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Sports Direct's sales rise

Sporting goods retailer Sports Direct has reported a 2% rise in first-half profit and said it was on track to meet its target for the year.

CITY & CORPORATE

Sports Direct's sales rise

Sporting goods retailer Sports Direct has reported a 2% rise in first-half profit and said it was on track to meet its target for the year.

The company, which owns Sports World and Lillywhites, said revenue rose 8.4% to £888.6 million in the six months to 23 October. 

Underlying EBITDA before staff bonus scheme costs rose to £139.2 million from the £136.5 million achieved in the same period last year.

Chief Executive Dave Forsey said: "We believe our Employee Bonus Share Schemes continues to underpin our performance.

"This strong performance yet again demonstrates the success of our unique and resilient business model, and was delivered against both a tough FIFA World Cup comparison last year and an especially fragile consumer environment." 

Sports Direct said its online sales increased by 85% in the half year. UK retail revenues rose 8.2% to £697.1 million and international retail revenues increased by 22.3% to £81.3 million.

The company said its board was confident of reaching £250 million  underlying EBITDA target (before scheme costs) for the full year 2013, and was looking forward to opportunities arising from a busy summer of sport including both the UEFA European Championships and the Olympics.

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