Web sales underpin strong results for Sports Direct International

Internet sales played an increasing role in driving up revenue at sports clothing retailer Sports Direct International over the six months to October 28th.

In the group's interim results published on Thursday, group revenue rose 22.5% to £1,088.9m with significant growth across all divisions.

Sports online sales rose 54% and now represent 12.5% of total sports retail sales compared to 9.5% in the first half of 2012.

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Group underlying earnings before interest, tax, depreciation and amortisation (EBITDA) rose 17.2% to £163.2m, up from £139.2m in the first half of 2012.

In addition to opening outlets in four new European countries, the group also acquired the Flannels Group for its Premium Lifestyle division.

Dave Forsey, Chief Executive Officer of Sports Direct International, commented: "The first half has been another record period for Sports Direct with the London 2012 Olympics and Paralympics playing a significant part in the Group's strong results. 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 group continues to deliver growth across its divisions and we have maintained our investment in margin, inventory and extra group marketing, while also investing for future growth, particularly in our International and e-Commerce divisions.

"As stated in October, the board remains confident of reaching our full year targeted underlying EBITDA of £270m before the charge for the Bonus Share Schemes."

MF