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Sales soar by 18% at Sports Direct

Group sales at Sports Direct increased by 18.2% to £613.3m for the 13 weeks to July 28, as the company builds on a strong start to the year.

Total gross profit rose 23.2% to £260.1m for the period.

Across Sports Direct’s sports retail arm, sales increased by 14.5% to £505.3m. Gross profit increased by 20.3% to £215.6m from £179.2m in 2012.

With the inclusion of Republic in this set of results Sports Direct’s premium lifestyle sales, which also incorporates USC, Cruise and Van Mildert, were up 98.3% to £57.1m, with gross profit increasing 91.7% to £23.2m.

Sports Direct’s branded arm, which includes Firetrap, posted a 4.3% rise in revenue to £50.9m.

Dave Forsey, chief executive of Sports Direct International said: “The group has experienced a strong start to the year with trading ahead of management’s expectations. 

“This performance is in part attributable to the historic investment in gross margin, the on-going investment in product range and availability, and continued optimisation of our online and in-store product offer.”

As a result Sports Direct maintained its underlying EBITDA target of £310m, he added.

The company’s surging valuation has put the retailer on course to join the FTSE 100 for the first time since it floated on the London Stock Exchange.

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