StockMarketWire.com - First half underlying pre-tax profit was down 26.8% at sports retailer Sports Direct.

Group revenue increased 4.5%, excluding acquisitions and at constant currency revenue increased 0.2%.

UK sports retail revenue fell 0.2% thanks to store closures the company's premium lifestyle business was up nearly 30% thanks to new Flannels stores.

Department store House of Fraser, acquired in August, contributed revenue of £70.1m.

Group underlying EBITDA was down 4.7% to £148.8m. Excluding acquisitions and on a currency neutral basis, Underlying EBITDA was up 14.6%

Net debt was up from £397.1m as at 29 April 2018 to £505m.

Chief executive Mike Ashley said: 'Outside of the House of Fraser acquisition the Sports Direct Group has had another successful period reporting a 15.5% growth in underlying EBITDA to £180.3m. This is impressive in the context of the current struggles in the High Street and shows our elevation strategy continues to go from strength to strength.

'Excluding House of Fraser we anticipate we will be within our previously communicated underlying EBITDA growth range of 5-15% by year end, including House of Fraser we expect to be behind last year's result.'




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