Dec 14, 2017
Sports Direct highlights ‘spectacular’ performance despite 67% profits drop
Sports Direct chief executive Mike Ashley is putting a characteristically brave face on a 67.3 per cent drop in reported profits for the half year to the end of October, trumpeting a "Spectacular trading performance", while the company also says it wants to "Move on" after a tussle relating to payments for Mr Ashley's brother. Profits dropped to £45.8m from £140.2m in the same period last year, the company said, while on its preferred underlying measure, stripping out currency stings, exceptional costs and other one-off nasties, profits grew by 23 per cent to £88m. Group revenue rose by 4.7 per cent to £1.7bn, though UK sports revenues edged lower because of reduced online promotions and store closures. Our high street elevation strategy is currently delivering spectacular trading performance within our flagship stores. Whilst our reported profit before tax has been impacted by fair value adjustments and transitional factors such as the disposal of assets in FY17; our underlying profit before tax remains healthy. On Wednesday, Sports Direct investors voted to block an £11m award to Mike Ashley's brother John.
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