Sports Direct profit slumps 57% after ‘tough’ period

Sports retailer under fire for the treatment of workers and badly exposed by the fall in the value of the pound

 Sports Direct founder Mike Ashley. Profits at the company plunged in the first half of the year following the collapse in sterling, the retailer has said. (Photograph: Joe Giddens/PA Wire)

Sports Direct founder Mike Ashley. Profits at the company plunged in the first half of the year following the collapse in sterling, the retailer has said. (Photograph: Joe Giddens/PA Wire)

 

Sports Direct reported a 57 per cent 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 £71.6 million in the 26 weeks to October 23rd. Group revenue increased by 4.2 per cent on a currency neutral basis.

Chief executive and founder Mike Ashley said the past six months had “been tough for our people and performance”.

Reuters