Sports World suffers
Disappointment at the Euro qualifiers has spread beyond England football fans to retailers of the national team’s kit, as Sports Direct International’s half year results have revealed. According to reports, the company is expecting England’s early exit to set it back by approximately £50 million in lost revenues.
Its six-month profits fell nearly 70% to £21 million compared with £70 million for the corresponding period last year. Poor weather conditions appear to have compounded the firm’s disappointing half-year.
Retail revenues in the UK fell 12.9% for the six-month period to £518 million in the first half. Following recent turbulence in the financial markets, a number of UK stores have reported sales declines, with some fearing a recession in 2008.
The company’s brands include Donnay, Lonsdale, Slazenger, Dunlop and Kangol.
