Sports World retailer Sports Direct International revealed a near 70 per cent drop in profits, after being hit by a "very challenging" market.Ashley Reports £50m LOSS!
Sports World retailer Sports Direct International revealed a near 70 per cent drop in profits, after being hit by a "very challenging" market.Half year profits at the business, which was floated by tycoon Ashley earlier this year, were £21.2 million, down from £70.1 million last year.
The business also owns some of Britain's most popular sports brands including Slazenger, Dunlop and Kangol.
Group revenues were down 7.1 per cent to £668.1 million, due to "unprecedented weather conditions", according to the business.
Underlying profits fell 35.2% to £52 million, but a £58 million hit on foreign exchange losses widened the drop in profits at the company's bottom line.
Sports Direct's results for the six months ended October 28 represent the latest blow for the firm since it listed on the stock market in February.
It issued a profit warning in November after England failed to qualify for the Euro 2008 football championships.
Shares listed at 300p after February's float, which saw Mr Ashley pick up a £929 million windfall.
They closed yesterday at 84.25p, valuing his stake at £345.8 million.