Aug/091
Sports Direct Announce Huge Dip in Profits
Sports retail giants Sports Direct have today announced their 12 month financials and they made bleak reading. Sports Direct, who own popular brands such as Slazenger, Lonsdale and Dunlop along with high street division Sports World, saw their profits drop by 91% from the previous 12 month period.
Unlike many of the larger high street and retail park based stores, Sports Direct have not been able to blame the credit crunch for their poor performance as their sales figures had increased. However, their particularly bad performance in investments along with the weak pound culminated in this surprising result.
The exact profit for the last 12 months totals £10.7m whereas the previous 12 months saw a £118.9m profit.
The Sports Direct group are headed by Newcastle United outcast/owner Mike Ashley and a statement on behalf of the company read: “The second half of the year remained challenging, but we are pleased with these solid full year results that reflect the resilience and relevance of our flexible business model, focused on the core principles of retailing,” said chief executive Dave Forsey.
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