Ashley Set For Cardboard City!

Sports Direct has announced a 91% drop in full-year profits despite increased sales, after the weak pound and investment losses took their toll.

The company - controlled by Newcastle United owner Mike Ashley - made a profit of £10.7m in the year to 26 April, against £118.9m a year earlier.

Total revenues rose 9% to £1.37bn, with revenues in the UK topping £1bn.

Sports Direct said it would not be paying a final dividend in order to concentrate on cutting its £430m debts.