Sports Direct upbeat as first half earnings rise 11 pct

LONDON, United Kingdom - Sports Direct, Britain's biggest sporting goods retailer, said it was confident of at least reaching its full-year profit target, as it posted an 11 percent rise in first half earnings on Thursday.

The group, which has over 434 UK sports stores and 270 elsewhere in Europe, as well as a raft of brands and fashion chains, said underlying core earnings before its share scheme costs rose to 203.1 million pounds ($319 million) in the 26 weeks to Oct. 26.

Total sales rose 6.5 percent in the half to 1.43 billion pounds, led by a solid increase in sports retail sales, where online demand is rising. Broader product ranges helped group gross margin increase 90 basis points to 44.0 percent.