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Sports Direct ups earnings forecast

Sports Direct International has upped its profit forecast after group sales rose 10% to £375 million over the 13 weeks to July 26.

Gross profit climbed to £157m from £150m over the corresponding period, which the retailer said meant it would now achieve underlying EBITDA of at least £150 million this financial year, up from a forecast of at least £140 million in July.

Sports Direct chief executive David Forsey said: “Since the end of July, trading has continued to be ahead of last year and we are very comfortable with our expectation of reducing net debt to below £400 million.”

Sports Direct opened five new stores during the period including three Field & Trek outlets, and closed two stores, one of which was a relocation.

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