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Sports Direct doing well in year of two halves

Last updated: 09:25 11 Dec 2014 GMT, First published: 10:25 11 Dec 2014 GMT

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The summer and autumn trading period for sportswear seller Sports Direct (LON:SPD) was a good one, despite England’s early exit from the World Cup.

As well as grumbling about England’s failure to qualify from one of the weaker groups in the World Cup, the company also sang the traditional retailer’s lament about the weather, claiming that a milder-than-usual autumn had reduced footfall.

The seller of replica football shirts saw group revenue rise 6.5% to £1.43bn in the 26 weeks to 26 October from £1.35bn in the same period of last year, when there was no major football tournament.

Underlying profit before tax jumped 9.8% to £160.6mln from £146.2mln last year, while reported profit before tax advanced 4.6% to £149.7mln from £143.1mln at half-time last year.

"Trading since the period end has been in line with management expectations and while we retain the ability to invest in margin, inventory and group marketing to deliver long-term sustainable growth, we remain confident of achieving at least our full year internal underlying EBITDA target of £360mln, before the charge for the Employee Bonus Share Schemes," said Dave Forsey, chief executive of the retail group that was founded by Newcastle United chairman, Mike Ashley.

Shares initially dipped to 648p on the results, but by mid-morning were up 5p at 680p.

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