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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/sports-direct-hits-profit-target.jpg"><img class="alignnone size-full" title="Sports Direct is on track to hit its profits target after sales growth accelerated" src="http://londonglossy.com/wp-content/uploads/2011/02/min-sports-direct-hits-profit-target.jpg" alt="Sports Direct is on track to hit its profits target after sales growth accelerated"/></a></p>
<p>Retailer Sports Direct says it is on track to hit its profits target, triggering an estimated £10.8 million pay-out for staff through its bonus scheme, after sales growth accelerated.</p>
<p>The sportswear chain, which owns more than 350 stores in the UK, said it will reach its underlying profits goal of £205 million in the year to April after sales soared 12% to £416 million in the 13 weeks to January 23 and the strong performance continued into February.</p>
<p>Under the terms of the bonus scheme, some 2,000 of its staff will receive up to 75% of their salary paid in shares, if the group meets its target for the year to April after hitting the previous year&#8217;s figure.</p>
<p>Sales growth has sped up since half-year results revealed an 8% rise in revenues, as the Nottinghamshire-based company &#8211; controlled by Mike Ashley, the owner of Newcastle Football Club &#8211; benefited from heavy promotions, while its rival JJB Sports struggled.</p>
<p>Shares were up almost 5% after the announcement in which the company also revealed that gross profits rose 8% to £167 million in the quarter.</p>
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