Shares in Sports Direct have jumped almost 5% after the retailer said its performance has been running ahead of expectations.

The company, which was founded by Newcastle United owner Mike Ashley, said underlying profit before tax and earnings per share had exceeded forecasts. “This is primarily a result of our continued and prudent depreciation policy and lower interest charges,” it said.

Staff were given an update on the company’s performance at its conference on Thursday and told that earnings before interest, tax, depreciation and amortisation are expected to be £380m, which is in line with expectations.

About 900 staff and partners attended the meeting.

Sports Direct is scheduled to announce preliminary results for the latest financial year on 16 July.

Last year the company announced that it would open a chain of budget gyms, the first one of which is in Aintree, Liverpool. The meeting heard details of future plans for the opening of more combined gym and store complexes.

The statement to the stock exchange said that no further “price sensitive” information would be provided.

Shares in Sports Direct rose almost 5% on Thursday morning to 690.5p.