Sports Direct posts strong first-half profit rise

LONDON, England - Britain's biggest sporting goods retailer Sports Direct posted a strong rise in first-half profit and said it remained on the hunt for further expansion opportunities in Europe.

The group, which has over 600 sports stores in Europe, including 400 in the UK, said on Thursday core earnings for the six months to Oct. 27 was 183.3 million pounds, up 12.3 percent on a year ago and broadly in line with analysts' forecasts.

Total sales surged ahead of the group's expectations to 1.34 billion pounds, up 23.5 percent, after a strong sports retail showing in the UK, Europe and online.

Underlying pretax profit jumped 17 percent to 146.2 million.

The firm said it was confident of reaching at least its full-year target of underlying earnings before interest, tax, depreciation and amortisation (EBITDA) of 310 million pounds, before a charge for bonus share schemes.