Sports Direct sees record profits

Mike Ashley’s sportswear empire jumped to a record profit today after a six-month period that saw a boost from the London Olympics and Paralympics and also saw rival JJB collapse into administration.

Sports Direct said half-year revenues were up 22.5% to just over £1 billion amid strong growth in its 398 UK shops and branded sportswear division.

Pre-tax profits rose by a quarter to £125.2 million in the six months to October 28th, with the UK’s sporting summer playing a major role in boosting demand.

Chief executive Dave Forsey said: “There is no doubt that Team GB’s outstanding performance has helped increase the awareness and popularity of sport across the UK, and that we have maintained our position as the consumers’ champion.”

The company said it is currently on track to meet its earnings target for the full year of £270 million, which is the latest benchmark on a staff bonus scheme that recently delivered a £15,000 shares windfall to 1,750 workers.

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