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Sports Direct sees sharp fall in profits Sports Direct sees sharp fall in profits
(35 minutes later)
Sports Direct has reported a big drop in half-year profits after being hit by the fall in the pound.Sports Direct has reported a big drop in half-year profits after being hit by the fall in the pound.
The retailer, which has been heavily criticised for the treatment of some of its workers, said reported pre-tax profits fell 25% to £140.2m. The retailer, which has come in for heavy criticism from MPs over working conditions, said reported pre-tax profits fell 25% to £140.2m.
Chief executive Mike Ashley said the past six months had been "tough for our people and performance".Chief executive Mike Ashley said the past six months had been "tough for our people and performance".
The company said it was continuing in its efforts to become the "Selfridges" of sports retail. The company also defended itself against the "extreme political, union and media campaign waged against" it.
"Our UK Sports Retail business continues to be the engine of Sports Direct, but our results have been affected by the significant deterioration in exchange rates, and our assessment of our risk relating to our stock levels and European stores performance," said Mr Ashley of the poor results. Announcing the company's results, Mr Ashley said: "Our UK sports retail business continues to be the engine of Sports Direct, but our results have been affected by the significant deterioration in exchange rates, and our assessment of our risk relating to our stock levels and European stores performance."
Sports Direct has suffered from a number of scandals in recent months. Morale hit
Since the criticism over its treatment of staff began, a delegation of MPs claimed an attempt was made to record them in a private discussion while on a visit to the firm's Shirebrook warehouse. The company's embattled chairman, Keith Hellawell, used the results statement to launch a blistering attack on the way in which the company had been treated.
Most recently an investigation into the company's accounts was launched.
Several senior employees have also left the company. Dave Forsey stepped down as chief executive and was replaced by Mr Ashley.
Acting finance director, Matt Pearson was replaced by another interim appointment Herbert Monteith in October.
The company's chairman, Keith Hellawell, offered to resign earlier this year, but was convinced not to by Mr Ashley.
However, after failing to receive the necessary support from a majority of the company's independent shareholders who voted at the annual general meeting in September, Mr Hellawell ill stand for re-election on 5 January next year.
Mr Hellawell used the results statement to launch a blistering attack on the company's treatment.
"I have no doubt that the extreme political, union and media campaign waged against this company has not only damaged its reputation and influenced our customers, it has impacted negatively on the morale of our people."I have no doubt that the extreme political, union and media campaign waged against this company has not only damaged its reputation and influenced our customers, it has impacted negatively on the morale of our people.
"I begin to question whether this intense scrutiny is all ethically motivated. One of the most damaging consequences has been for the very people our critics supposedly support."I begin to question whether this intense scrutiny is all ethically motivated. One of the most damaging consequences has been for the very people our critics supposedly support.
"The board accepts responsibility for our shortcomings, but there has also been disproportionate, inaccurate and misleading commentary."The board accepts responsibility for our shortcomings, but there has also been disproportionate, inaccurate and misleading commentary.
"The individuals at the heart of our organisation are blameless. They are increasingly upset and angry at the barrage of detrimental comments about the company which in their view is unjustified." "The individuals at the heart of our organisation are blameless. They are increasingly upset and angry at the barrage of detrimental comments about the company, which in their view is unjustified."
Sports Direct has suffered from a number of scandals in recent months.
After HMRC looked into whether workers at its Derbyshire warehouse were paid below the minimum wage, a damning report by the the Business, Innovation and Skills committee said employees of the company were "not treated as humans".
Since the criticism over its treatment of staff began, a delegation of MPs claimed an attempt was made to record them in a private discussion while on a visit to the firm's Shirebrook warehouse.
Most recently, an investigation into the company's accounts was launched.
Several senior employees have also left the company. Dave Forsey stepped down as chief executive and was replaced by Mr Ashley.
Acting finance director Matt Pearson was replaced by another interim appointment, Herbert Monteith, in October.
Analysis: Dominic O'Connell, business presenter, Today programme
A subtle sign of the change in mindset at Sports Direct comes deep in the fine print of today's interim results.
Under the prim heading "corporate assets and facilities", the company says it is about to take delivery of a corporate plane.
Business aircraft are always a potential source of embarrassing headlines, and Sports Direct has had its fair share of those over the last year.
But finally it has shown it has learned one of the ways to avoid such headlines - be upfront about what is happening and explain it, and the sting is drawn.
Elsewhere, the company's critics were given a few sops. The veteran banker David Brayshaw has been recruited as an independent director, and may perhaps be in line to take over as chairman, should Keith Hellawell, the incumbent, not survive another vote on his tenure on 5 January.
Mr Hellawell offered to resign earlier this year, but was convinced not to by Mr Ashley.
However, after failing to receive the necessary support from a majority of the company's independent shareholders who voted at the annual general meeting in September, the chairman will stand for re-election on 5 January next year.