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SPORTS DIRECT INTERNATIONAL

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Company details
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Name: SPORTS DIRECT INTERNATIONAL
Ticker: SPD
Sector: Apparel Retailers
Index: 3%
Date joined: 24-Dec-12
EO %: 5.9%
Accounts: Apr-12
Revenue (£m): 2,040.0
Employees: 12,150
Website: www.sportsdirect.com
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Ownership Attributes
Employees - individually %:
Employees - through a trust %:
Directors %:
External shareholders %:
SAYE (Yes/No):
SIP (Yes/No):
CSOP (Yes/No):
EMI (Yes/No):

Company description

Sports Direct International plc, along with its subsidiaries, is engaged in retailing of sports and leisure clothing, footwear and equipment; wholesale distribution and sale of sports and leisure clothing, footwear and equipment under its owned or licensed brands, and licensing of the Company brands. It has two segments: retail and brands. The retail segment comprises the retail network of stores. The brands segment comprises the identification, acquisition, development and trading of a portfolio of sports and leisure brands. On July 8, 2011, it acquired 80% interest in West Coast Capital (USC) Ltd and 80% of the ordinary share capital relating to Cruise Clothing Limited. On July, 25, 2011, the Company acquired the remaining 50% of the ordinary shares of No Fear International Limited. On January 17, 2012, it acquired the remaining 20% of share capital in West Coast Capital (USC). On February 17, 2012, it acquired Delima Limited. On March 16, 2012, it acquired Firetrap brand.

Employee ownership description

Sports Direct established a bonus share scheme in 2009, the first shares from which vested in August 2012. All permanent UK employees in UK Retail, Brands and Head Office with not less than one year s service at the beginning of 2009-10 were eligible to participate, irrespective of seniority. The scheme covers around 2,000 of the group s 18,210 employees. The scheme is in two parts and combines retention incentives and performance incentives. The first bonus was 25% of base pay in shares at a notional share price of �1.00 per share. The bonus target was Underlying EBITDA of �155m in 2009-10. The first bonus will vest two years after the EBITDA target of �155m is reached, and is subject to continuous employment until then. The second bonus was 75% of base pay in shares at a notional share price of �1.25 per share. The second stage of the bonus is conditional upon the first bonus target being met in 2009-10, and the second bonus targets are: Underlying EBITDA of �195m in 2010-2011, and Underlying EBITDA/Net Debt ratio of 2 or less at the end of 2010-11. The second bonus will vest, subject to continuous employment until then, 2 years after the second bonus target is met. In July 2011, the company reported that it had hit both years EBITDA targets so that shares would vest fully in August 2012 and August 2013. It is thought to be the largest share pay-out for shop staff in Britain. Full-time workers will get shares worth more than twice their salaries, which average �20,000. Following the success of the 2009 scheme, the company set up a 2011 Bonus Share Scheme, which was approved by the Board on 10 September 2010. This second scheme covered around 3,000 employees. The first award of 30,000,000 shares was granted on 10 September 2010 at an average price of 125.5p. These shares will only vest if the performance conditions are met over the next 5 years. In his statement in July 2011, the chairman said: Central to the success of the Group over the last few years has been the highly motivating Employee Bonus Share Scheme. I am delighted that with today s results which I feel sure are in some part due to this scheme. Having hit this year s underlying EBITDA targets, we are able to reward our qualifying employees with share payouts in both 2012 and 2013. This will make a meaningful difference to over 2,000 of our valued people. We are determined they will continue to benefit from the Group s success as we look to extend this scheme in future years.

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