Sports Direct lifts profit and earnings guidance

High street sports retailer Sports Direct has lifted its guidance for annual profits, causing shares to jump early on Thursday.

The group is making the update on its results for the full year ended 30 April at its annual conference, attended by 900 employees and partners from major third-party suppliers.

"These updates are in line with market expectations at underlying earnings before interest, tax, depreciation and amortisation of £380m but are ahead of underlying profit before tax and earnings per share," Sports Direct said.

The current consensus forecast for underlying profit before tax is £290m, while earnings per share are expected to be 36.6p, up from £239m and 32.1p the year before.

The company said the improved out was a result of "continued and prudent depreciation policy and lower interest charges".

It also said that net debt stood at around £60m at 26 April, down from £212m the year before.

The stock was up around 3% at 677p by 08:09.