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Sports Direct posts strong results and says it plans to open up to 20 flagship stores next year Sports Direct posts strong results and says it plans to open up to 20 flagship stores next year
(about 7 hours later)
Sports Direct reported a 7 per cent increase in adjusted earnings for the first half of its financial year on Thursday, helped by a strong performance in its flagship stores. Sports Direct reported a 7 per cent increase in adjusted earnings for the first half of its financial year on Thursday, helped by strong performance in its flagship stores.
The company, led controversial businessman Mike Ashley, said that group revenue increased by 4.7 per cent to £1.71bn from just under £1.64bn in the same period a year earlier. The company, led by controversial businessman Mike Ashley, said that group revenue increased by 4.7 per cent to £1.71bn from just under £1.64bn in the same period a year earlier.
UK sports retail revenue fell by 1 per cent to £1.14bn, as a result of reduced online promotional activity and some store closures, but overall underlying profit before tax surged almost 23 per cent to £88m.UK sports retail revenue fell by 1 per cent to £1.14bn, as a result of reduced online promotional activity and some store closures, but overall underlying profit before tax surged almost 23 per cent to £88m.
"Our high street elevation strategy is currently delivering spectacular trading performance within our flagship stores,” Mr Ashley said. He said that the group intends to open between 10 and 20 new flagship stores next year. “Our high street elevation strategy is currently delivering spectacular trading performance within our flagship stores,” Mr Ashley said. He said that the group intends to open between 10 and 20 new flagship stores next year.
The company also reiterated its target of growing core earnings by between 5 and 15 per cent in the 2017-2018 financial year. The company also reiterated its target of growing core earnings by between 5 and 15 per cent in the 2017-2018 financial year. 
Thursday's results follow a string of controversies around governance and management. Thursday’s results follow a string of controversies around governance and management.
Earlier this year Mr Ashley was involved in a legal battle with investment banker and former confidant Jeffrey Blue over an alleged bet some years ago.Earlier this year Mr Ashley was involved in a legal battle with investment banker and former confidant Jeffrey Blue over an alleged bet some years ago.
Mr Ashley eventually won the case, but the business magnate’s reputation was dealt a blow when colourful details of his behaviour emerged. A court heard, for example, that he once vomited into a fireplace after a senior management meeting turned into a binge-drinking session.Mr Ashley eventually won the case, but the business magnate’s reputation was dealt a blow when colourful details of his behaviour emerged. A court heard, for example, that he once vomited into a fireplace after a senior management meeting turned into a binge-drinking session.
Earlier this week, shareholders in the company voted overwhelmingly against Mr Ashley's attempt to hand his brother and former IT director an £11m back payment. Earlier this week, shareholders in the company voted overwhelmingly against Mr Ashley’s attempt to hand his brother – a former IT director at Sports Direct – an £11m back payment.
Last year, the chief executive was forced to face MPs over working conditions in Sports Direct’s factories. Last year, the chief executive was forced to face MPs over working conditions in Sports Direct’s factories.