Profits down at Life Style Sports by nearly €2.6m

Fashion retailer Life Style Sports reported its profit before tax fell by almost € 2.6m in the year ended September 26, 2020, during a period that would have been affected by the Covid Pandemic.

ccording to its latest financial results, Lifestyle Sports (Ireland) Ltd (the stores are called Life Style Sports) reported an € 11.7m reduction in turnover to around € 100.1m in the period.

Its profit before tax fell from € 6.1m in its 2019 financial period to € 3.5m in 2020.

Lifestyle Sports operates through several wholly-owned subsidiaries, representing around 40 bricks-and-mortar stores. It also manages an online store under the domain name ‘lifestylesports.com’ though which it also runs its international e-Commerce business.

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

Lifestyle Sports also reported exceptional charges of just over € 679,000, up from nearly € 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 around € 60m in December 2005.

According to the results for Stafford Holdings, which was also released last week, the company had a turnover of € 105.4m in the year ended September 30, 2020.

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