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Sports Direct profits fall
Despite an increase in sales, Sports Direct has announced a full year profit drop of over 90 per cent. For the year up to April 26, 2009, the company made a £10.7m profit, compared to £118.9m a year earlier.
The drop is attributed to the weak pound and investment losses.
Total revenues saw a rise to £1.37bn, up 9 per cent, but the company maintained it will not be paying a dividend but will instead focus on cutting its £430m debts.
Chief Executive Dave Forsey said: "The second half of the year remained challenging, but we are pleased with these solid full year results that reflect the resilience and relevance of our flexible business model"
