Dramatic fall in profits at Sports Direct

Profits have slumped by over 70% at Shirebrook-based Sports Direct after heavy investment in Debenhams.

The retail giant said this morning (19 July) that its profits had dropped to £77.5m from £281.6m for the year-ending 29 April. Revenues increased slightly by 3.5% to 3.36bn.

Mike Ashley, chief executive, said: “I am particularly pleased that Sports Direct has not only been named among the ten companies with the most improved reputation in the UK, but also that we were ranked among the top five in an index of international retailers.

“I’m pleased that our underlying EBITDA has come in at the top end of our expected range at £306.1m as we indicated this time last year, and also that the underlying profit after tax has increased substantially to £104.9m.”

Click here to sign up to receive our new South West business news...
Close