interest’s proportion of the fair values of the assets liabilities and 
contingent liabilities recognised costs incurred relating to acquisitions are expensed 
to the income statement
the results of subsidiaries acquired or disposed of during the year are included in 
the consolidated income statement from the effective date of acquisition or up to the 
effective date of disposal as appropriate
intercompany transactions balances and unrealised gains and losses on transactions 
between group companies are eliminated
associates and joint ventures 
associates are entities over which the group has significant influence but not control 
generally accompanied by a share of between 20 and 50 of the voting rights
a joint venture is an entity in which the group holds an interest on a longterm basis 
and which is jointly controlled by the group and one or more other venturers under a 
contractual agreement
the group’s share of the results of associates and joint ventures is included in the 
group’s consolidated income statement using the equity method of accounting 
investments in associates and joint ventures are carried in the group’s consolidated 
balance sheet at cost plus post acquisition changes in the group’s share of the net 
assets of the associates and joint ventures less any impairment in value the carrying 
values of investments in associates and joint ventures include acquired goodwill
if the group’s share of losses in an associate or joint venture equals or exceeds its 
investment in the associate or joint venture the group does not recognise further 
losses unless it has incurred obligations to do so or made payments on behalf of the 
associate or joint venture
unrealised gains arising from transactions with associates and joint ventures are 
eliminated to the extent of the group’s interest in the entity
investments  
availableforsale investments are initially recognised at fair value where fair value 
is different to cost this is recognised in the income statement on initial recognition 
subsequent gains and losses arising from changes in fair value are recognised in 
the statement of other comprehensive income when the security is disposed of 
derecognised or is determined to be impaired the cumulative gain or loss previously 
recognised in other comprehensive income is reclassified from equity to the income 
statement as a reclassification adjustment within other comprehensive income
acquisitions 
for business combinations achieved in stages the group remeasures its previously 
held equity interest in the acquiree at its acquisitiondate fair value and recognises 
the resulting gain or loss if any in the income statement as appropriate
goodwill  
goodwill arising on consolidation is recognised as an asset and reviewed for 
impairment at least annually or when a change in circumstances or situation indicates 
that the goodwill has suffered an impairment loss the need for impairment is tested 
by comparing the market value of the cashgenerating unit cgu to the carrying value 
any impairment is recognised immediately in the income statement impairment losses 
on goodwill are not reversed gains and losses on the disposal of a business include 
the amount of goodwill relating to that business
when the noncontrolling interest of an existing subsidiary is acquired the carrying 
value of the noncontrolling interests in the balance sheet is eliminated any difference 
between the amount by which the noncontrolling interest is adjusted and the fair 
value of the consideration paid is recognised directly in equity
other intangible assets  
brands trade marks and licences that are internally generated are not recorded on 
the balance sheet acquired brands trade marks and licences are initially carried on 
the balance sheet at cost the fair value of brands trade marks and licences that are 
acquired by virtue of a business combination is determined at the date of acquisition 
and is subsequently assessed as being the deemed cost to the group
expenditure on advertising and promotional activities is recognised as an expense as 
incurred
no amortisation is charged on those brands trade marks or perpetualrenewable 
licences with an indefinite life as the group believes that the value of these 
brands and trade marks can be maintained indefinitely the group carries out an 
impairment review of indefinite life intangibles at least annually or when a change 
in circumstances or situation indicates that those intangibles have suffered an 
impairment loss impairment is measured by comparing the carrying amount of 
the intangible asset as part of the cashgenerating unit cgu with the recoverable 
amount of the cgu that is the higher of its fair value less costs to sell and its value 
in use value in use is calculated by using a pretax discount rate that reflects current 
market assessments of the time value of money and the risks specific to the asset for 
which the estimates of future cash flows have not been adjusted
amortisation is provided on other brands trade marks and licences with a definite 
life on a straight line basis over their useful economic lives of 10 to 15 years and is 
accounted for within the selling distribution and administrative expenses category 
within the income statement
property plant and equipment  
property plant and equipment are stated at historical cost less depreciation less any 
recognised impairment losses cost includes expenditure that is directly attributable 
to the acquisition or construction of these items subsequent costs are included in 
the asset’s carrying amount only when it is probable that future economic benefits 
associated with the item will flow to the group and the costs can be measured reliably
notes to the financial statements 
for the 52 weeks ended 27 april 2014
sports direct international plc 
annual report and accounts 2014 49 all other costs including repairs and maintenance costs are charged to the income 
statement in the period in which they are incurred
depreciation is provided on all property plant and equipment other than freehold land 
and is calculated on a reducing balance basis or straightline basis whichever is 
deemed by the directors to be more appropriate to allocate cost less assessed residual 
value other than assets in the course of construction over the estimated useful lives 
as follows
freehold buildings  between 2 and 7 per annum  straight line
leasehold improvements  over the terms of the lease  straight line
plant and equipment  between 5 and 33 per annum  reducing balance
the assets’ useful lives and residual values are reviewed and if appropriate adjusted 
at each balance sheet date
the gain or loss arising on disposal or scrapping of an asset is determined as the 
difference between the sales proceeds net of selling costs and the carrying amount of 
the asset and is recognised in the income statement
impairment of assets other than goodwill and intangible assets with an  
indefinite life  
at each balance sheet date the directors review the carrying amounts of the group’s 
tangible and intangible assets other than goodwill and intangible assets with an 
indefinite life to determine whether there is any indication that those assets have 
suffered an impairment loss if any such indication exists the recoverable amount of 
the asset is estimated in order to determine the extent of the impairment loss if any 
where the asset does not generate cash flows that are independent from other assets 
the group estimates the recoverable amount of the cashgenerating unit cgu to 
which the asset belongs with respect to property plant and equipment each store 
is considered to be a cgu and where onerous leases are noted the assets of each 
individual store are individually assessed for impairment
recoverable amount is the higher of fair value less costs to sell and value in use in 
assessing value in use the estimated future cash flows are discounted to their present 
value using a pretax discount rate that reflects current market assessments of the 
time value of money and the risks specific to the asset for which the estimates of 
future cash flows have not been adjusted
if the recoverable amount of an asset or cgu is estimated to be less than its carrying 
amount the carrying amount of the asset cgu is reduced to its recoverable amount 
an impairment loss is recognised as an expense immediately unless the relevant asset 
is carried at a revalued amount in which case the impairment loss is treated as a 
revaluation decrease
impairment losses recognised for cgus to which goodwill has been allocated are 
credited initially to the carrying amount of goodwill any remaining impairment loss is 
charged pro rata to the other assets in the cgu
where an impairment loss subsequently reverses the carrying amount of the asset 
cgu is increased to the revised estimate of its recoverable amount but so that the 
increased carrying amount does not exceed the carrying amount that would have 
been determined had no impairment loss been recognised for the asset cgu in 
prior periods a reversal of an impairment loss is recognised in the income statement 
immediately
revenue recognition 
revenue is measured at the fair value of the consideration received or receivable and 
represents amounts receivable for goods supplied stated net of discounts returns and 
value added taxes
in the case of goods sold through retail stores revenue is recognised at the point of 
sale of a product to the customer less provision for returns accumulated experience is 
used to estimate and provide for such returns at the time of the sale retail sales are 
usually in cash by debit card or by credit card
in the case of goods sold on the internet revenue is recognised at the point that the 
risks and rewards of the inventory have passed to the customer which is the point 
of delivery to the customer transactions are settled by credit card or payment card 
provisions are made for internet credit notes based on the expected level of returns 
which in turn is based upon the historical rate of returns
in the case of income generated from trade marks and licences revenue is recognised 
on an accruals basis in accordance with the relevant agreements or on a transactional 
basis when revenue is linked to sale or purchase volumes
exceptional items 
the group presents as exceptional items on the face of the income statement those 
significant items of income and expense which because of their size nature and 
infrequency of the events giving rise to them merit separate presentation to allow 
shareholders to understand better the elements of financial performance in the year so 
as to facilitate comparison with prior periods to assess trends in financial performance 
more readily
interest income 
interest income is reported on an accrual basis using the effective interest method 
government grants and similar income 
income from government grants that compensate the group for the cost of an asset is 
recognised in the balance sheet as a deduction in arriving at the carrying amount of 
the related asset this is considered to reflect the true cost of the asset to the group 
the amount is recognised in the consolidated income statement over the life of the 
depreciable asset by way of a reduced depreciation charge to date the group has not 
received government grants in compensation for expenses charged in the consolidated 
income statement
foreign currencies  
the presentational currency of the group is sterling the functional currency of the 
company is also sterling foreign currency transactions are translated into sterling 
using the exchange rates prevailing on the dates of the transactions exchange 
differences of the company arising on the settlement of monetary items and on the 
retranslation of monetary items are included in the income statement for the period 
exchange differences arising on the retranslation of nonmonetary items carried at 
fair value are included in the income statement for the period except for differences 
arising on the retranslation of nonmonetary items in respect of which gains and 
losses are recognised in other comprehensive income for such nonmonetary items 
any exchange component of that gain or loss is also recognised directly in other 
comprehensive income monetary assets and liabilities denominated in foreign 
currencies are translated at the rate of exchange ruling at the balance sheet date
on consolidation the assets and liabilities of foreign operations which have a 
functional currency other than sterling are translated into sterling at foreign exchange 
rates ruling at the balance sheet date the revenues and expenses of these subsidiary 
undertakings are translated at average rates applicable in the period all resulting 
exchange differences are recognised in other comprehensive income and documented 
in a separate component of equity
when a foreign operation is sold the cumulative exchange differences that have 
been recognised as a separate component of equity are reclassified from equity to the 
income statement when disposal is recognised
in order to mitigate its exposure to certain foreign exchange risks the group enters into 
forward contracts see chief executive’s report and the cash flow hedging accounting 
policy on page 52
inventories  
inventories are valued at lower of cost and net realisable value cost includes the 
purchase price of the manufactured products materials direct labour transport 
costs and a proportion of applicable overheads cost is calculated using the weighted 
average cost method net realisable value is based on the estimated selling price less 
all estimated selling costs 
the company receives trade discounts and rebates from suppliers based upon 
the volume of orders placed in a given time window and as a contribution towards 
marketing costs where there is sufficient certainty that a discount or rebate will be 
received in the future that relates to historic purchases this is reflected in the cost of 
inventories
financial statements
notes to the financial statements 
for the 52 weeks ended 27 april 2014
50  financial statements
loans and receivables  
loans and receivables are recognised initially at fair value plus transaction costs 
and subsequently measured at amortised cost under the effective interest method 
less provision for impairment provision for impairment is established when there is 
objective evidence that the group will not be able to collect amounts due according to 
the original terms of the receivable the amount of the impairment is the difference 
between the asset’s carrying amount and the present value of the estimated future 
cash flows discounted at the original effective interest rate
cash and cash equivalents  
cash and cash equivalents include cash in hand and deposits held on call together 
with other short term highly liquid investments that are readily convertible to known 
amounts of cash and which are subject to an insignificant risk of changes in value
trade and other payables  
trade and other payables are initially measured at fair value and are subsequently 
measured at amortised cost using the effective interest method 
taxation  
tax expense comprises current and deferred tax tax is recognised in the income 
statement except to the extent it relates to items recognised in the income statement 
except to the extent it relates to items recognised in other comprehensive income or 
directly in equity
deferred taxation is calculated using the liability method on temporary differences 
arising between the tax bases of assets and liabilities and their carrying amounts 
in the consolidated financial statements however if the deferred tax arises from 
the initial recognition of goodwill or initial recognition of an asset or liability in a 
transaction other than a business combination that at the time of the transaction 
affects neither accounting nor taxable profit or loss it is not accounted for deferred 
tax on temporary differences associated with shares in subsidiaries and joint ventures 
is not provided if reversal of these temporary differences can be controlled by the group 
and it is probable that reversal will not occur in the foreseeable future in addition tax 
losses available to be carried forward as well as other income tax credits to the group 
are assessed for recognition as deferred tax assets deferred tax is determined using 
tax rates and laws that have been enacted or substantively enacted by the balance 
sheet date and are expected to apply when the related deferred tax asset is realised or 
the deferred tax liability is settled
deferred tax liabilities are provided in full
deferred tax assets are recognised to the extent that it is probable that future taxable 
profits will be available against which the temporary differences can be utilised
changes in current and deferred tax assets or liabilities are recognised as a 
component of tax expense in the income statement except where they relate to items 
that are recorded in other comprehensive income or charged or credited directly to 
equity in which case the related deferred tax is also charged to other comprehensive 
income or credited directly to equity
pensions  
the group operates pension plans for the benefit of certain employees including both 
defined contribution and defined benefit plans
in relation to its defined contribution plans the group makes contributions to 
independently administered plans the contributions being recognised as an expense 
when they fall due the group has no legal or constructive obligation to make any 
further payments to the plans other than the contributions due
in relation to its defined benefit schemes the group recognises in its balance sheet 
the present value of its defined benefit obligations less the fair value of plan assets 
the current service cost is charged against operating profit interest on the schemes 
liabilities is included in finance costs
the defined benefit obligation is calculated at each period end by independent 
actuaries using the projected unit credit method the present value of the obligation 
is determined by discounting the estimated future cash outflows using interest 
rates of high quality corporate bonds that are denominated in the currency in 
which the benefits will be paid and which have terms to maturity approximating 
the terms of the related pension liabilities actuarial gains and losses arising from 
experience adjustments and changes in actuarial assumptions are reflected in other 
comprehensive income in the period in which they arise
borrowings and borrowing costs  
borrowings are recognised initially at fair value net of transaction costs incurred 
and subsequently at amortised cost any difference between the proceeds net of 
transaction costs and the redemption value is recognised in the income statement 
over the period of the borrowings using the effective interest method 
borrowings are classified as current liabilities unless the group has an unconditional 
right to defer settlement of the liability for at least 12 months from the balance sheet 
date 
borrowing costs being interest and other costs incurred in connection with the 
servicing of borrowings are recognised as an expense when incurred 
provisions  
a provision is recognised when the group has a present legal or constructive obligation 
as a result of a past event it is probable that an outflow of resources will be required 
to settle the obligation and a reliable estimate can be made of the amount of the 
obligation
the group provides for its legal responsibility for dilapidation costs following advice 
from chartered surveyors and previous experience of exit costs the estimated cost 
of fulfilling the leasehold dilapidations obligations is discounted to present value 
and analysed between noncapital and capital components the capital element is 
recognised as a decommissioning cost and depreciated over the life of the asset the 
noncapital element is taken to the income statement in the first year of the lease 
where the cost it represents is of no lasting benefit to the group or its landlord ‘wear 
and tear’ costs are expensed to the income statement provisions for onerous lease 
contracts are recognised when the group believes the unavoidable costs of meeting the 
lease obligations exceed the economic benefits expected to be received under the lease
leases  
leases of property plant and equipment where the group has substantially all the 
risks and rewards of ownership are classified as finance leases finance leases 
are capitalised at the lease’s inception at the lower of the fair value of the leased 
asset and the present value of the minimum lease payments each lease payment is 
allocated between the liability and finance charges so as to achieve a constant rate on 
the finance balance outstanding the asset subject to the finance lease is depreciated 
over the shorter of its useful life and the lease term the corresponding rental 
obligations net of finance charges are included as a liability
leases of property plant and equipment where the group does not have substantially 
all the risks and rewards of ownership are classified as operating leases payments 
made under operating leases are charged to the income statement on a straightline 
basis over the lease term incentives provided by the lessor are credited to the income 
statement on a straightline basis over the minimum lease term
contingent rental payments above standard payments are conditional on the group’s 
operating performance derived from the lease item eg turnover levels these are 
expensed in the period in which they are incurred
rental income from operating leases where the group acts as a lessor is recognised on 
a straightline basis over the term of the relevant lease
derivative financial instruments and hedge accounting 
the most significant exposure to foreign exchange fluctuations relates to purchases 
made in foreign currencies principally the us dollar the group’s policy is to reduce 
substantially the risk associated with purchases denominated in foreign currencies by 
using forward fixed rate currency purchase contracts taking into account any foreign 
currency cash flows
derivative financial instruments are measured at fair value where derivatives do not 
qualify for hedge accounting any gains or losses on remeasurement are immediately 
recognised in the income statement where derivatives qualify for hedge accounting 
recognition of any resultant gain or loss depends on the nature of the hedge 
relationship and the item being hedged
in order to qualify for hedge accounting the group is required to document from 
inception the relationship between the item being hedged and the hedging instrument 
the group is also required to document and demonstrate an assessment of the 
relationship between the hedged item and the hedging instrument which shows that 
the hedge will be highly effective on an ongoing basis this effectiveness testing is 
performed at each period end to ensure that the hedge remains highly effective
sports direct international plc 
annual report and accounts 2014 51 cash flow hedging  
derivative financial instruments are classified as cash flow hedges when they hedge 
the group’s exposure to variability in cash flows that are either attributable to a 
particular risk associated with a recognised asset or liability or a highly probable 
forecast transaction
the effective element of any gain or loss from remeasuring the derivative instrument 
is recognised directly in other comprehensive income
the associated cumulative gain or loss is reclassified from other comprehensive 
income in the same period or periods during which the hedged transaction affects 
the profit or loss the reclassification of the effective portion when recognised in the 
income statement is the same as the classification of the hedged transaction any 
element of the remeasurement of the derivative instrument which does not meet the 
criteria for an effective hedge is recognised immediately in the income statement 
within finance income or costs hedge accounting is discontinued when the hedging 
instrument expires or is sold terminated or exercised or no longer qualifies for 
hedge accounting at that point in time any cumulative gain or loss on the hedging 
instrument recognised in equity is retained in equity until the forecasted transaction 
occurs if a hedged transaction is no longer expected to occur the net cumulative gain 
or loss recognised in other comprehensive income is reclassified from equity to the 
income statement as a reclassification adjustment
treasury shares 
the purchase price of the group’s own shares that it acquires is recognised as 
‘treasury shares’ within equity when shares are transferred out of treasury the 
difference between the market value and the average purchase price of shares sold out 
of treasury is transferred to retained earnings
employee benefit trust 
the cost of shares acquired by the sports direct employee benefit trust is recognised 
within ‘own sharereserve’ in equity 
sharebased payments  
the group issues equitysettled sharebased payments to certain directors and 
employees these are measured at fair value at the date of grant which is expensed 
to the consolidated income statement on a straightline basis over the vesting period 
with the corresponding credit going to equity
non market vesting conditions are not taken into account in determining grant date 
fair value instead they are taken into account by adjusting the number of equity 
instruments to vest
fair value is based on the market share price on the grant date the expected 
staff numbers used in the model has been adjusted based on management’s best 
estimate for the effects of nontransferability exercise restrictions and behavioural 
considerations 
a sharebased payment charge of £11927000 was recognised in selling distribution 
and administrative expenses for the 52 weeks ended 27 april 2014 the key details in 
respect of the share scheme charges are set out in note 21
the credit for the share based payment charge does not equal the charge per the 
income statement as it excludes amounts recognised in the balance sheet in relation 
to the expected national insurance contributions for the shares and a transfer of 
accrued national insurance contributions in respect of previous years’ charges which 
had previously been recognised in equity the amount transferred is not material to the 
financial statements
equity instruments  
an equity instrument is any contract that evidences a residual interest in the assets of 
the group after deducting all of its liabilities equity instruments issued by the group 
are recorded at the proceeds received net of any direct issue costs 
dividends  
dividends are recognised as a liability in the group’s financial statements and as a 
deduction from equity in the period in which the dividends are declared where such 
dividends are proposed subject to the approval of shareholders the dividends are 
regarded as declared once shareholder approval has been obtained 
materiality 
in preparing the financial statements the board considers both quantitative and 
qualitative factors in forming its judgements and related disclosures and are mindful 
of the need to best serve the interests of its stakeholders and to avoid unnecessary 
clutter borne of the disclosure of immaterial items 
in making this assessment the board considers the nature of each item as well as its 
size in assessing whether any disclosure omissions or misstatements could influence 
the decisions of users of the financial statements
international financial reporting standards “standards” in issue but  
not yet effective  
at the date of authorisation of these consolidated financial statements the 
international accounting standards board “iasb” and international financial 
reporting standards committee “ifrsc” have issued the following standards and 
interpretations which are effective for annual accounting periods beginning on or after 
the stated effective date these standards and interpretations are not effective for and 
have not been applied in the preparation of the consolidated financial statements
• ifrs 9 financial instruments effective 1 january 2015 
• ifrs 10 consolidated financial statements effective 1 january 2014 
• ifrs 11 joint arrangements effective 1 january 2014 
• ifrs 12 disclosure of interests in other entities effective 1 january 2014 
• ias 27 revised separate financial statements effective 1 january 2014 
• ias 28 revised investments in associates and joint ventures effective 1 january 
2014
the directors anticipate that the adoption of these standards and interpretations in 
future periods will have no material impact on the financial statements of the group 
2 critical accounting estimates and judgements 
the critical accounting estimates and judgements made by the group regarding the 
future or other key sources of estimation uncertainty and judgement that may have a 
significant risk of giving rise to a material adjustment to the carrying values of assets 
and liabilities within the next financial year are 
impairment of goodwill 
the calculation for considering the impairment of the carrying amount of goodwill 
requires a comparison of the present value of the cgus to which the goodwill has 
been allocated to the value of goodwill and associated assets in the balance sheet 
the calculation of present values requires an estimation of the future cash flows 
expected to arise from the cgus and the selection of a suitable discount rate the key 
assumptions made in relation to the impairment review of goodwill are set out in note 
15
impairment of other intangible assets  
the calculation for considering the impairment of the carrying amount of other 
intangible assets with an indefinite life specifically brands trade marks and licences 
requires a comparison of the present value of the related cash flows to the value of the 
other intangible assets in the balance sheet the calculation of present value requires 
an estimation of the future cash flows expected to arise from the other intangible 
assets and the selection of a suitable discount rate the key assumptions made in 
relation to the impairment review of other intangible assets are set out in note 15
useful economic life of intangible assets  
for intangible assets which have a finite life the directors revisit their estimate of 
useful economic life at each period end and revise accordingly licences and trade 
marks typically have a life of between 10 and 15 years 
identification and valuation of acquired intangible assets  
on acquisition each material separable intangible asset is identified and valued by 
the directors with assistance from a professional third party any such calculation is 
judgemental in nature as it is based on a valuation methodology 
brand valuations are typically valued using the relief from royalty valuation 
methodology 
the nature and carrying amounts of these assets are set out in note 15
financial statements
notes to the financial statements 
for the 52 weeks ended 27 april 2014
52  financial statements
impairment  
the directors review the carrying amounts of the group’s tangible assets to determine 
whether there is any indication that those assets have suffered an impairment loss 
provision for obsolete slow moving or defective inventories  
the directors have applied their knowledge and experience of the retail industry in 
determining the level and rates of provisioning required in calculating the appropriate 
inventory carrying values
financial position of retirement benefit plans  
the net defined benefit pension plan assets or liabilities are recognised in the group’s 
balance sheet the determination of the financial position requires assumptions to 
be made regarding inter alia future salary increases mortality discount rates and 
inflation the key assumptions made in relation to the pension plan are set out in note 
24
provision for dilapidations and onerous lease contracts 
the basis of the estimation of the provisioning for dilapidations and onerous lease 
contracts is detailed in the provisions accounting policy and note 26 estimates and 
judgements are continually evaluated and are based on historical experience external 
advice and other factors including expectations of future events that are believed to 
be reasonable under the circumstances where an onerous lease has been identified 
the assets dedicated to that contract are impaired
calculation of bonus share scheme charge 
a sharebased payment charge is recognised in respect of share awards based on 
the directors’ best estimate of the number of shares that will vest the charge is 
calculated based on the fair value on the grant date which is deemed to be the date 
on which the entity and counterparty reached a shared understanding of the scheme 
the key details in respect of the share scheme charges are set out in note 21
3 financial risk management 
the group’s current activities result in the following financial risks and set out below 
are management’s responses to those risks in order to minimise any resulting adverse 
effects on the group’s financial performance 
foreign exchange risk  
the group is exposed to foreign exchange risk principally via
a transactional exposure from the cost of future purchases of goods for resale where 
those purchases are denominated in a currency other than the functional currency 
of the purchasing company transactional exposures that could significantly impact 
the income statement are hedged these exposures are hedged via forward foreign 
currency contracts which are designated as cash flow hedges the notional and fair 
value of these contracts is shown in note 27
b net investment exposure from the fair value of net investments outside the uk 
the group hedges its international investments via foreign currency transactions and 
borrowings in matching currencies
c loans to nonuk subsidiaries these are hedged via foreign currency transactions 
and borrowings in matching currencies which are not formally designated as hedges 
as gains and losses on hedges and hedged loans will naturally offset
interest rate risk  
the group has net borrowings which are principally at floating interest rates linked to 
bank base rates or libor the group does not use interest rate financial instruments 
to hedge its exposure to interest rate movements the group regularly monitors and 
reacts accordingly to any exposure to fluctuations in interest rates and the impact on 
its monetary assets and liabilities 
credit risk  
the directors have a credit policy in place and the exposure to credit risk is monitored 
on an ongoing basis credit evaluations are performed on all customers requiring 
credit over a certain amount the group does not require collateral in respect of 
financial assets 
at each balance sheet date there were no significant concentrations of credit risk 
the maximum exposure to credit risk is represented by the carrying amount of each 
financial asset in the balance sheet 
investments of cash surpluses borrowings and derivative instruments are made 
through banks and companies which must fulfil credit rating and investment criteria 
approved by the board
liquidity risk  
the availability of adequate cash resources is managed by the group through 
utilisation of its revolving bank and other facilities together with equity and retained 
profits thereby achieving continuity of funding and shortterm flexibility
capital management 
a description of the group’s objectives policies and processes for managing capital 
are included in note 27
4 segmental analysis 
ifrs 8  ‘operating segments’ requires the group’s segments to be identified on the 
basis of internal reports about components of the group that are regularly reviewed 
by the chief operating decision maker to assess performance and allocate resources 
across each operating segment
the chief operating decision maker has been identified as the executive directors and 
the operating segments are identified as the store fascia or brand in line with the 
internal reporting to the executive directors
sales and gross profit for each operating segment as well as underlying ebitda are 
the main measures used by the executive directors to assess performance
in accordance with paragraph 12 of ifrs 8 the group’s operating segments have been 
aggregated into the following reportable segments
• sports retail – includes the results of the uk and international retail network of 
sports stores along with related websites
• premium lifestyle – includes the results of the premium retail businesses such as 
republic cruise and usc and
• brands – includes the results of the group’s portfolio of internationally recognised 
brands such as everlast lonsdale and dunlop
the basis of the reportable segments has changed during the year reflecting 
changes that have been made to internal reports used to assess performance and 
allocate resources across each operating segment uk sports retail and international 
sports retail were previously reported as separate segments these have now been 
aggregated to form the reportable segment sports retail the prior year disclosures 
have been restated to reflect this change
information regarding the group’s reportable segments for the 52 weeks ended 27 april 
2014 as well as a reconciliation of reported profit for the period to underlying ebitda 
is presented on pages 54 to 56
sports direct international plc 
annual report and accounts 2014 53 segmental information for the 52 weeks ended 27 april 2014 
retail 
£’000
brands
£’000
eliminations
£’000
total
£’000
sports retail premium lifestyle total total
sales to external customers 2274365 214066 2488431 217527  2705958
sales to other segments 203  203 29938 30141 
revenue 2274568 214066 2488634 247465 30141 2705958
gross profit 974952 86263 1061215 93707  1154922
operating profit before foreign exchange and exceptional items 254736 25729 229007 23825  252832
operating profit 251762 25588 226174 22957  249131
other investment costs  7017
finance income  891
finance costs  19853
share of profits of associated undertakings and joint ventures 2266
profit before taxation  239452
taxation  59839
profit for the period  179613
 
sales to other segments are priced at cost plus a 10 markup
other segment items included in the income statement for the 52 weeks ended 27 april 2014
retail
£’000
brands
£’000
total
£’000
sports retail premium lifestyle total
depreciation 50549 4689 55238 1725 56963
amortisation 1348 687 2035 4797 6832
impairment    284 284
 
information regarding segment assets and liabilities as at 27 april 2014 and capital expenditure for the 52 weeks then ended
sports retail  
£’000
premium lifestyle
£’000
brands 
£’000
eliminations 
£’000
total
 £’000
investments in associated undertakings and joint ventures 42176  413  41763
other assets 1609024 96601 183103 229752 1658976
total assets 1651200 96601 182690 229752 1700739
total liabilities 893269 123554 96114 229752 883185
tangible asset additions 141328 6978 2961  151267
intangible asset additions 33912 434 3011  37357
total capital expenditure 175240 7412 5972  188624
 
segmental information for the 52 weeks ended 28 april 2013
retail 
£’000
brands
£’000
eliminations
£’000
total
£’000
sports retail premium lifestyle total total
sales to external customers 1833264 143321 1976585 208995  2185580
sales to other segments 8288  8288 33807 42095 
revenue 1841552 143321 1984873 242802 42095 2185580
gross profit 738281 62655 800936 93822  894758
operating profit before foreign exchange and exceptional items 192764 1059 191705 18291  209996
operating profit 194080 980 193100 19904 213004
other investment income 1473
finance income 1117
finance costs  9688
share of profits of associated undertakings and joint ventures 1320
profit before taxation  207226
taxation  55569
profit for the period  151657
 
sales to other segments are priced at cost plus a 10 markup
financial statements
notes to the financial statements 
for the 52 weeks ended 27 april 2014
54  financial statements
other segment items included in the income statement for the 52 weeks ended 28 april 2013
retail 
£’000
brands 
£’000
total 
£’000
sports retail premium lifestyle total
depreciation 43521 1906 45427 2493 47920
amortisation 81 113 194 4482 4676
impairment 314  314 1903 2217
 
 
information regarding segment assets and liabilities as at 28 april 2013 and capital expenditure for the 52 weeks then ended 
sports retail
 £’000
premium lifestyle
£’000
brands
 £’000
eliminations 
£’000
total
 £’000
investments in associated undertakings and joint ventures 32117    32117
other assets 1181033 37266 191082 32915 1376466
total assets 1213150 37266 191082 32915 1408583
total liabilities 651046 43914 101861 32915 763906
tangible asset additions 52891 10284 3888  67063
intangible asset additions 1460 3447 1823  6730
total capital expenditure 54351 13731 5711  73793
 
geographic information  
segmental information for the 52 weeks ended 27 april 2014
uk 
£’000
nonuk 
£’000
eliminations
 £’000
total
 £’000
segmental revenue from external customers 2063724 642234  2705958
total capital expenditure 84956 103668  188624
segmental assets 1526405 404086 229752 1700739
 
segmental information for the 52 weeks ended 28 april 2013
uk 
£’000
nonuk 
£’000
eliminations
 £’000
total
 £’000
segmental revenue from external customers 1842429 343151  2185580
total capital expenditure 59556 14237  73793
segmental assets 1214320 227178 32915 1408583
 
the following table reconciles the reported operating profit to the underlying ebitda as it is one of the main measures used by the chief operating decision maker when reviewing 
performance
reconciliation of operating profit to underlying ebitda for the 52 week period ending 27 april 2014
sports retail 
£’000
premium lifestyle
£’000
brands
£’000
total
£’000
operating profit 251762 25588 22957 249131
depreciation 50549 4689 1725 56963
impairment   284 284
amortisation 1348 687 4797 6832
exceptional items 5531   5531
share of profit  loss of associated undertakings 2679  413 2266
reported ebitda 311869 20212 29350 321007
charges for the bonus share scheme 11927   11927
realised fx gain 2557 141 868 1830
underlying ebitda 321239 20353 30218 331104
 
sports direct international plc 
annual report and accounts 2014 55 reconciliation of operating profit to underlying ebitda for the 52 week period ending 28 april 2013
sports retail 
£’000
premium lifestyle
£’000
brands
£’000
total
£’000
operating profit  loss 194080 980 19904 213004
depreciation 43521 1906 2493 47920
impairment 314  1903 2217
amortisation 81 113 4482 4676
exceptional items   625 625
share of profit  loss of associated undertakings 1161  210 951
reported ebitda 239157 1039 27947 268143
charges for the bonus share scheme 22183   22183
realised fx gain 1316 79 988 2383
underlying ebitda 260024 960 26959 287943
 
5 other operating income
52 weeks ended
27 april 2014
 £’000
28 april 2013
£’000
rent receivable 6118 4249
other 2465 2950
8583 7199
 
6 exceptional items
52 weeks ended
27 april 2014
 £’000
28 april 2013
£’000
profit on disposal of intangible asset  625
impairment of tangible assets 5531 
5531 625
 
the impairment relates to assets in a newly acquired entity that were no longer required post acquisition
7 operating profit 
operating profit for the period is stated after charging  crediting
52 weeks ended
27 april 2014
 £’000
28 april 2013
£’000
foreign exchange gains 1830 2383
depreciation of property plant and equipment
 owned assets 56963 47920
amortisation of intangible assets 6832 4676
impairment of intangible assets 284 2217
operating lease rentals
 land and buildings 127341 93320
 other 708 699
loss on disposal of tangible fixed assets  2636
 
financial statements
notes to the financial statements 
for the 52 weeks ended 27 april 2014
56  financial statements
services provided by the group’s auditor 
for the 52 weeks ended 27 april 2014 the remuneration of the auditors grant thornton uk llp and associated firms was as detailed below 
52 weeks ended
27 april 2014
 £’000
28 april 2013
£’000
audit services
audit of the company’s and the consolidated financial statements 85 83
audit of subsidiary companies’ financial statements 585 585
nonaudit services
other services relating to taxation 249 260
all other services 208 86
 
8 employee costs 
the average monthly number of employees including executive directors employed by the group during the period was
52 weeks ended
27 april 2014
 number
28 april 2013
number
retail stores 13609 11078
distribution administration and other 3556 2998
17165 14076
 
the aggregate payroll costs of the employees including executive directors were as follows
52 weeks ended
27 april 2014
 £’000
28 april 2013
£’000
wages and salaries 278714 204885
social security costs 27835 15407
pension costs 1399 811
307948 221103
 
a sharebased payment charge of £11927000 2013 £22183000 was recognised in respect of share awards during the year this is inclusive of the related charges for expected 
national insurance contributions
aggregate emoluments of the directors of the company are summarised below
52 weeks ended
27 april 2014
 £’000
28 april 2013
£’000
aggregate emoluments 605 655
 
further details of directors’ remuneration are given in the directors’ remuneration report on pages 33 to 40
details of certain key management remuneration are given in note 34
9 other investment income
52 weeks ended
27 april 2014
 £’000
28 april 2013
£’000
profit on disposal of availableforsale financial assets 5413 
dividend income from investments 1604 1473
7017 1473
 
10 finance income
52 weeks ended
27 april 2014
 £’000
28 april 2013
£’000
bank interest receivable 761 915
other interest receivable 130 202
891 1117
sports direct international plc 
annual report and accounts 2014 57 11 finance costs
52 weeks ended
27 april 2014
 £’000
28 april 2013
£’000
interest on bank loans and overdrafts 7513 6606
interest on other loans and finance leases 600 590
interest on retirement benefit obligations note 24 547 497
fair value adjustment to forward foreign exchange contracts 
1
11193 1995
19853 9688
1
 the fair value adjustment to forward foreign exchange contracts relates to differences between the fair value of forward foreign currency contracts not designated for hedge 
accounting from one period end to the next
12 taxation
52 weeks ended
27 april 2014
 £’000
28 april 2013
£’000
current tax 57569 59298
adjustment in respect of prior periods 280 1476
57289 60774
deferred tax note 25 2550 5205
59839 55569
tax reconciliation
profit before taxation 239452 207226
taxation at the standard rate of tax in the uk of 23 2013 24 55074 49734
tax effects of
expenses not deductible for tax purposes 1445 1669
capital gain not deductible for tax purposes  150
overseas tax losses 2509 
other tax adjustments 1011 1584
adjustments in respect of prior periods  current tax 280 1476
adjustments in respect of prior periods  deferred tax 80 1256
59839 55569
 
13 earnings per share from total and continuing operations attributable to the equity shareholders 
basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders of the parent by the weighted average number of ordinary shares outstanding 
during the year
for diluted earnings per share the weighted average number of shares 585513537 2013 568971942 is adjusted to assume conversion of all dilutive potential ordinary 
shares under the group’s bonus share schemes being 32676278 2013 51852895 to give the diluted weighted average number of shares of 618189815 2013 620824837
basic and diluted earnings per share 
52 weeks ended
27 april 2014
basic 
£’000
27 april 2014
diluted 
£’000
28 april 2013
basic 
£’000
28 april 2013
diluted
£’000
profit for the period 180245 180245 151596 151596
number in thousands number in thousands
weighted average number of shares 585514 618190 568972 620825
pence per share pence per share
earnings per share 308 292 266 244
financial statements
notes to the financial statements 
for the 52 weeks ended 27 april 2014
58  financial statements
underlying earnings per share 
the underlying earnings per share reflects the underlying performance of the business compared with the prior year and is calculated by dividing underlying earnings by the 
weighted average number of shares for the period underlying earnings is used by management as a measure of profitability within the group underlying earnings is defined as 
profit for the period attributable to equity holders of the parent for each financial period but excluding the post tax effect of certain nontrading items
the directors believe that the underlying earnings before exceptional items and underlying earnings per share measures provide additional useful information for shareholders 
on the underlying performance of the business and are consistent with how business performance is measured internally underlying earnings is not a recognised profit measure 
under ifrs and may not be directly comparable with “adjusted” profit measures used by other companies 
 
52 weeks ended
27 april 2014
basic 
£’000
27 april 2014
diluted 
£’000
28 april 2013
basic 
£’000
28 april 2013
diluted
£’000
profit for the period 180245 180245 151596 151596
post tax adjustments to profit for the period for the following nontrading items
realised gain on forward exchange contracts 1373 1373 1763 1763
fair value adjustment to forward foreign exchange contracts 8395 8395 1476 1476
profit on disposal of listed investments 4060 4060  
impairment of fixed assets 4148 4148  
profit on sale of intangible assets   463 463
fair value adjustments within associated undertakings   273 273
impairment of goodwill 284 284 2217 2217
underlying profit for the period 187639 187639 152790 152790
number in thousands number in thousands
weighted average number of shares 585514 618190 568972 620825
pence per share pence per share
underlying earnings per share 321 303 269 246
 
14 property plant and equipment
freehold land 
and buildings 
£’000
longterm leasehold
improvements
£’000
shortterm leasehold
improvements 
£’000
plant and 
equipment 
£’000
total 
£’000
cost
at 29 april 2012 219534 11386 113230 343043 687193
exchange differences 289 16  3706 4011
acquisitions 8173  2811 5196 16180
additions 9692 815  40376 50883
eliminated on disposals 200 256 7963 5066 13485
at 28 april 2013 237488 11961 108078 387255 744782
exchange differences 3634 358  8884 12160
acquisitions 68448 39  15476 83963
additions 20808 904 6591 39001 67304
eliminated on disposals 754 430 2228 6956 10368
at 27 april 2014 322356 12832 112441 425892 873521
accumulated depreciation and impairment
at 29 april 2012 32684 4792 73257 263437 374170
exchange differences 93 15  1318 1426
charge for the period 731 95 6742 40352 47920
eliminated on disposals 4 88 5612 5066 10770
at 28 april 2013 33504 4814 74387 300041 412746
exchange differences 137 137 166 7229 7063
charge for the period 7567 150 6444 42802 56963
impairment    5531 5531
eliminated on disposals 745  995 5277 7017
at 27 april 2014 40189 5101 80002 335868 461160
net book amount
at 27 april 2014 282167 7731 32439 90024 412361
at 28 april 2013 203984 7147 33691 87214 332036
 
additions in the prior year do not reconcile directly to the purchase of property plant and equipment per the consolidated cash flow statement due to noncash additions
the impairment relates to assets in a newly acquired entity that were no longer required post acquisition
sports direct international plc 
annual report and accounts 2014 59 15 intangible assets
goodwill 
£’000
trademarks and 
licences 
£’000
brands 
£’000
total 
£’000
cost
at 29 april 2012 136312 50037 76039 262388
arising on business combinations 6731   6731
additions through business combinations  4448  4448
other additions  2282  2282
exchange adjustment 3895 1128 4952 9975
at 28 april 2013 146938 57895 80991 285824
arising on business combinations 30683   30683
additions through business combinations  4847  4847
other additions  1827  1827
disposals 4053 1000  5053
exchange adjustment 8348 1473 7705 17526
at 27 april 2014 165220 62096 73286 300602
amortisation and impairment
at 29 april 2012 14581 22657  37238
amortisation charge  4676  4676
impairment 2217   2217
exchange adjustment 335 938  1273
at 28 april 2013 17133 28271  45404
amortisation charge  6832  6832
impairment 284   284
disposals 3897 1000  4897
exchange adjustment 1849 281  2130
at 27 april 2014 11671 33822  45493
net book amount
at 27 april 2014 153549 28274 73286 255109
at 28 april 2013 129805 29624 80991 240420
 
amortisation is charged to selling distribution and administrative expenses in the consolidated income statement
the carrying value of goodwill and brands that are considered to have an indefinite life are allocated to the group’s operating segments before aggregation with the exception of 
everlast none of the individual cashgenerating units cgus are considered material to goodwill or indefinite life intangibles brands the carrying value of goodwill and brands 
allocated to the group’s cgus as aggregated except in the case of everlast is shown below
goodwill 
£’000
brands
 £’000
uk sports retail 9820 8500
international sports retail 34691 
premium lifestyle 13692 
brands excl everlast 40908 2192
everlast 54438 62594
153549 73286
 
the group tests the carrying amount of goodwill and assets with an indefinite life annually for impairment or more frequently if there are indications that their carrying value might 
be impaired the carrying amounts of other intangible assets are reviewed for impairment if there is an indication of impairment
impairment is calculated by comparing the carrying amounts to the value in use derived from discounted cash flow projections for each cgu to which the intangible assets are 
allocated a cgu is deemed to be an individual fascia these have been grouped together into similar classes for the purpose of formulating operating segments as reported in  
note 4
value in use calculations are based on five year management forecasts with a terminal growth rate applied thereafter representing management’s estimate of the longterm 
growth rate of the sector served by the cgus
financial statements
notes to the financial statements 
for the 52 weeks ended 27 april 2014
60  financial statements
the key assumptions which are equally applicable to each cgu in the cash flow projections used to support the carrying amount of goodwill and intangibles with indefinite lives 
as at 27 april 2014 were as follows
uk sports retail
international  
sports retail premium lifestyle
brands excl 
everlast everlast
sales growth 56 56 34 6 1  5
terminal sales growth 2 2 2 2 2
gross margin 35  45 35  45 40  50 15  50 25  30
capital expenditure nil  £1m nil  £1m nil  £1m nil  £1m nil  £1m
discount rates 1183 1183 1183 1183 1867
 
the group weighted average cost of capital is used in uk sports retail international sports retail premium lifestyle and brands excl everlast as these cgu’s are considered to 
have similar risk profiles 
the key assumptions are based on management’s historical experience and future plans for each cgu
a reasonably possible change in any key assumption would not cause the carrying value of any cgu to exceed its recoverable amount
the intangible assets that have an indefinite life are brands and trading names and are considered to have an indefinite life on the grounds of the proven longevity of the brands 
and trading names and the group’s commitment to maintaining those brands
all key assumptions are consistent with known external sources of information
16 investments in associated undertakings and joint ventures 
the group uses the equity method of accounting for associates and joint ventures the following table shows the aggregate movement in the group’s investment in associates and 
joint ventures 
associates 
£’000
at 29 april 2012 29470
exchange differences 1301
additions 26
fair value adjustments to financial instruments 369
share of profit 951
at 28 april 2013 32117
exchange differences 620
additions 8000
share of profit 2266
at 27 april 2014 41763
      
associates  
the business activity of heatons is that of household sporting and leisure goods retail heatons operates in the republic of ireland and northern ireland the directors do not 
consider that they have significant influence over the financial and operating policies of warrnambool the parent company of heatons and so will continue to account for the 
company as an associate
heatons has a coterminous year end with the group there are no significant restrictions on the ability of associated undertakings to transfer funds to the parent other than those 
imposed by legal requirements
the remaining associates are not material in the context of the group accounts 
the group’s share of associates’ assets liabilities and income statement which is included in the consolidated financial statements is as follows 
27 april 2014 
£’000
28 april 2013 
£’000
share of noncurrent assets 51702 44108
share of current assets 24459 18889
share of noncurrent liabilities 18259 19153
share of current liabilities 16139 11727
41763 32117
 
52 weeks ended
27 april 2014 
£’000
28 april 2013 
£’000
income 95751 97791
expenses 92975 95991
profit before taxation 2776 1800
taxation 510 849
profit for the period 2266 951
sports direct international plc 
annual report and accounts 2014 61 17 availableforsale financial assets
27 april 2014 
£’000
28 april 2013
£’000
availableforsale financial assets 116504 47645
 
the fair value of the availableforsale investments is based on bid quoted market prices at the balance sheet date
the following table shows the aggregate movement in the group’s financial assets during the year
27 april 2014
£’000
28 april 2013 
£’000
at beginning of period 47645 46634
additions 55467 
disposals 43981 
revaluation through other comprehensive income 57373 1011
at end of period 116504 47645
the disposal above relates to financial assets that were acquired in the year and therefore there is no reclassification adjustment between equity and the income statement on 
disposal
the financial assets at 27 april 2014 relate to strategic investments held of between 111 and 118 in share capital
at 28 april 2013 and 27 april 2014 the group had no investments in excess of 20 of share capital
18 inventories
27 april 2014 
£’000
28 april 2013
£’000
raw materials 147 3861
goods for resale 565332 443101
565479 446962
 
the following inventory costs have been recognised in cost of sales
27 april 2014 
£’000
28 april 2013
£’000
cost of inventories recognised as an expense 1551036 1290822
 
19 trade and other receivables
27 april 2014 
£’000
28 april 2013
£’000
trade receivables 60851 50417
amounts owed by related parties 7450 7564
other debtors 19060 8804
prepayments 35653 29326
123014 96111
 
the directors consider that the carrying amount of trade and other receivables approximates to their fair value the maximum exposure to credit risk at the reporting date is the 
carrying value of each class of asset above plus any cash balances
ageing of trade receivables
27 april 2014 
£’000
28 april 2013
£’000
current 34667 36786
030 days past due 18467 5513
3060 days past due 3713 1759
6090 days past due 1194 2082
over 90 days past due 2810 4277
60851 50417
the credit quality of assets neither past due nor impaired is considered to be good
financial statements
notes to the financial statements 
for the 52 weeks ended 27 april 2014
62  financial statements
the movement in the bad debt provision can be analysed as follows 
52 weeks ended
27 april 2014 
£’000
28 april 2013 
£’000
opening position 6674 4061
amounts charged to the income statement 2343 3322
amounts written off as uncollectable 649 520
amounts recovered during the year 32 189
closing position 8336 6674
the group has no significant concentration of credit risk with exposure spread over a large number of customers these bad debt provisions  charges have been determined by 
reference to past default experience and knowledge of the individual circumstances of certain receivables
the other classes within trade and other receivables do not include impaired assets
20 cash and cash equivalents
27 april 2014 
£’000
28 april 2013
£’000
cash in bank and in hand  sterling 113327 106617
cash in bank and in hand  us dollars 15874 17309
cash in bank and in hand  euros 21443 22706
cash in bank and in hand  other 380 743
151024 147375
bank overdraft note 23 5742 5701
cash and cash equivalents including overdrafts at period end 145282 141674
 
21 share capital 
27 april 2014 
£’000
28 april 2013
£’000
authorised
999500010 ordinary shares of 10p each 99950 99950
499990 redeemable preference shares of 10p each 50 50
100000 100000
allotted called up and fully paid
640602369 2013 640602369 ordinary shares of 10p each 64060 64060
share capital
at 28 april 2013 and 27 april 2014 64060 64060
the group holds 42137508 shares in treasury 
on 6 august 2013 appleby trust jersey limited as trustee of the sports direct employee benefit trust the “the trust” sold 17000000 ordinary shares in a secondary placing on 
the london stock exchange with goldman sachs and espirito santo investment bank acting as joint bookrunners these shares represent all the ordinary shares which the sports 
direct employees elected to sell on vesting of their awards under the 2009 employee bonus share scheme a further 2420406 shares vested and were distributed to relevant staff
on 2 october 2013 the 4000000 shares granted under the 2009 executive bonus share scheme vested at 27 april 2014 the trust held 6170490 shares
contingent share awards 
the executive bonus share scheme 
under the terms of the executive bonus share scheme which was approved by shareholders on 10 september 2010 and is a revenue approved scheme the board may make share 
awards in respect of the ordinary shares in the company awards may be made to executives and persons discharging managerial responsibilities over a fixed number of shares 
subject to performance conditions further details are set out in the remuneration report on pages 33 to 40
an award of 8073036 shares was granted on 10 september 2010 at a share price of 1255 pence 4000000 of these shares have since vested and 1000000 have since lapsed 
these shares will only vest if the performance conditions ebitda targets and service conditions continued employment are met no consideration is payable in respect of these 
awards
the bonus share scheme 
the 2011 bonus share scheme was approved by the board on 10 september 2010 the first award of 30000000 shares were granted on 10 september 2010 at an average price of 
1255 pence at 27 april 2014 22672000 28 april 2013 22672000 remained outstanding these shares will only vest if the performance conditions ebitda targets and service 
conditions continued employment are met over the next year
a sharebased payment charge of £11927000 was recognised in respect of these share awards for the 52 weeks ended 27 april 2014 based on the directors’ best estimate of the 
number of shares that will vest the charge is calculated based on the fair value on the grant date which is deemed to be the date on which the entity and counterparty reached a 
shared understanding of the scheme
sports direct international plc 
annual report and accounts 2014 63 22 other reserves
share 
capital
£’000
share 
premium
£’000
permanent 
contribution to 
capital
 £’000
capital
 redemption
 reserve 
£’000
reverse 
 combination 
reserve
 £’000
hedging 
reserve
£’000
total other 
reserves
£’000
at 29 april 2012 64060 874300 50 8005 987312 417 40480
cash flow hedges
 recognised in the period      15408 15408
 reclassified and reported in net profit      196 196
at 28 april 2013 64060 874300 50 8005 987312 16021 24876
cash flow hedges
 recognised in the period      3737 3737
 reclassified and reported in net profit      17909 17909
at 27 april 2014 64060 874300 50 8005 987312 5625 46522
the share premium account is used to record the excess proceeds over nominal value on the issue of shares
the permanent contribution to capital relates to a cash payment of £50000 to the company on 8 february 2007 under a deed of capital contribution
the capital redemption reserve arose on the redemption of the company’s redeemable preference shares of 10p each at par on 2 march 2007
the reverse combination reserve exists as a result of the adoption of the principles of reverse acquisition accounting in accounting for the group restructuring which occurred on 
2 march 2007 and 29 march 2007 between the company and sports world international limited brands holdings limited international brand management limited and cds 
holdings sa with sports world international limited as the acquirer
the hedging reserve represents the cumulative amount of gains and losses on hedging instruments deemed effective in cash flow hedges the cumulative deferred gain or loss on 
the hedging instrument is recognised in the income statement only when the hedged transaction impacts the income statement
other balance sheet reserves 
the foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries and associates
the own shares and treasury shares reserve represent the cost of shares in sports direct international plc purchased in the market and held by sports direct international plc 
employee benefit trust to satisfy options under the group’s share options scheme see note 21
23 borrowings
27 april 2014 
£’000
28 april 2013
£’000
noncurrent
bank and other loans 6764 245625
obligations under finance leases  2
 6764 245627
current
bank overdrafts 5742 5701
bank and other loans 350484 50052
 356226 55753
total borrowings
bank overdrafts 5742 5701
bank and other loans 357248 295677
obligations under finance leases  2
 362990 301380
 
an analysis of the group’s total borrowings other than bank overdrafts is as follows 
27 april 2014 
£’000
28 april 2013
£’000
borrowings — sterling 240731 250203
borrowings — other 116517 45476
 357248 295679
 
loans are all at rates of interest ranging between 115 and 20 over the interbank rate of the country within which the borrowing entity resides
at 27 april 2014 the company had access to the following unsecured working capital facilities
• a revolving facility agreement with ten financial institutions with hsbc bank plc acting as agent of £300 million at the year end a total of £214 million was drawn down 
against this facility
• a revolving facility agreement with barclays bank plc with an aggregate limit of £50 million at the year end this facility was fully drawn down
• a revolving facility agreement with handelsbanken plc with an aggregate limit of £25 million at the year end this facility was fully drawn down
all of the above facilities were available until 6 march 2015
financial statements
notes to the financial statements 
for the 52 weeks ended 27 april 2014
64  financial statements
on 28 may 2014 the company refinanced the above facilities and entered into a new committed unsecured revolving facility agreement with thirteen financial institutions with 
barclays bank plc acting as agent this revolving facility can be drawn to an aggregate limit of £688 million and is available until 27 september 2018
the group continues to operate comfortably within its banking facilities and covenants
the carrying amounts and fair value of the borrowings are not materially different
net debt at 27 april 2014 was £2120m 29 april 2013 £1540m
24 retirement benefit obligations 
the group’s defined benefit pension obligations relate to dunlop slazenger group holdings limited “dsghl” which was acquired on 28 january 2004 dsghl operates a number 
of plans worldwide the largest of which is of the funded defined benefit type the scheme has been closed to new members since 2005
the amounts for the current and previous four periods following the acquisition of dsghl are as follows
27 april 2014 
£’000
28 april 2013
£’000
29 april 2012
£’000
24 april 2011
£’000
25 april 2010
£’000
total fair value of plan assets 49498 47411 40105 36858 33149
present value of plan liabilities 64848 67351 59423 53044 52888
net plan obligations 15350 19940 19318 16186 19739
experience adjustments on plan liabilities 46 7190 5539 869 12645
experience adjustments on plan assets 3906 4372 38 1208 4461
the cumulative amount of actuarial gains and losses recognised in other comprehensive income as at 27 april 2014 was an actuarial loss of £10195000 2013 actuarial loss of 
£13519000
there were no unrecognised actuarial gains or losses or past service costs as at 28 april 2013 or 27 april 2014
amounts recognised in the income statement are as follows
52 weeks ended
27 april 2014 
£’000
28 april 2013 
£’000
current service cost 22 14
net interest expense 547 497
 569 511
the current service cost is included within cost of sales the net interest expense is included within finance costs
amounts recognised in other comprehensive income is as follows
52 weeks ended
27 april 2014 
£’000
28 april 2013 
£’000
actual return on scheme assets excluding amounts included in net interest income 46 4372
actuarial gainslosses relating to plan liabilities 3906 7190
 3860 2818
 
the actual return on plan assets for the 52 weeks ended 27 april 2014 was a gain of £1855000 2013 gain of £6321000
the movements in the fair value of plan assets are as follows 
52 weeks ended
27 april 2014 
£’000
28 april 2013 
£’000
at the start of the period 47411 40105
interest income based on discount rate 1901 1949
actuarial lossgain 46 4372
employer contributions 2708 2708
employee contributions 12 11
benefits paid out 2488 1734
at the end of the period 49498 47411
the group expects to contribute £2720000 to its defined benefit pension plans for the 52 weeks ended 26 april 2015
sports direct international plc 
annual report and accounts 2014 65 the plan asset mix was as follows
27 april 2014 
£’000
28 april 2013 
£’000
equities 22807 23555
bonds 26313 23149
cash and other 378 707
49498 47411
the fair values of the above investments are determined based on publicly available market prices wherever available unquoted investments are stated at fair value estimates 
provided by the manager of the investment or fund
the principal assumptions underlying the actuarial assessments are
27 april 2014 

28 april 2013 

inflation rate 34 33
future pension increases 33 33
discount rate 43 40
 
mortality assumptions
27 april 2014 28 april 2013
life expectancy at 65 at period end
future pensioners – male 877 876
future pensioners – female 902 898
current pensioners – male 860 862
current pensioners – female 883 883
 
the movements in the present value of the plan liabilities are as follows 
52 weeks ended
27 april 2014 
£’000
28 april 2013 
£’000
at the start of the period 67351 59423
current service cost 22 14
interest cost 2429 2446
actuarial gainloss 3906 7190
employee contributions 12 11
benefits paid out 2488 1734
exchange gain  loss 806 1
acquisitions note 29 2234 
at the end of the period 64848 67351
 
the net movements in the net present value of the plan liabilities were as follows
52 weeks ended
27 april 2014 
£’000
28 april 2013 
£’000
net liability at the start of the period 19940 19318
movement in fair value of plan assets 2087 7306
movements in the present value of the plan liabilities 2503 7928
net liability at the end of the period 15350 19940
 
in addition to the amounts recognised in relation to the defined benefit retirement plans amounts of £519000 and £155000 have been recognised in the income statement for the 
periods ended 28 april 2013 and 27 april 2014 in relation to defined contribution retirement benefit plans
financial statements
notes to the financial statements 
for the 52 weeks ended 27 april 2014
66  financial statements
25 deferred tax asset and liabilities
accounts 
depreciation
exceeding tax 
depreciation £’000
tax losses
recoverable 
£’000
pension plan
liabilities 
£’000
other temporary 
differences
£’000
total
£’000
at 29 april 2012 1320 525 6212 1221 6836
credited  charged to the income statement 1080 986 259 5370 5205
credited to the statement of other comprehensive income   648 3988 4636
credited to reserves in respect of bonus share scheme    6297 6297
at 28 april 2013 2400 461 6601 14434 22974
credited  charged to the income statement 2142 24 275 4393 2550
credited to the statement of other comprehensive income   698 4170 4868
credited to reserves in respect of bonus share scheme    11214 11214
arising on acquisition  2742   2742
at 27 april 2014 4542 2257 5628 5343 7084
27 april 2014
£’000
28 april 2013
£’000
deferred tax assets 31130 47952
deferred tax liabilities 24046 24978
net deferred tax balance 7084 22974
the tax rate used to measure the deferred tax assets and liabilities was 21 on the basis this was the tax rate that was substantively enacted at the balance sheet date
deferred tax assets are recognised for tax losses recoverable and pension plan liabilities to the extent that realisation of the related tax benefit is probable on the basis of the 
group’s current expectations of future taxable profits
included within other temporary differences is a deferred tax asset in relation to the bonus share scheme and a deferred tax liability recognised on other intangible assets upon 
acquisition
the deferred tax effects of the acquisitions made in the year were considered and it was determined that there was no material impact on the group or the fair value of net assets 
acquired
26 provisions
dilapidations
£’000
onerous contracts 
and other 
property costs
 £’000
total
£’000
at 28 april 2013 31838 9234 41072
amounts provided 2390 1589 3979
amounts utilised 19 1517 1536
amounts reversed 366 5369 5735
at 27 april 2014 33843 3937 37780
the dilapidations provision is the best estimate of the present value of expenditure expected to be incurred by the group in order to satisfy its obligations to restore its leasehold 
premises to the condition required under the lease agreements at the end of the lease discounted at 5 per annum the provision is expected to be utilised over the period to the 
end of each specific lease
the provision in respect of onerous lease contracts represents the net cost of fulfilling the group’s obligations over the terms of these contracts discounted at 5 per annum the 
provision is expected to be utilised over the period to the end of each specific lease 
the unwinding of the discount on provision over time passes through the income statement
 
sports direct international plc 
annual report and accounts 2014 67 27 financial instruments 
a financial assets and liabilities by category 
the carrying values of financial assets and liabilities which are principally denominated in sterling or us dollars were as follows 
loans and 
receivables 
£’000
assets at fair
value through 
profit and loss 
£’000
available for sale 
financial assets 
£’000
nonfinancial 
assets
£’000
total
£’000
assets  2014
property plant and equipment    412361 412361
intangible assets    255109 255109
investments in associated undertakings and joint ventures    41763 41763
availableforsale financial assets   116504  116504
deferred tax assets    31130 31130
inventories    565479 565479
derivative financial assets  4355   4355
trade and other receivables 60851   62163 123014
cash and cash equivalents 151024    151024
 211875 4355 116504 1368005 1700739
assets  2013
property plant and equipment    332036 332036
intangible assets    240420 240420
investments in associated undertakings and joint ventures    32117 32117
availableforsale financial assets   47645  47645
deferred tax assets    47952 47952
inventories    446962 446962
derivative financial assets  17965   17965
trade and other receivables 66785   29326 96111
cash and cash equivalents 147375    147375
 214160 17965 47645 1128813 1408583
loans and payables
 £’000
liabilities at fair 
value through profit 
and loss
£’000
nonfinancial 
liabilities
£’000
total
£’000
liabilities  2014
noncurrent borrowings 6764   6764
retirement benefit obligations   15350 15350
deferred tax liabilities   24046 24046
provisions   37780 37780
derivative financial liabilities  18665  18665
trade and other payables 239463  152556 392019
current borrowings 356226   356226
current tax liabilities   32335 32335
 602453 18665 262067 883185
liabilities  2013
noncurrent borrowings 245625  2 245627
retirement benefit obligations   19940 19940
deferred tax liabilities   24978 24978
provisions   41072 41072
trade and other payables 263943  56318 320261
current borrowings 55753   55753
current tax liabilities   56275 56275
 565321  198585 763906
carrying values do not materially differ from fair value
financial statements
notes to the financial statements 
for the 52 weeks ended 27 april 2014
68  financial statements
fair value hierarchy  
the group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique
• level 1 quoted unadjusted prices in active markets for identical assets or liabilities
• level 2 other techniques for which all inputs which have a significant effect on the recorded fair value are observable either directly or indirectly and
• level 3 techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data
as at 27 april 2014 the only financial instruments held at fair value were derivative financial assets and liabilities which are classified as level 2 and a vailableforsale financial 
assets which are classified as level 1
b derivatives foreign currency forward purchase contracts  
the most significant exposure to foreign exchange fluctuations relates to purchases made in foreign currencies principally the us dollar  the group’s policy is to reduce 
substantially the risk associated with foreign currency spot rates by using forward fixed rate currency purchase contracts taking into account any foreign currency cash flows the 
group does not hold or issue derivative financial instruments for trading purposes however if derivatives do not qualify for hedge accounting they are accounted for as such and 
accordingly any gain or loss is recognised immediately in the income statement 
the carrying values of forward foreign currency purchase contracts were as follows 
27 april 2014 
£’000
28 april 2013
£’000
fair value of derivative financial instruments  assets 4355 17965
fair value of derivative financial instruments – liabilities 18665 
 
the sterling principal amounts of forward foreign currency purchase contracts and contracted forward rates were as follows 
27 april 2014 
£’000
28 april 2013
£’000
us dollar purchases 540349 285000
contracted rates 161 – 171 163
euro sales  44031
contracted rates  113114
at 27 april 2014 £540m of forward us dollar purchase contracts qualified for hedge accounting and the loss on fair valuation of these contracts of £216m has therefore been 
recognised in other comprehensive income this amount is split between a loss of £37m recognised in the period and a loss of £179m reclassified in the period
forward foreign currency purchase and sale contracts generally have a maturity at inception of approximately 12 months at 27 april 2014 £245m of purchase contracts had a 
maturity at inception of greater than 12 months 2013 £nil of purchase contracts and £nil of sale contracts
c sensitivity analysis 
foreign currency sensitivity analysis
the group’s principal foreign currency exposures are to us dollars and the euro the table below illustrates the hypothetical sensitivity of the group’s reported profit and equity to 
a 5 increase and decrease in the us dollar  sterling and euro  sterling exchange rates at the year end date assuming all other variables remain unchanged the figures have 
been calculated by comparing the fair values of outstanding foreign currency contracts at the current exchange rate to those if exchange rates moved as illustrated the income 
statement figures include the profit effect of any relevant derivatives which are not in a designated cash flow hedge the impact on us dollar related hedging instruments is 
included in equity
positive figures represent an increase  decrease in profit or equity
income statement equity
27 april 2014
£’000
28 april 2013 
£’000
27 april 2014 
£’000
28 april 2013 
£’000
sterling strengthens by 5
us dollar 812 1 5205 1783
euro 2218 34 2218 34
sterling weakens by 5
us dollar 852 702 5465 1872
euro 2329 35 2329 35
 
interest rate sensitivity analysis 
the following table illustrates the hypothetical sensitivity of the group’s reported profit and equity to a 05 increase or decrease in interest rates assuming all other variables 
were unchanged 
the analysis has been prepared using the following assumptions
• for floating rate assets and liabilities the amount of asset or liability outstanding at the balance sheet date is assumed to have been outstanding for the  
whole year
• fixed rate financial instruments that are carried at amortised cost are not subject to interest rate risk for the purpose of this analysis
sports direct international plc 
annual report and accounts 2014 69 positive figures represent an increase in profit or equity
income statement equity
27 april 2014 
£’000
28 april 2013 
£’000
27 april 2014 
£’000
28 april 2013 
£’000
interest rate increase of 05 1690 1507 1690 1507
interest rate decrease of 05 1690 1507 1690 1507
 
d liquidity risk 
the table below shows the maturity analysis of the undiscounted remaining contractual cash flows of the group’s financial liabilities
less than 1 year
£’000
1 to 2 years
£’000
2 to 5 years
£’000
over 5 years
£’000
total
£’000
2014
bank loans and overdrafts 356226 1731 5237  363193
trade and other payables 239463    239463
derivative financial liabilities
cash inflows 401718 105177   506895
cash outflows 414776 105263   520039
608747 1817 5237  615800
2013
bank loans and overdrafts 50450 102 250228 2256 303036
obligations under finance leases  1 1  2
trade and other payables 169976    169976
derivative financial liabilities
cash inflows 344439    344439
cash outflows 327087    327087
203074 103 250229 2256 455662
capital management 
the capital structure of the group consists of equity attributable to the equity holders of the parent compromising issued share capital share premium and retained earnings and 
cash and borrowings
it is the group’s policy to maintain a strong capital base so as to maintain investor creditor and market confidence and to sustain the development of the business
in respect of equity the board have decided that in order to maximise flexibility in the near term with regards to a number of inorganic growth opportunities under review not to 
return any cash by way of a dividend at this time
the board is committed to keeping this policy under review and that it would look to evaluate alternative methods of returning cash to shareholders when appropriate
the objective of the bonus share scheme is to encourage employee share ownership and to link employee’s remuneration to the performance of the company it is not designed as a 
means of managing capital
in respect of cash and borrowings the board regularly monitors the ratio of net debt to underlying ebitda the working capital requirements and forecasted cash flows however no 
minimum or maximum ratios are set the ratio for net debt to reported underlying ebitda  excluding charges for the bonus share schemes is 064 2013 058 the objective is to 
keep this figure below 25
based on this analysis the board determines the appropriate return to equity holders whilst ensuring sufficient capital is retained within the group to meet its strategic objectives 
including but not limited to acquisition opportunities
these capital management policies have remained unchanged from the prior year
28 trade and other payables
27 april 2014 
£’000
28 april 2013 
£’000
trade payables 239463 169976
amounts owed to related undertakings 22 167
other taxes including social security costs 22230 23684
other payables 10263 32634
accruals 120041 93800
 392019 320261
the directors consider that the carrying amount of trade and other payables approximates to their fair value 
notes to the financial statements 
for the 52 weeks ended 27 april 2014
financial statements
70  financial statements
29 acquisitions 
details of principal acquisitions for the 52 weeks ended 27 april 2014 are set out below
i 29 april 2013 acquired the remaining 20 of the ordinary share capital of cruise clothing limited as this is an acquisition of a noncontrolling interest it is outside  
  the scope of ifrs 3 the difference between the consideration paid £10m and the value of noncontrolling interests at the date of acquisition £06m  
  has been recognised as a debit to retained earnings of £04m
ii 21 june 2013 acquired the trading assets of gelert out of administration for cash consideration of £47m the primary business activity was the wholesale and retail  
  of outdoor sporting equipment and clothing and was acquired to complement existing business activities
iii 28 june 2013 acquired 51 of the ordinary share capital of the sports eybl and sports experts group eag a retailer with 58 stores based in austria for consideration  
  of €105m the primary business activity was the sale of sporting equipment and clothing and was acquired in order to enter new territories as part of  
  the group’s european expansion plan
  in addition the group entered into a put and call agreement to acquire the remaining 49 this option was exercised on 26 march 2014 for  
  consideration of €1275m such that the group now has full control and ownership of eag which better enables the group to implement its plans and  
  strategy in this region 
  as this is an acquisition of a noncontrolling interest it is outside the scope of ifrs 3 the difference between the consideration paid £111m and the  
  value of noncontrolling interests at the date of acquisition £85m has been recognised as a debit to retained earnings of £195m
iv 12 august 2013 acquired 60 of the ordinary share capital of sig based in the baltic region for cash consideration of €70m the primary business activity was the sale  
  of sporting equipment and clothing and was acquired in order to enter new territories as part of the group’s european expansion plan
  in addition to acquiring 60 of the share capital of sig the group entered into a call option to acquire the remaining 40 the risks and rewards of  
  ownership of the remaining 40 remain with the noncontrolling interests and therefore the option is accounted for separately the call option has been  
  recognised at fair value through profit or loss using the usual method of accounting for derivatives at their net fair value at the year end date no value  
  has been attributed to the option
the fair value of consideration paid assets and liabilities acquired and resulting goodwill in respect of the above acquisitions is detailed below
eag 
£’000
sig 
£’000
other 
£’000
total 
£’000
cash consideration 9060 5989 6450 21499
less fair value of net liabilitiesassets acquired 10805 3500 5121 9184
goodwill 19865 9489 1329 30683
the strategic rationale for the acquisitions of eag and sig was to enter into new european territories in accordance with the group’s stated strategy the premium paid represents 
the local employee and management expertise and readymade infrastructure in these markets for which a value cannot be attributed to under ifrs3
in accounting for these acquisitions the group has considered whether any fair value adjustments to the assets and liabilities including any separately identifiable intangible 
assets need to be recognised
the following items were considered by the group
freehold property – the majority of the £806m of property plant and equipment in the eag balance sheet is freehold property the group referred to a property valuation report that 
was prepared shortly before the acquisition which provided comfort that the book value was not materially different to market value accordingly no fair value adjustment has been 
made
brands  contracts – the principal activities of both eag and sig are the retailing of thirdparty branded products there were no internally generated brands or other commercial 
contracts that formed part of the acquisition
fascia names – both eag and sig trade from established fascia names the group considered the value of these fascia names using the current level of retail sales and an 
indicative royalty rate discounted at an appropriate risk adjusted cost of capital this exercise indicated that there was no material value to be attributed to the fascia names 
accordingly no fair value adjustment has been made
websites – the websites acquired were not generating profits and therefore no value has been attributed to them
operating leases – there are a number of operating leases within both eag and sig the group consider the rentals payable under these leases to be approximate to market value 
accordingly no fair value adjustment has been made for intangible assets relating to operating leases the group did identify that no provision had been made locally in respect of 
loss making stores and therefore a fair value adjustment has been recognised to align this with the group’s policy
costs of £12m relating to the above acquisitions were expensed through the income statement during the year and were expensed as administration expenses
none of the acquisitions included in ‘other’ above are considered to be individually material
sports direct international plc 
annual report and accounts 2014 71 eag 
the asset values at acquisition are detailed below
carrying values
at acquisition 
£’000
fair value  
adjustment
£’000
fair value of net 
assets acquired
£’000
property plant and equipment               80601  80601                
intangible assets 9117 5825 3292
investments 535  535
deferred tax assets 2742  2742
inventories             42634  42634
trade and other receivables  4526                              4526
cash and cash equivalents             5450                5450
borrowings 93912  93912
retirement benefit obligations 2234  2234
trade and other payables 60903 1565             62468
provisions  433 433
noncontrolling interests 5608 2854               8462
5836     4969  10805
there is no material difference between the gross and net amounts of receivables acquired
the fair value adjustments noted above relate to the consolidated goodwill within the books of eag on acquisition and adjustments to employment related creditors
cash flows arising from the acquisition are as follows 
27 april 2014
£’000
cash consideration 9060
cash acquired 5450
net cash outflow in the cash flow statement 3610
 
sig 
the asset values at acquisition are detailed below
carrying values
at acquisition 
£’000
provisional fair value 
adjustment
£’000
fair value of net 
assets acquired
£’000
property plant and equipment               2056  2056                
intangible assets 155  155
inventories             14456  14456
trade and other receivables  2928                            2928          
cash and cash equivalents             530                530
borrowings 13590  13590
trade and other payables 12514  12514  
noncontrolling interests 2479                                       2479
3500              3500
 
cash flows arising from the acquisition are as follows 
27 april 2014
£’000
cash consideration 5989
cash acquired 530
net cash outflow in the cash flow statement 5459
notes to the financial statements 
for the 52 weeks ended 27 april 2014
financial statements
72  financial statements
other acquisitions 
the asset values at acquisition are detailed below
carrying values
at acquisition 
£’000
provisional fair value 
adjustment
£’000
fair value of net 
assets acquired
£’000
property plant and equipment              1306                 1306
intangible assets 1400  1400
inventories             8906  8906
trade and other receivables               1208                  1208
cash and cash equivalents             112                112
borrowings 1609  1609
trade and other payables 5774              5774
noncontrolling interests                428                428
5121  5121 
 
cash flows arising from the acquisition are as follows 
27 april 2014
£’000
cash consideration 6450
cash acquired 112
net cash outflow in the cash flow statement 6338
 
since the date of acquisition the following balances have been included within the group’s financial statements for the period in respect of the above acquired entities
eag
 £’000
sig
£’000
other
£’000
total
£’000
revenue 214598 39901 22153 276652
operating loss  profit 8658 457 3738 11939
loss  profit before tax 10910 195 3770 14485
had the above acquisitions been included from the start of the period £2754000000 of revenue £253386000 of operating profit and £237627000 of profit before tax would 
have been shown in the group’s financial statements
there were no contingent liabilities acquired as a result of the above transactions
30 cash inflow from operating activities
52 weeks ended
27 april 2014 
£’000
28 april 2013 
£’000
profit before taxation 239452 207226
net finance costs 18962 8571
other investment income 7017 1473
share of profits of associated undertakings and joint ventures 2266 1320
operating profit 249131 213004
depreciation 56963 47920
amortisation 6832 4676
impairment 5815 2217
profit on disposal of intangibles  625
defined benefit pension plan current service cost 22 14
defined benefit pension plan employer contributions 2708 2708
sharebased payments 11927 22183
operating cash inflow before changes in working capital 327982 286681
increase in receivables 18241 6579
increase in inventories 52521 102026
decrease in payables 34435 18982
cash inflows from operating activities 222785 159094
sports direct international plc 
annual report and accounts 2014 73 31 operating lease arrangements 
as at 27 april 2014 the group had outstanding commitments for future minimum lease payments under noncancellable operating leases which fall due as follows  
27 april 2014
£’000
28 april 2013 
£’000
land and buildings
within one year 99041 88044
in the second to fifth years inclusive 329163 306390
after five years 242297 245896
 670501 640330
the leases have varying terms escalation clauses and renewal rights there are no clauses in relation to restrictions concerning dividends additional debt and further leasing 
within our portfolio contingent rents are payable on certain store leases based on store revenue for those leases that are turnoverrelated leases the annual net lease 
commitment is calculated using the estimated lease liability and any changes in the rental charge are accounted for when known amounts of £2213762 2013 £5641000 were 
charged to the income statement in relation to contingent rent
the group sublets certain standalone retail stores which are no longer operated by the group the property rental income earned during the 52 weeks ended 27 april 2014 was 
£6118000 2013 £4249000
as at 27 april 2014 the group had contracts with subtenants for the following future minimum lease rentals
27 april 2014
£’000
28 april 2013 
£’000
land and buildings
within one year 5800 3851
in the second to fifth years inclusive 17812 13147
after five years 22388 15124
 46000 32122
 
32 capital commitments 
the group had capital commitments of £nil million as at 27 april 2014 2013 £58 million
33 contingent assets and liabilities  
there were no material contingent assets or liabilities at the balance sheet date
34 related party transactions  
the group has taken advantage of the exemptions contained within ias 24  “related party disclosures” from the requirement to disclose transactions between group companies 
as these have been eliminated on consolidation
the group entered into the following material transactions with related parties
52 weeks ended 27 april 2014
relationship
sales
£’000
purchases
£’000
trade and other 
receivables
£’000
trade and other 
payables
£’000
related party
heatons associate 28759  5271 
brasher leisure limited associate 11508 209 2179 
newcastle united football club connected persons 3395   
rangers retail limited associate 3843   
52 weeks ended 28 april 2013
relationship
sales
£’000
purchases
£’000
trade and other 
receivables 
£’000
trade and other 
payables
£’000
related party
heatons associate 26820  3816 
brasher leisure limited associate 11023 4554 2611 136
nds ehf associate 3130  998 
newcastle united football club connected persons 498   
queensdown associates associate 1019   
all related party transactions were undertaken on an arms length basis
financial statements
notes to the financial statements 
for the 52 weeks ended 27 april 2014
74  financial statements
27 april 2014
£’000
28 april 2013 
£’000
key management executive and nonexecutive director compensation
salaries and shortterm benefits 1435 1497
sharebased payments 2003 2069
total 3438 3566
 
35 principal subsidiary undertakings  
the principal subsidiary undertakings of the company at 27 april 2014 were as follows 
name country of incorporation
percentage of issued 
share capital held nature of business
antigua enterprises inc usa 100 sporting and leisure goods wholesale and brand licensing
brands  fashion nv belgium 100 brand management and licensing
brands inc limited england 100 brand management and licensing
brands holdings limited england 100 brand management and licensing
cruise clothing limited  scotland 100 fashion retail
donnay international sa belgium 100 sporting and leisure goods wholesale and brand licensing
dunlop slazenger group limited england 100 sporting and leisure goods wholesale and brand licensing
everlast worldwide inc usa 100 sporting and leisure goods wholesale and brand licensing
field  trek uk limited england 100 sporting and leisure goods retail
firetrap limited england 100 fashion retail
the flannels group limited england 51 fashion retail
international brand management limited england 100 brand management
kangol holdings limited england 100 fashion and leisure goods wholesale and brand licensing
karrimor limited england 100 fashion and leisure goods wholesale and brand licensing
lillywhites limited england 100 sporting and leisure goods retail
lonsdale boxing limited england 100 sporting and leisure goods wholesale and brand licensing
lonsdale sports limited england 100 sporting and leisure goods wholesale and brand licensing
smith and brooks holdings limited england 100 fashion and leisure goods wholesale and brand licensing
sondico professional limited england 51 fashion retail
sport eybl gmbh austria 100 sporting and leisure goods retail
sports essentials limited england 100 sporting and leisure goods wholesale and brand licensing
sports direct estonia as estonia 100 sporting and leisure goods retail
sportsdirectcom retail europe sa belgium 100 sporting and leisure goods retail
sportsdirectcom retail limited england 100 sporting and leisure goods retail
sportsdirectcom slvn doo slovenia 100 sporting and leisure goods retail
the trademark licensing company limited england 100 brand licensing
universal cycles limited england 100 cycling wholesaler
used tackle limited england 100 sporting and leisure goods retail
west coast capital usc limited  scotland 100 fashion retail
 
 held by an intermediate subsidiary
all subsidiaries have coterminous year ends all principal subsidiary undertakings operate in their country of incorporation
a full list of the group’s operating subsidiary undertakings will be annexed to the next annual return filed at companies house
there are no significant restrictions on the ability of the subsidiary undertakings to transfer funds to the parent other than those imposed by the legal requirements
sports direct international plc 
annual report and accounts 2014 75 sports direct international plc will provide a parental guarantee for the following companies allowing exemption from statutory audit
company name company number company name company number
j w myers limited 03352462 sdi new cavendish street limited 06306917
sdi aberwystwyth limited 02789996 sdi newark limited 07853470
sdi ashford limited 07848460 sdi newport limited 08679118
sdi ashington limited 07849231 sdi newton abbot limited 06836666
sdi ayr limited 05528267 sdi northampton limited 07852272
sdi bangor limited 05529705 sdi nuneaton limited 07852249
sdi barrow in furness limited 07851574 sdi oswestry limited 07852363
sdi basildon limited 08512592 sdi paisley limited 02933408
sdi beddgelert limited 08577551 sdi penzance limited 07852297
sdi berwick limited 02739957 sdi peterlee limited 07852401
sdi betwsy coed limited 06836673 sdi ramsgate limited 07852250
sdi birkenhead limited 07849198 sdi redcar limited 02731452
sdi bishop auckland limited 03004246 sdi rolle st limited 07852669
sdi bridgwater limited 07852061 sdi scarborough limited 06328463
sdi burton limited 08495632 sdi scunthorpe limited 07852055
sdi carlisle limited 07851959 sdi slough limited 07852417
sdi chatham limited 06836679 sdi southampton limited 08512480
sdi clacton limited 07852078 sdi st austell limited 07852284
sdi colchester limited 05632790 sdi st helens limited 07852281
sdi dunfermline limited 08483679 sdi stafford limited 08568681
sdi exmouth limited 06328505 sdi stoke longton limited 07853877
sdi fulham limited 07852037 sdi stoke newington limited 07852207
sdi gainsborough limited 06338907 sdi strood limited 07852251
sdi galashiels limited 07852091 sdi taunton limited 07852191
sdi gloucester limited 07852067 sdi wakefield limited 08483711
sdi hastings limited 08625893 sdi walsall limited 07852289
sdi keighley limited 06260239 sdi weymouth limited 06716652
sdi kendal limited 06338918 sdi wishaw limited 06656365
sdi kilmarnock limited 07853433 sdi properties wigan limited 06836522
sdi kirkcaldy limited 07852097 sdi property limited 02767493
sdi lowestoft limited 07852265 stirlings argyle street limited sc088108
sdi neath limited 07853548 queensdown associates limited 04298804
 
36 ultimate controlling party  
the group is controlled by mike ashley through his 100 shareholding in mash holdings limited which has a 58 shareholding in the company
37 post balance sheet events  
on 28 may 2014 sports direct international plc and certain subsidiaries the “borrowers” entered into a committed unsecured revolving facility agreement the “revolving 
facility” with 13 financial institutions with barclays bank plc acting as agent the revolving facility is available to any of the borrowers and can be drawn to an aggregate limit 
of £688 million it is capable of being utilised by way of cash advances andor currency borrowings  this facility is not secured against any assets this facility is available until 
27 september 2018
on 18 june 2014 sports direct international plc acquired a 48 stake in mysale group plc which recently commenced trading on the alternative investment market of the 
london stock exchange on 14 july 2014 sports direct announced a partnership with mysale including a new online offering in australia and new zealand and the opening of 
three flagship stores in australia and one in new zealand
on 20 june 2014 the group sold a freehold property for £212m and then entered into an agreement to lease the property back from the buyer
there were no other material post balance sheet events after 27 april 2014 to the date of this annual report
financial statements
notes to the financial statements 
for the 52 weeks ended 27 april 2014
76  financial statements
independent auditor’s report 
to the members of sports direct international plc
we have audited the parent company financial statements of sports direct 
international plc for the 52 week period ended 27 april 2014 which comprise the parent 
company balance sheet and the related notes the financial reporting framework that 
has been applied in the preparation of the parent company financial statements is 
applicable law and united kingdom accounting standards united kingdom generally 
accepted accounting practice
this report is made solely to the company’s members as a body in accordance with 
chapter 3 of part 16 of the companies act 2006 our audit work has been undertaken 
so that we might state to the company’s members those matters we are required to 
state to them in an auditor’s report and for no other purpose to the fullest extent 
permitted by law we do not accept or assume responsibility to anyone other than the 
company and the company’s members as a body for our audit work for this report or 
for the opinions we have formed
 
respective responsibilities of directors and auditor 
as explained more fully in the directors’ responsibilities statement the directors are 
responsible for the preparation of the financial statements and for being satisfied that 
they give a true and fair view our responsibility is to audit and express an opinion 
on the financial statements in accordance with applicable law and international 
standards on auditing uk and ireland those standards require us to comply with the 
auditing practices board’s apb’s ethical standards for auditors
 
scope of the audit of the financial statements 
a description of the scope of an audit of financial statements is provided on the 
financial reporting council’s website at wwwfrcorgukapbscopeprivatecfm
 
opinion on financial statements 
in our opinion the parent company financial statements
• give a true and fair view of the state of the company’s affairs as at 27 april 2014 
• have been properly prepared in accordance with united kingdom generally accepted 
accounting practice and
• have been prepared in accordance with the requirements of the companies act 
2006
 
opinion on other matters prescribed by the companies act 2006 
in our opinion
• the part of the directors’ remuneration report to be audited has been properly 
prepared in accordance with the companies act 2006 and 
• the information given in the strategic report and directors’ report for the financial 
year for which the financial statements are prepared is consistent with the parent 
company financial statements
matters on which we are required to report by exception 
we have nothing to report in respect of the following matters where the companies act 
2006 requires us to report to you if in our opinion
• adequate accounting records have not been kept by the parent company or returns 
adequate for our audit have not been received from branches not visited by us or
• the parent company financial statements and the part of the directors’ 
remuneration report to be audited are not in agreement with the accounting 
records and returns or
• certain disclosures of directors’ remuneration specified by law are not made or
• we have not received all the information and explanations we require for our audit
 
other matter 
we have reported separately on the group financial statements of sports direct 
international plc for the 52 week period ended 27 april 2014
 
philip westerman 
senior statutory auditor 
for and on behalf of grant thornton uk llp 
statutory auditor chartered accountants 
london
17 july 2014
sports direct international plc 
annual report and accounts 2014 77 financial statements
notes
2014 
£’000
2013 
£’000
fixed assets
investments 2 1077408 1066026
current assets
debtors 3 14984 1953
cash at bank and in hand 186 139
15170 2092
creditors amounts falling due within one year 4 114018 89141
net current liabilities 98848 87049
net assets 978560 978977
capital and reserves
called up share capital 5 64060 64060
share premium 6 874300 874300
treasury shares reserve 6 56234 56234
permanent contribution to capital 6 50 50
capital redemption reserve 6 8005 8005
own share reserve 6 13251 64375
profit and loss account 6 101630 153171
shareholders’ funds 7 978560 978977
 
the accompanying accounting policies and notes form part of these financial statements
the financial statements were approved by the board on 17 july 2014 and were signed on its behalf by
 
dave forsey 
director 
company balance sheet 
for the 52 weeks ended 27 april 2014
78  financial statements
notes to the company financial statements 
for the 52 weeks ended 27 april 2014
1 accounting policies 
accounting policies 
these accounts have been prepared in accordance with applicable united kingdom accounting standards a summary of the material accounting policies adopted are described 
below
basis of accounting 
the accounts have been prepared under the historical cost convention
as permitted by section 408 of the companies act 2006 a profit and loss account of the company is not presented the company’s loss after taxation for the 52 week period 27 
april 2014 was £417000 2013 £3249000 loss
investments 
fixed asset investments are stated at cost less any provision for impairment
cost represents cash consideration or the amount of ordinary shares issued by the company at nominal value after taking account of merger relief available under section 612 of 
the companies act 2006 plus related acquisition costs capitalised at fair value
deferred taxation 
deferred tax is provided for on a full provision basis on all timing differences which have arisen but not reversed at the balance sheet date no timing differences are recognised 
in respect of gains on sale of assets where those gains have been rolled over into replacement assets a deferred tax asset is not recognised to the extent that the transfer of 
economic benefit in future is more unlikely than not
deferred tax is calculated on a nondiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse based on tax rates and laws 
enacted or substantively enacted at the balance sheet date
foreign currencies 
items arising from transactions denominated in foreign currencies are translated at the rate of exchange ruling at the date of the transaction at the balance sheet date all 
monetary assets and liabilities denominated in foreign currencies are translated at the closing rate or at the rate of exchange at which the transaction is contracted to be settled in 
the future all exchange differences are recognised in the profit and loss account
dividends 
dividends on the company’s ordinary shares are recognised as a liability in the company’s financial statements and as a deduction from equity in the period in which the 
dividends are declared where such dividends are proposed subject to the approval of the company’s shareholders the dividends are only declared once shareholder approval has 
been obtained
equity instruments 
an equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities equity instruments issued by the company 
with the exception of those accounted for via merger relief available under section 612 of the companies act 2006 are recorded at the proceeds received net of any direct issue 
costs
income from group undertakings 
income from group undertakings is recognised when qualifying consideration is received from the group undertaking
related party transactions 
the company has taken advantage of the exemption contained in frs 8 and has therefore not disclosed transactions or balances with whollyowned subsidiaries which form part 
of the group
sharebased payments 
the company has applied the requirements of frs 20 “sharebased payments” the company issues equitysettled sharebased payments to certain directors and employees of 
the company and its subsidiaries these are measured at fair value at the date of grant which is expensed to the profit and loss on a straightline basis over the vesting period 
based on the group’s estimate of shares that will eventually vest
the expected life used in the model has been adjusted based on management’s best estimate for the effects of nontransferability exercise restrictions and behavioural 
considerations a sharebased payment charge of £11927000 was recognised for the 52 weeks ended 27 april 2014 based on the directors’ best estimate of the number of shares 
that will vest £11345000 of this sharebased payment was recharged to subsidiary undertakings of the company
2 investments
2014
 £’000
as at 28 april 2013 1066026
additions
listed investments 43866
capital contribution in subsidiary 11345
other additions 37
disposals 43866
as at 27 april 2014 1077408
none of the company’s investments at 27 april 2014 are listed
the company is the principal holding company of the group the principal subsidiary undertakings of the company are set out in note 35 to the group financial statements
during the year the company acquired and disposed of £43866000 of shares in debenhams plc
sports direct international plc 
annual report and accounts 2014 79 3 debtors
2014 
£’000
2013 
£’000
amounts owed by group undertakings 318 318
other debtors 14512 995
other taxes and social security costs 154 
prepayments  640
14984 1953
 
4 creditors amounts falling due within one year
2014 
£’000
2013 
£’000
trade creditors 741 1138
amounts owed to group undertakings 112554 87774
accruals 723 190
other taxes and social security costs  39
114018 89141
 
5 called up share capital
2014 
£’000
2013
£’000
authorised 
999500010 ordinary shares of 10p each 99950 99950
499990 redeemable preference shares of 10p each 50 50
100000 100000
called up and fully paid
640602369 2013 640602369 ordinary shares of 10p each 64060 64060
share capital  
at 28 april 2013 and 27 april 2014 64060 64060
 
6 reserves
share premium 
account
 £’000
treasury share 
reserve 
£’000
permanent 
contribution to 
capital 
£’000
capital redemption 
reserve 
£’000
own share reserve 
£’000
profit and loss 
account 
£’000
at 28 april 2013 874300 56234 50 8005 64375 153171
loss for the financial period      417
share scheme vesting     51124 51124
at 27 april 2014 874300 56234 50 8005 13251 101630
the company holds 42137508 ordinary shares in treasury 
 
7 reconciliation of movement on shareholders’ funds
2014 
£’000
opening shareholders’ funds 978977
loss for the financial period 417
closing shareholders’ funds 978560
 
8 post balance sheet events
no material post balance sheet events occurred after 27 april 2014 to the date of this annual report
financial statements
notes to the company financial statements 
for the 52 weeks ended 27 april 2014
80  financial statements
consolidated five year record  
unaudited income statement
52 weeks ended 52 weeks ended 53 weeks ended 52 weeks ended 52 weeks ended
27 april 2014
£’000
28 april 2013
restated
3
£’000
29 april 2012
£’000
24 april 2011
£’000
25 april 2010
£’000
continuing operations
revenue 2705958 2185580 1835756 1599237 1451621
cost of sales 1551036 1290822 1091480 940330 862490
gross profit 1154922 894758 744276 658907 589131
selling distribution and administrative expenses 908843 689578 594368 527273 524611
other operating income 8583 7199 3268 5289 3493
regulatory enquiries     7800
legal dispute   2309 3128 2186
impairment of tangible fixed assets 5531    
profit on disposal of leasehold property   724  
profit on disposal of freehold property   962  
profit on disposal of intangible asset  625 1624 876 
exceptional items 5531 625 5619 2252 9986
operating profit 249131 213004 158795 134671 58027
investment income  costs 7017 1473 5800 9481 24653
finance income 891 1117 6426 2560 40150
finance costs 19853 9688 8481 8953 10528
share of profit of associated undertakings and joint ventures 2266 1320 558 8 7200
profit before taxation 239452 207226 151498 118789 119502
taxation 59839 55569 45867 35566 30286
profit for the period 179613 151657 105631 83223 89216
equity holders of the group 180245 151596 106198 84173 89433
noncontrolling interests 632 61 567 950 217
profit for the period 179613 151657 105631 83223 89216
 
notes to the consolidated income statement five year record
1 all information is presented under ifrs
2 the five year record has been prepared on the same basis as the financial statements for the 52 weeks ended 27 april 2014 as set out in note 1 basis of preparation of the 
consolidated financial statements
3 restatement relates to the adoption of the revised ias 19 ‘employee benefits’ see note 1
sports direct international plc 
annual report and accounts 2014 81 shareholder information
registrar and transfer office 
computershare investor services plc 
the pavilions 
bridgwater road 
bristol 
bs13 8ae
company secretary and registered office 
sports direct international plc 
unit a brook park east 
shirebrook 
ng20 8ry 
telephone 0845 129 9200 
sports direct international plc is registered in england and wales no 6035106
solicitors 
freshfields bruckhaus deringer 
65 fleet street 
london 
ec4y 1hs
brokers 
citigroup global markets limited 
citi centre  
canada square 
canary wharf 
london 
e14 5lb
epirito santo investment bank 
the london stock exchange building 
10 paternoster square 
london 
ec4m 7al
goldman sachs limited 
peterborough court 
133 fleet street 
london 
ec4a 2bb
principal bankers 
barclays bank plc 
5 the north colonnade 
canary wharf 
london 
e14 4bb
hsbc bank plc 
8 canada square 
london 
e14 5hq
auditors 
grant thornton uk llp 
grant thornton house 
melton street 
euston square 
london 
nw1 2ep
annual general meeting 
the annual general meeting of the company will be held at 300pm on wednesday 10 
september 2014 at sports direct international plc the auditorium unit d brook park 
east shirebrook ng20 8ry each shareholder is entitled to attend and vote at the 
meeting the arrangements for which are described in a separate notice 
results 
for the year to 26 april 2015 
interim management statement 10 september 2014 
half year results announced 11 december 2014 
interim management statement 18 february 2015 
preliminary announcement of full year results 16 july 2015 
annual report circulated july  august 2015
shareholder helpline 
the sports direct shareholder register is maintained by computershare who are 
responsible for making dividend payments and updating the register including details 
of changes to shareholders’ addresses if you have a query about your shareholding in 
sports direct you should contact computershare’s sports direct shareholder helpline 
on 0870 707 4030 calls are charged at standard geographic rates although network 
charges may vary
address the pavilions bridgwater road bristol bs99 6zz  
website wwwcomputersharecom
website 
the sports direct website at wwwsportsdirectplccom provides news and details of the 
company’s activities plus information for shareholders and contains real time share 
price data as well as the latest results and announcements
unsolicited mail 
the company is obliged by law to make its share register publicly available and 
as a consequence some shareholders may receive unsolicited mail including from 
unauthorised investment firms
for more information on unauthorised investment firms targeting uk investors visit the 
website of the financial conduct authority at wwwfcagovuk
if you wish to limit the amount of unsolicited mail you receive contact
the mailing preference service 
dma house 
70 margaret street 
london 
w1w 8ss
telephone 020 7291 3310 
fax 020 7323 4226 
email mpsdmaorguk or register online at  
wwwmpsonlineorguk
company directory
82  sports direct international plc unit a brook park east shirebrook ng20 8ry 
0845 129 9200 
wwwsportsdirectplccom


Summary:
 overview of financial performance 
i am pleased to report a further year of strong revenue and profit growth for sports 
direct the results for the year are even more impressive given that the prior year 
included the uefa european championships and the 2012 london olympics and have 
been achieved in a retail environment that remains challenging the group has grown 
consistently and the resilience and flexibility of our business model continues to allow 
us to offer an unrivalled product range offering exceptional quality and unbeatable 
value we will continue to be the consumers’ champion 
building on our strategy of broadening our customer base through expansion during 
the year we have opened c300000 net sq ft of additional retail space across the uk 
refitting a further c300000 sq ft in europe we have opened c200000 net sq ft of 
retail space in our existing business and have acquired a further c19 million sq ft 
with our acquisitions in austria and the baltics
the outperformance that we have achieved over recent years truly serves to 
demonstrate how successful the employee bonus share scheme has been in motivating 
our employees to work towards a shared goal the 2009 scheme targets were achieved 
and the shares vested in august 2012 and 2013 with over 2000 employees receiving 
lifechanging sums as reward for their hard work and dedication to the business over 
the last five years 
underlying ebitda targets under the 2011 employee bonus share scheme for fy12 
fy13 and fy14 have been met with only one target left to achieve the scheme is 
also on course to vest in 2015 and 2017 i am also delighted that following a general 
meeting on 2 july shareholders have now given approval for a new 2015 bonus share 
scheme this will ensure the commitment of our employees for many more years to 
come
group 
for the year we increased group revenue by 238 to £27060m this was primarily 
due to the retail division where we grew revenues by 259 including a 241 
increase in sports retail revenue partly due to the acquisition of eag in austria and 
sig in the baltic region premium lifestyle revenue also grew by 494 due largely to 
the acquisition of republic in february 2013
group gross margin in the year increased by 180 basis points from 409 to 427 
sports retail division gross margin increased by 260 basis points to 429 fy13 
403 while brands division gross margin decreased to 431 fy13 449
group operating costs increased 359 to £8261m fy13 £6079m sports retail and 
brands division operating costs were £6563m fy13 £4796m 
1
 and £631m fy13 
£666m respectively the increase in group operating costs is mainly attributable 
to our recent acquisitions in austria and the baltics excluding the impact of these 
acquisitions group operating costs increased by 197 operating costs increased 
slightly as a percentage of sales from 278 in fy13 to 297 in fy14 excluding the 
impact of acquisitions due to provision reversals in the prior year and the impact of a 
full year of costs within republic
reflecting the success of our approach – balancing revenues and gross margin while 
maintaining a tight focus on operating costs – we grew group underlying ebitda 
before scheme costs for the year by 150 to £3311m fy13 £2879m within this 
underlying ebitda we increased the retail division ebitda by 153 to £3009m 
fy13 £2609m while the brands division ebitda increased by 119 to £302m 
fy13 £270m
excluded from underlying ebitda is an £119m fy13 £221m charge in respect of 
the 2009 and 2011 employee bonus share schemes and the executive bonus share 
scheme this charge has been taken centrally and except in note 4 to the accounts is 
not reflected in the divisional retail and brands numbers in this report 
for the year group underlying profit before tax increased 198 to £2493m primarily 
as a result of the £432m increase in ebitda prescheme costs and a £102m 
reduction in employee bonus share scheme charges offset by a £93m increase in 
depreciation and amortisation underlying eps for the year increased by 193 to 
321p fy13 269p 
net debt at 27 april 2014 was £2120m 28 april 2013 £1540m which is 066 times 
reported ebitda 28 april 2013 058 times reported ebitda includes realised foreign 
exchange gainslosses in selling and administration costs and the employee bonus 
share scheme charges
review by business segment 
retail revenue
52 weeks ended 
27 april 2014 
£’m 
28 april 2013 
£’m
sports retail 22744 18333
premium lifestyle
1
2141 1433
total retail revenue 24885 19766
cost of sales 14273 11756
gross profit 10612 8010
gross margin percentage 426 405
1 fy13 premium lifestyle revenue restated to include republic previously included within wholesale and other
 
brands revenue 
52 weeks ended 
27 april 2014 
£’m 
28 april 2013 
£’m
wholesale 1852 1783
licensing 323 307
total brands revenue 2175 2090
cost of sales 1238 1152
gross margin 937 938
gross margin percentage 431 449
 
sports retail 
sports retail revenue growth has continued with the acquisition of two international 
subsidiaries in austria and the baltics as well as further enhancements in our retail 
and logistics infrastructure
sports retail sales grew 241 to £22744m fy13 £18333m driven by our recent 
european acquisitions and strong growth in our existing business sports retail 
gross margin for the year increased by 260 basis points to 429 fy13 403this 
increase is mainly attributable to ongoing investment in our ‘better and best’ product 
range and the further development of group brands 
sales in the second half of the year were up 255 to £11383m fy13 h2 £9073m 
gross margins for the second half of the year improved to 425 fy13 h2 397 
sports retail likeforlike gross contribution which excludes online increased by 
105 marking the fifth consecutive year of growth in this kpi against a tough 
comparator last year which included the uefa european championships and the 2012 
london olympics fy13 106  fy12 07  fy11 68  fy10 37 
sports retail likeforlike contribution is defined as the percentage change in gross 
contribution in the successive 12month period a likeforlike store is one that has 
been trading for the full 12 months in both periods and has not been affected by a 
significant change such as a major refurbishment the number of stores included in 
this year’s kpi is 339 fy13 340
sports retail operating costs increased by 368 to £6563m including acquisitions 
fy13 £4796m excluding the impact of acquisitions operating costs increased by 
163 to £5576m  operating costs in h2 increased by 123 to £2836m fy13 h2 
£2526m 
strategic report
chief executive’s report  business review 
1 fy13 comparative now excludes operating costs in republic now included within premium lifestyle
sports direct international plc 
annual report and accounts 2014 13 online 
we have experienced growth in online revenue which has increased by 268 from £2646m to £3354m in the year  
this represented 171 of sports retail sales fy13 150 excluding wholesale sales and sales in eag and sig including 
eag and sig online revenue represented 151 of sports retail sales online sales to nonuk customers now represent 
465 of all online sports retail sales fy13 351 and 482 of online contribution fy13 338
our multichannel offering remains a strategic focus for the group order fulfilment and information technology solutions 
are developed inhouse with full backup support from our national distribution centre in shirebrook derbyshire specific 
customer landing pages and ‘my account’ pages have now been upgraded and provide an improved customer experience  
401 of the uk store fascia are now branded sportsdirectcom an increase of 25 from last year fy13 376
approximately 25 of visits to sportsdirectcom are now made via mobile devices given the rapid developments in this 
area we have updated our mobile site to support multiple language and currency options customer satisfaction through 
a multichannel offering remains one of our key areas of focus during fy15 we aim to enhance the customer experience by 
upgrading our search facility to ensure that the results are as relevant as possible we are developing additional functionality 
including click  collect which is expected to be rolledout in uk sports direct stores during autumnwinter 2014 online gift 
cards and the opportunity to open a credit facility
strategic report
chief executive’s report  business review  
continued
store wages were up 375 in the year to £2114m fy13 £1537m but as a 
percentage of sales increased only slightly to 93 fy13 84 sports retail 
premises costs increased by 331 to £1927m fy13 £1448m largely due to 
a £146m reversal of our onerous lease provision in fy13 following the closure of 
a significant number of unprofitable stores excluding the impact of this reversal 
premises costs increased by 209 other operating costs were up 328 to £2466m 
fy13 £1857m increasing slightly as a percentage of sales to 108 fy13 101
the currency impact due to the change in the eurosterling exchange rate was a cost of 
£56m in the current year fy13 a gain of £46m
underlying ebitda for sports retail was £3213m fy13 £2599m an increase of 
236 for the year 202 excluding the impact of acquisitions this increase was 
driven by a £2366m increase in gross profit including acquisitions due to the  
growth in store contribution and online sales offset by the £1767m increase in 
operating costs
the group’s retail businesses performed strongly in a difficult economic environment 
our retail model offering outstanding value to our customers remains resilient both 
in the uk and internationally throughout the year we continued to focus on offering 
our customers the most comprehensive product range the best availability and value 
while minimising operating costs as a percentage of gross sales  
the group has continued its planned expansion into europe with the acquisition  
of two key subsidiaries in june 2013 the group acquired a 51 stake in the sports 
eybl  sports experts group ag eag a leading sports retailer with stores in austria 
and germany the remaining 49 of the business was subsequently acquired in 
march 2014 in august 2013 the group acquired a 60 shareholding in sportland 
international group sig the market leader in the baltic states of estonia latvia  
and lithuania
we are currently in the final design stages for phase three of the development of our 
national distribution centre in shirebrook the construction of an additional c600000 
sq ft warehouse and office facility preparation of the site is already in progress 
with the aim of commencing works in september 2014 and completion of the project 
anticipated for late 2015
employee training continues to be a major area of investment during the last year  
over 50000 hours were devoted to training and developing our colleagues our 
national training facility in shirebrook is committed to maximising the individual 
performances of our employees and to helping others to identify work towards and 
achieve their own distinct career goals
the national training facility is supported by nike and puma who have their own 
individual environments this unique training experience is the only centre of its type 
globally for both nike and puma
our store portfolio remains constantly under review with the performance of each 
store and ways of maximising performance being regularly examined during the year 
we opened 32 stores in the uk closing 10 and have opened an additional 15 stores 
in europe closing five through acquisitions we also added a further 134
1
 stores in 
austria and the baltics
we increased our period end squarefootage to c45m sq ft
2
 fy13 c40m in the 
uk and c30m sq ft
3
  fy13 c11m sq ft across the rest of europe including an 
additional c19m sq ft as a result of acquisitions we also refitted c300000 sq ft 
of our existing retail store space in the uk
1 store numbers taken at date of acquisition
2 due to differing methodologies this implies a range between 425m sq ft  475m sq ft
3 due to differing methodologies this implies a range between 275m sq ft  325m sq ft
during the year the expansion of the shirebrook sports direct store was also 
completed the expanded store includes dedicated nike and puma areas as well as 
enhanced running outdoor football and women’s fitness areas following the success 
of the shirebrook store our oxford street store relocated to the former hmv store in 
may 2014 the continued evolution of the whole estate and in particular key city centre 
stores is vital in building relationships with thirdparty brands and will continue with 
the redevelopment of our glasgow store which is expected to finish in autumn 2014
in fy15 we are targeting to refit c400000 sqft of retail space across the uk
14  strategic report
uk store portfolio
27 april 2014 28 april 2013
stores at year end 418 396
opened 32 37
closed 10 36
freehold properties 59 52
sportsdirectcom fascias 401 376
other 17 20
area sq ft c45m c40m
 
in the 52 weeks to 27 april 2014 rent reviews have been agreed on 30 stores the 
average increase in rent was 064 013 annual equivalent there are currently 41 
rent reviews outstanding with a further 54 falling due in fy15 our lease expiry profile 
over all leasehold stores excluding lillywhites piccadilly is now 51 years including 
68 stores with contractual expiries or break dates within the next 12 months  this 
significant amount of flexibility within our portfolio allows us to continue to monitor and 
adapt our format to the rapidly changing multichannel environment
in the current financial year we are targeting to open between 30 and 40 stores c30 
of which are expected to be relocations in the first quarter we have already opened 
10 stores and have closed five of which four were due to relocations within the same 
town
we continue to benefit from the acquisition of the properties purchased from mike 
ashley in 2012 which have resulted in a £94m increase to ebitda when viewed 
against a proforma comparative
fy14 proforma  
£
fy14 inc 
acquired ma 
properties 
£
rental charge – 32 stores 
1
76 
thirdparty rental income  19
ebitda contribution 32 stores 165 259
1 assumed rent based on 10 of store turnover
international store portfolio preexisting business
27 april 2014 28 april 2013
belgium 44 45
slovenia 15 15
portugal 15 15
poland 7 
france 6 6
netherlands 6 6
cyprus 5 6
hungary 4 2
czech republic 4 2
slovakia 3 3
luxembourg 2 2
spain 1 
total 112 102
 
note excluding republic of ireland  iceland 
 
fy14 acquisitions
27 april 2014
austria 52
estonia 36
latvia 24
lithuania 20
germany 3
total 135
 
all of the above stores are operated by companies whollyowned by the group except 
portugal where the group owns 501 and estonia latvia and lithuania where the 
group owns 600 as part of the accelerated growth programme in our european 
subsidiary we now have an additional 10 stores in europe and have entered two new 
countries spain and poland including our recent acquisitions in austria and the 
baltic region we are now active in 19 countries across europe includes associates in 
the republic of ireland and iceland 
the integration of eag initially focused on the sports expert format but has now been 
extended to include the eybl fascia sports direct point of sale systems are now in all 
stores with all eag stock now centrally managed while the strategic focus to date 
has been the sellthrough of legacy stock we also intent to rebrand all eag stores to 
sportsdirectcom
our strategy remains to identify partners in new territories while continuing to expand 
our operations in the countries where we currently trade for fy15 in line with our 
accelerated european expansion we are targeting 1015 organic new stores in the first 
quarter we have opened three stores closing two
the group has a 50 shareholding in the heatons chain which operates 15 sports 
direct stores in northern ireland and 26 sports stores in the republic of ireland we also 
own a 25 shareholding in the sports direct store in iceland
local management continue to work hard to ensure that all new and existing stores in 
europe are committed to striving towards the operational efficiencies and standards 
that exist across our uk sports stores
sports direct international plc 
annual report and accounts 2014 15 chief executive’s report  business review  
continued
premium lifestyle 
premium lifestyle sales grew 494 to £2141m fy13 £1433m in large part due to 
the inclusion of a full year’s trading in republic which was acquired in february 2013 
premium lifestyle gross margin for the year decreased by 350 basis points to 403 
fy13 438 due to the clearance of old stock in the year
premium lifestyle operating costs including republic increased by 729 to £1067m 
fy13 £617m excluding republic operating costs increased by 52 to £587m 
fy13 £558m 
underlying ebitda for premium lifestyle was a loss of £204m fy13 £10m profit 
this was largely due to significant restructuring costs within republic we are 
targeting to see the benefit of this restructuring along with the impact of the closure 
of a significant number of lossmaking stores in the year in fy15 
integration of our premium lifestyle division has continued in the year including it 
systems in flannels cruise and republic and the relocation of the flannels head 
office to our site in wigan the previous republic warehouse and head office has been 
relocated to the existing usc facilities and 53 former republic stores were converted 
to the usc fascia not withstanding this progress supply from major thirdparty 
brands remains very challenging
the fy13 results included nine months of trading for flannels and two months for 
republic 
online revenue in the division increased by 576 in the year to £375m fy13 
£238m during the year the division’s ecommerce platforms have been integrated 
with the group’s it systems these now consist of flannelscom cruisefashioncouk 
and usccouk 
usc online sales increased by 1165 to £236m fy13 £109m due to improved 
stock availability and increased brand awareness the launch of the usc and flannels 
mobile platforms in november 2013 has also contributed towards the increase in 
online sales in the premium lifestyle division
at the year end the premium lifestyle division traded from 126 stores under five main 
fascias
27 april 2014 28 april 2013
usc 90 40
republic  104
van mildert 9 10
cruise 10 8
flannels 8 8
other 9 8
total 126 178
brands  
the group’s brand portfolio includes a wide variety of worldfamous sport fashion and 
lifestyle brands the group’s retail division sells products under these group brands 
in its stores and the brands division exploits the brands through its wholesale and 
licensing activities the brands division continues to sponsor a variety of prestigious 
events and retains a variety of globallyrecognised highprofile sportsmen and women 
as brand ambassadors
brands division total revenue increased by 41 to £2175m fy13 £2090m 
wholesale revenues were up 39 to £1852m fy13 £1783m with continued growth 
in the key us market which now represents 394 of total wholesale revenue
brands gross margin decreased by 180 basis points to 431 fy13 449 
wholesale gross margins fell 220 basis points to 332 fy13 354 negatively 
impacted by the loss of firetrap wholesale income and stock clearance in gelert 
acquired in july 2013 following the acquisition of the gelert brand and assets from 
the administrator the business underwent a complete customer and operational review 
resulting in significant cost savings and a more efficient business going forward
licensing revenues in the year were up 52 to £323m fy13 £307m we 
signed 84 new licence agreements covering multiple brands product categories 
and geographies with minimum contracted values of 507m over the life of the 
agreements at 27 april 2014 the group had 427 licence agreements worldwide 
across 273 licensees with contracted minimums of 309m over the remaining life of 
the agreements
longer term we still regard licensing as the key driver of brands division profitability 
and central to the overall growth of the brands business the key growth areas are 
expected to include asia pacific the middle east and north africa and the americas 
which should compensate for a more challenging licensing landscape in the uk and 
europe as sports retail continues to expand in these territories 
operating costs decreased by 53 to £631m fy13 £666m as we begin to benefit 
from the consolidation of our back office functions with both firetrap and gelert now 
fully integrated the full impact of the consolidation of back office functions across the 
brands division is expected to be felt in fy15 as a result of cost savings underlying 
ebitda increased by 119 to £302m fy13 £270m
we continue to focus on developing worldclass products that are endorsed by leading 
athletes on the field of play and continue to invest in our key brands
strategic report
16  strategic report
employees 
the success of the group has largely been 
created by our c28000 employees whose 
dedication and commitment has been 
sustained over many years their enthusiasm 
and “one team” attitude has assisted the 
group to succeed where many other retailers 
have failed the board are extremely grateful 
for the time that our employees have taken to 
develop their skills and expertise we promote 
staff training wherever possible to enable our 
employees to be the best that they can be 
the 2009 and 2011 employee bonus share 
schemes have been fundamental tools in the 
motivation and incentivisation of employees 
under the 2009 employee bonus share 
scheme c27 million shares vested with 
our eligible employees subject to achieving 
the fy15 ebitda target and satisfactory 
personal performance a further c20 million 
shares are expected to vest under the 2011 
employee bonus share scheme
contracts essential to the business of the group 
the group has longestablished relationships with nike and adidas the major 
suppliers of thirdparty branded sporting goods and considers that continued supplies 
from these companies are critical to the business of the group
environmental matters  
the corporate responsibility report is on pages 20 to 23 and a review of the 
assessment of the group’s impact on the environment is included in the corporate 
responsibility report on page 22
research and development 
the group’s success depends on the strength of the group brands and to a lesser 
extent the licensedin brands
the group’s efforts to continually develop or obtain brands in a timely manner or at all 
may be unsuccessful
outlook 
overall trading since the year end has been in line with management’s expectations 
with some stronger weeks offset by england’s disappointing world cup matches 
the group’s performance continues to benefit from a number of factors including the 
historic investment in gross margin investment in product range and availability 
increased operating efficiencies and the continued optimisation of the group’s instore 
and web product offer 
based on the performance to date we are very confident of achieving the final ebitda 
target of £300m before scheme costs under the 2011 employee bonus share scheme 
consistent with previous guidance we continue to target an underlying ebitda 
target of £360m before the charge for the 2011 employee  executive bonus 
share schemes the group’s success is underpinned by our core strategy offering 
our customers a wide range of products which represent exceptional quality and 
unbeatable value
 
dave forsey 
chief executive
17 july 2014
the 2011 employee bonus share scheme underlying ebitda targets before scheme costs relate to performance between fy12 and fy15 the fy12 target of £215m the fy13 
target of £250m and the fy14 target of £260m have all been achieved the fy15 target is £300m before scheme costs and this final target combined with the individual 
employee’s satisfactory personal performance must be achieved in order for the scheme to vest
shares under the 2011 employee bonus share scheme are due to vest in 2015 and 2017 under the 2011 employee bonus share scheme employees are eligible for awards on a 
prorata basis depending on their length of service with the group awards under the 2011 scheme are granted at either 100 75 50 or 25 of the employees’ base pay 
subject to the performance criteria being fulfilled c5 million shares are due to vest in 2015 and c15 million shares are due to vest in 2017
an additional 3 million shares are due to vest with one of our executive directors and two members of senior management in 2017 under the executive bonus share scheme 
subject to performance criteria being fulfilled the executive bonus share scheme performance targets mirror those to be applied to awards under the 2011 employee bonus  
share scheme 
as a result of the successes of previous schemes the 2015 bonus share scheme has been devised to encourage further outstanding employee performance the scheme will 
provide for the grant of nilcost options over up to 25 million shares the vestings are dependant on particularly stretching performance criteria spanning between fy16 and fy19 
with targets of £480m for fy16 £570m for fy17 £650m for fy18 and £750m for fy19 the scheme has the potential to not only motivate employees but also to create a further 
substantial increase in shareholder value
sports direct international plc 
annual report and accounts 2014 17