Sports Direct sees profits falls but remains confident

Sports Direct, the value-based sports retailer, has increased its forecasts for underlying annual earnings to “at least” £155m.

sports direct

The retailer says it is confident for the next six months despite reporting a 40.8% fall in pre-tax profits to £57.8m for the six months to 25 October.

Its UK retail revenues climbed by 14.9% to £687.7m and international retail sales were up £22.8m to £63.6m.

Sports Direct blame its falling profits on the foreign exchange movements but said it had cut its net debt to £362m from £431.3m in April.

Chief executive, Dave Forsey, says:  “We are pleased with our performance in the first half of this year, when conditions remained challenging. We achieved this result through offering our customers the best products at the best prices, controlling costs and reducing debt.”

Sports Direct is owned by Newcastle United chairman Mike Ashley, owns Sports World stores, as well as brands such as Slazenger and Dunlop.

Newcastle United rcently announced that its home ground will be named James’ Park Stadium until the end of the season.

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