Mike Ashley's Sports Direct has today reported a 7% rise in first-half adjusted earnings.
Sports Direct said its new flagship stores, designed to move the discount brand up-market, were trading well.
The company, which has been criticised for its corporate governance regime, reported underlying earnings before tax, depreciation and amortisation of £156.1m for the six months to October 29.
Group revenue was up 4.7% to £1.71 billion.
Founder, majority shareholder and chief executive Ashley is opening smarter stores in city centres that can showcase premium products from Nike and Adidas, and better compete with rival JD Sports Fashion.
"Our high street elevation strategy is currently delivering spectacular trading performance within our flagship stores," he said.
"We intend to open between 10 and 20 new flagship stores next year," he added.
Sports Direct reiterated its target of growing core earnings by 5-15% in the 2017-18 financial year.
Meanwhile, independent shareholders in Sports Direct yesterday voted against making a retrospective payment of £11m to the brother of Mike Ashley for his work as an IT expert.
Sports Direct said last month a report by law firm RPC had found that John Ashley was entitled to the money for his work since the British retailer floated in 2007. It asked independent shareholders to vote on the matter.
At a meeting, held at Sports Direct's headquarters in Shirebrook, 71% of independent shareholders voted against the resolution.
"The board respects the views of the company's independent shareholders, and considers all these matters to be closed. We now intend to move on," Sports Direct said.
Mike Ashley and the rest of the board had abstained from the vote.
