Strong results for Sports Direct as clothes shop Republic catapults profit

Sport Direct International has announced a 15.1 per cent sales increase for the nine weeks to 29 September, with gross profit up 19.4 per cent to £199.8m (from £167.4m like-for-like). (Release)

The buying up of clothes shop Republic back in February saw Premium lifestyle sales soar in the period - sales and gross profit from the retailer rose 74.9 per cent to £32.0m (£18.3m), with gross profit increasing 82.9 per cent to £13.9m (£7.6m like-for-like).

Total sales of £463.7m (402.7m like-for-like) were accompanied by a sports retail sales increase of 14.8 per cent to £395.7m (from £344.7m like-for-like).

In June and August, Sports Direct acquired Sports Eybl, Sports Experts AG and Sportland International. Sales and gross profits of these groups are not included in the trading results.

Dave Forsey, chief executive of Sports Direct International said: "as we highlighted this time last year, the London Olympics was followed by an excellent 'back to school' period. Therefore to continue to produce these numbers, especially within Sports Retail, clearly demonstrates the strength of our business model."

Confident it'll reach its £310m target, the company will announce its Interim Results for the 26 weeks ending 27 October on 12 December 2013.

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