Business

Thursday 25 May 2017

Sports Direct profit slumps 57pc after 'tough' period

Billionaire Mike Ashley, whose Sports Direct company owns half of the shares in Irish retail chain Heatons and is set to take it over
Billionaire Mike Ashley, whose Sports Direct company owns half of the shares in Irish retail chain Heatons and is set to take it over

Paul Sandle

Sports Direct reported a 57pc slump in first-half profit, capping a calamitous period in which it has come under fire for the treatment of workers and was left badly exposed by the fall in the value of the pound after the Brexit vote.

The British sports retailer said on Thursday that underlying profit before tax fell to £71.6m in the 26 weeks to October 23. Group revenue increased by 4.2pc on a currency neutral basis.

Chief executive and founder Mike Ashley said the last six months had "been tough for our people and performance".

Reuters

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