Sports Direct wants to be “Selfridges of sport” - sportstextiles: Lea SportsTextiles

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Sports Direct wants to be “Selfridges of sport”

20/07/2017
Retail group Sports Direct has reported an increase of revenues of 11.7% to reach more than £3.2 billion in its most recent financial year, the 12 months to April 30, 2017.

There was a fall in the group’s underlying profit before tax of 58.7% to reach £272.7 million, which chief executive and major shareholder, Mike Ashley, said owed much to “currency volatility”.

Sports Direct owns a number of sports and outdoor brands, including Slazenger, Everlast, Karrimor, Lonsdale, Donnay and Carlton, most of whose products are manufactured by outsource partners. For the most part, the group pays these partners using the US dollar, which increased in value against sterling during the period in question.

Mr Ashley said that his vision is for his group to become “the Selfridges of sport”, a reference to the UK-based group of high-end department stores. “We have invested over £300 million in property over the last year, and I am pleased to report that early indications show that trading in our new flagship stores is exceeding expectations,” he added.


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