July 19, 2018 / 6:18 AM / 2 months ago

Sports Direct core earnings up 12.1 pct on upmarket move

LONDON, July 19 (Reuters) - British retailer Sports Direct on Thursday reported a 12.2 percent increase in full-year core earnings, helped by its strategy to smarten up its stores and sell more premium products.

The sportswear chain, founded and run by billionaire Mike Ashley, made underlying earnings before interest, tax, depreciation and amortisation (EBITDA) of 306.1 million pounds ($400 million) in the year to April 29.

That compares to analysts’ average forecast of 296.8 million pounds, according to Reuters’ data, and 272.7 million pounds made in 2016-17. In December Sports Direct forecast full year core earnings growth of 5-15 percent.

The firm forecast another rise of 5-15 percent in core earnings in its new financial year. ($1 = 0.7652 pounds) (Reporting by James Davey, Editing by Paul Sandle)

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