Jul 20, 2017
Sliding sterling hits Sports Direct profits hard
Profits at Sports Direct plunged by nearly 60 per cent to £113.7m in the year to the end of April, as the falling pound drove up costs faster than the company was able to put up prices. Founder and chief executive Mike Ashley said the retailer would try to "Conservatively manage" currency volatility. Group revenues were still up by 11.7 per cent from the previous year. We have invested over £300m in property over the last year, and I am pleased to report that early indications show that trading in our new flagship stores is exceeding expectations. The company also appointed its first permanent chief finance officer since 2013, tapping Jon Kempster, who who in 2012 ended a two-and-a-half year spell as finance director of UK logistics and distribution group Wincanton.
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