Profits at Sports Direct have plummeted nearly 60%, which the firm said was largely due to the weaker pound.
Pre-tax profit fell to £113.7m from £275.2m in 2016 because of “currency movements and increased depreciation charges”.
Chief executive and the owner of Newcastle Football Club, Mike Ashley, said it had now taken steps to “minimise the short-term impact of currency volatility”.
Sports Direct’s reputation has been badly affected by revelations about staff conditions at its warehouse in Derbyshire.
Sports Direct has recently bought a stake in Game Digital, increased its stake in Debenhams, and acquired lingerie firm Agent Provocateur which may have affected its profits.
Commercial solicitors
If you are considering a company merger, acquisition, takeover or joint venture or are in the midst of a shareholder dispute or share capital transaction or need business advice please contact our commercial solicitors.
John has been with Wrigley Claydon for over 20 years, becoming a partner in 1995. Specialising in Employment Law, John helps clients with matters including the preparation of recruitment policies and employment contracts as well as advocating in employment tribunals in cases of unfair dismissal or discrimination.
He also has considerable experience of dealing with landlord and tenant disputes and matters relating to business and company sales, commercial investment property transactions and lettings as well as residential estate and offshore property developments.
“I know I’ve done a good job when the business doesn’t need me!”
John is never happier than when spending time with his wife and 2 children, Lucy and Alex. John is Chair of Respect Our Community Awards (ROCA) and a board member of First Choice Homes Oldham. In his spare time, John is likely to be found either reading, cooking or walking Donnie the Golden Retriever.
John has been with Wrigley Claydon for over 20 years, becoming a partner in 1995. Specialising in Employment Law, John helps clients with matters including the preparation of recruitment policies and employment contracts as well as advocating in employment tribunals in cases of unfair dismissal or discrimination.
He also has considerable experience of dealing with landlord and tenant disputes and matters relating to business and company sales, commercial investment property transactions and lettings as well as residential estate and offshore property developments.
“I know I’ve done a good job when the business doesn’t need me!”
John is never happier than when spending time with his wife and 2 children, Lucy and Alex. John is Chair of Respect Our Community Awards (ROCA) and a board member of First Choice Homes Oldham. In his spare time, John is likely to be found either reading, cooking or walking Donnie the Golden Retriever.
