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Sports Direct defies UK retail downturn with earnings rise

Reuters - UK Focus

LONDON, Dec (Shanghai: 600875.SS - news) 13 (Reuters) - Sports Direct, the British sportswear retailer controlled by Mike Ashley, reported a 15.5 percent rise in first-half core earnings, excluding acquisitions, helped by its strategy to move its brand upmarket.

The group, which purchased department store chain House of Fraser in August, said on Thursday it made underlying earnings before interest, tax, depreciation and amortisation (EBITDA) of 180.3 million pounds ($227.6 million) in the six months to Oct (Shenzhen: 000069.SZ - news) . 28.

Ashley said the performance was impressive in the context of the current struggles in the sector and showed its "elevation strategy continues to go from strength to strength." ($1 = 0.7921 pounds) (Reporting by Paul Sandle, editing by James Davey)