Source: FOOTYMAD
Ashley Insists 'We Are On Track'
It's a shame Mike Ashley cannot produce his business talents at St James' Park when it comes to signing the players the manager wants. Mike Ashley has insisted that Sports Direct is on track to hit full-year profit forecasts despite seeing a fall in gross profits. The sportswear retailer said that its shop estate generated higher sales than during last year’s World Cup summer after a series of store openings. The company posted sales of £368m in its retail division in the 13 weeks to July 25, up 0.8%, although last year’s boost from World Cup replica shirts and other products meant UK retail sales fell by as much as 40% during one week this year. Gross profit fell by 5.7% to £174m in the period. However, Sports Direct opened nine stores in the period, offset by two closures and two shop relocations. Its retail profits dipped 6.6% to £156m in the 13-week period. Across the group, which has 350 UK stores and owns sporting brands including Dunlop, Karrimor and Slazenger, sales were 0.5% higher at £410m. Profits fell 5.7% to £174m.
