The giant retailer, whose majority owner Mike Ashley is poised to take a stake of nearly 10% in Rangers Football Club, defied the gloom on the high street by increasing sales by 18% to £402.7m in the nine weeks to September 30. It recorded sales of £341.3m in the equivalent period last year.

Sports Direct increased gross profits by 21.7% annually to £167.4m, from £137.6m last time.

Chief executive Dave Forsey said: "The group has continued to deliver strong growth through the second quarter, especially within the UK Sports Retail division where sales and margins benefited from the London Olympics and an excellent 'back to school' period."

The Sports Retail division increased sales by 16.8% to £344.7m, from £295.1m. Gross profit increased 20.5% to £142.8m, from £118.5m. Mr Forsey said trading has remained "equally strong" since the end of September.

Earlier this month the group consolidated its position by cherry-picking stores operated by JJB after the company collapsed into administration. These included four in Scotland.

Sports Direct's premium lifestyle sales increased by 43.0% in the nine weeks to September 30 to £18.3m, from £12.8m. Gross profit rose 18.8% to £7.6m, from £6.4m.

Rangers chief executive Charles Green said the club has a 51% stake in a merchandising joint venture with Sports Direct.

Sports Direct increased revenues from brands like Dunlop 18.9% annually, to £39.7m, in the period. Gross profit rose 33.9% to £17m.