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Sports Direct sees a sharp decline in profits

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Bad news for Sports Direct…

Sports Direct sees a sharp decline in its half-year profits due to the fall in the pound.

The retailer, which has felt a lot of criticism in recent months by MPs due to poor working conditions, has reported that its pre-tax profits fell dramatically by 25 per cent to £140.2m.

The chief executive, Mark Ashley said the past six months had been “tough for our people and performance”.

As well as this the company defended itself against the “extreme political, union and media campaign waged against” it.

Chairman, Keith Hellawell, wasn’t happy about the results of the company and how it had been treated, he said in a statement: “I have no doubt that the extreme political, union and media campaign waged against this company has not only damaged its reputation and influenced our customers, it has impacted negatively on the morale of our people.”

“I begin to question whether this intense scrutiny is all ethically motivated. One of the most damaging consequences has been for the very people our critics supposedly support.”

The company has suffered from many scandals in recent months, most recently an investigation into the companies accounts was launched. Several senior employees have also left the business.




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