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(Sharecast News) - Sports Direct owner Frasers Group posted an 8% rise in interim profits, driven by a strong jump in sales at its international division.
The company, majority-owned by Mike Ashley, posted pre-tax profits of £310m for the six months to October 29. Retail revenue was up 4% to £2.68bn, with international retail sales up 13.2% to £645.8m.
It added that strong trading momentum continued into the early weeks of the second half "especially at Sports Direct" as its "elevation strategy" to move the group upmarket started to pay off.
"We are looking forward to our Christmas trading period and remain confident of achieving adjusted profit before tax in the range £500m-£550m," Frasers said in a statement.
The group's push to move from a discounter of sportswear and goods to higher-end brands has seen it take stakes in other retailers including Hugo Boss.
However, Hargreaves Lansdown analyst Aarin Chiekrie said Sports Direct "remains the main event at the Frasers, accounting for more than half the group's revenue".
"There's significant momentum here, with the long-term goal to expand its presence across Europe and become the number one sports retailer in the region."
"The likes of Nike and Adidas have even gone as far as to name the group's Sports Direct business as a key partner, which tells you all you need to know about its position in the global sporting goods market. That's aided Sports Directs' ability to secure some of the latest products from these brands, which can be used to lure more customers into stores."
"Progress on this front has been impressive so far, but many more stores still need upgrading before the new format is going to contribute more meaningfully. Given the first-half performance, full-year profit targets look well within reach, especially with the Christmas trading frenzy just around the corner."
Reporting by Frank Prenesti for Sharecast.com
