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.
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