For the six months to October 28th, the Sports Direct group generated £1.79 billion representing a 4.5 per cent increase year-on-year driven by its acquisitions and a more upmarket offering introduced into its Sports Direct stores. However, the period saw a 26.8 per cent decrease in like-for-like underlying pre-tax profits to £64.4 million. The profit fall was largely due to the impact from the acquisition of House of Fraser.
Founder & CEO Mike Ashley commented: “I genuinely believe we have acquired a fantastic opportunity and the with efforts of Sports Direct and House of Fraser teams, and the support of the brands, local councils and landlords, we can turn House of Fraser into the ‘Harrods of the High Street.”
Share