Sports Direct profits surge predicted

Mike Ashley’s retail empire is forecast to reveal a 20% rise in half-year profits this week as it reflects on a sales boom created by the Olympics and the demise of rival JJB Sports.

Sports Direct International, which runs around 400 stores across the country, is predicted to report a underlying earnings of £169m on Thursday.

In October chief executive Dave Forsey said recent trading had been buoyed by demand for products linked to the London Olympics and an “excellent” back-to-school period.

The group has bought 20 stores from JJB’s administrators, but this still meant the closure of a further 133 sites with the loss of around 2,200 jobs.