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Sports Direct profits jump 13.3% as sales grow

Sports Direct retail gross profit advanced 13.3% to £119m as sales thrive.

Retail sales grew 12.1% to £296m in the nine weeks to September 25 as the retailer’s extra investment in margin and additional marketing bore fruit.

Total sales grew 11.5% to £329m over the period and gross profit increased 12% to £131m.

Sales and profits from Sports Direct newly formed premium lifestyle division, which it set up following its acquisition of USC and Cruise in July, are not included.

The retailer is remained confident about reaching its full year targeted underlying EBITDA of £215m.

Sports Direct chief executive Dave Forsey said: “The group has delivered strong growth through the second quarter, further validating our resilient business model. 

“We remain positive about the group’s outlook and are excited about the opportunities in 2012 with the official Sport Relief t-shirt available exclusively instores and online from 19 January 2012 and both UEFA Euro 2012 and the London Olympics in the summer.”

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