Life Style Sports profits down nearly €2.6m

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Fashion retailer Life Style Sports announced that its pre-tax profit fell by almost 2.6 million euros in the financial year ended September 26, 2020, during a period which would have been affected by the Covid pandemic.

According to its latest financial results, Lifestyle Sports (Ireland) Ltd (the stores are called Life Style Sports) announced a drop in turnover from €11.7m to around €100.1m over the period.

Its pre-tax profit fell from €6.1 million in its 2019 financial year to €3.5 million in 2020.

Lifestyle Sports operates through several wholly owned subsidiaries, representing approximately 40 physical stores. It also runs an online store under the domain name “lifestylesports.com” through which it also runs its international e-commerce business.

The results showed that Lifestyle Sports had the full-time equivalent of 361 people employed at the end of 2020, up from 446 in 2019.

Lifestyle Sports also recorded exceptional charges of just over €679,000, compared to almost €228,000 the previous year, related to store closures and
restructuring costs.

The Lifestyle retail business is owned by Stafford Holdings, owned by the Stafford family based in Bray, Co Wicklow. The Stafford family acquired Lifestyle Sports for approximately €60 million in December 2005.

According to Stafford Holdings results, which were also released last week, the company had revenue of 105.4 million euros in the fiscal year ended September 30, 2020.

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