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Sports Direct raises full-year profit outlook

Sports Direct’s full-year profit before tax and earnings per share will be ahead of market expectations, shareholders will be told at the Mike Ashley-owned retailer’s annual conference today.

Underlying EBITDA will be in line with expectations of £380m.

Sports Direct said the profit and earnings uplift was thanks to its “continued and prudent depreciation policy and lower interest charges”.

As of April 26, the retailer’s net debt was £60m compared to £212m the year before.

The conference will be attended by 900 employees and partners from all of Sports Direct’s major third-party suppliers.

Management will update shareholders on the continued investment in its large format UK city centre stores and 10 Austrian megastores, as well as the plans for combined gym and sports retail concepts following a successful launch in Aintree, Merseyside, last year.

Sports Direct will announce its preliminary results for the year ended April 26, 2015, on July 16.

@KirstyMcGregor

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