Sports Direct's reputation has been badly hit by revelations about staff conditions at its Derbyshire warehouse. Mike Ashley said Sports Direct was on course to become the "Selfridges of sport" Profits at Sports Direct have plummeted nearly 60%, which the retailer … Last modified on Mon 3 Feb 2020 17.49 GMT. "That's something to bear in mind when we're looking at these figures and also what that does is it puts Sports Direct in a better position to make a strategic move in, for example, the department store area or in the US with its US acquisitions.". Using the standard service, your order should be with you within 3 - 7 days (excludes Public holidays). Sports Direct’s misery is entirely self-made, due to an unrestrained chief executive whose ambition and belief in his own abilities as a retailer have got the better of him. Ashley owns 62% of the business and the 38% rump of minority shareholders will want to know whether chairman David Daly and his non-executive directors saw the tax bill coming. Where a product has been personalised for you, unless faulty, we're unable to refund or offer an exchange. Lead rope Durable yet soft cotton 2 metres long Walsall clip fastening Knotted end For our full range of … Last week’s £4bn agreed deal to sell Cobham to US private equity firm Advent International could be a sign of things to come for British companies. It is also likely to be cheaper by the end of this week. Karen Byers, an important lieutenant, quit this month and, on Friday, Sports Direct announced the departure of its finance director. Will it seek favour with the US and preside over anything-goes capitalism? Would you like to go to our website now? If you need to return any item to us, please send it back to us within 14 days of receipt of the order (unless faulty). The slide in sterling means the firm has had to pay more for its imported goods, and its underlying pre-tax profit fell to £113.7m from £275.2m. Or does it come under pressure to live up to its nationalist rhetoric and intervene? The pound has fallen by about 17% against the dollar since the referendum, making UK companies relatively cheap for US buyers. “The conscious strategy would seem to be to rely on cheap labour rather than costly investment,” as … Friday’s farce was quintessential Ashley – compelling, wilful, excruciating – but it was neither typical nor becoming of a listed business, and that points to where the future might lie for Sports Direct’s founder and chief executive. Full article Daily news briefing direct to your inbox. The final paragraph of the results came out of the blue and will almost certainly trigger a punitive response from investors on Monday and, in the medium term, an attempt to punish the company’s board. The £4bn price for Cobham is its biggest bet on the UK and it has $17.5bn of funds waiting for deals. Chief executive Mike Ashley is still facing a court case about a £15m pub bet, which is generating colourful headlines. Sports Direct said it was forming a "new strategic partnership" with sportswear firm Asics. Neil Wilson, senior market analyst at ETX Capital, said this had been a "transformational" year for Sports Direct. The company's key strategy is to turn itself into the "Selfridges of sport", and Mr Hellawell said the "elevation of our retail proposition continues to be a key objective". This is our website. Sat 27 Jul 2019 16.00 BST It's important that any items returned to us, unless faulty, are returned in a re-saleable condition. Staff had elected the company's first UK workers' representative and Mr Hellawell said he had "no doubt" their "contribution will prove invaluable to the board as the Sports Direct family continues to move forward together". Sports Direct imports many of its products from abroad and the pound's fall against the dollar had led to a "significant fall in profits", he added. They then cut costs and, sometimes, make improvements before offloading the business, either in chunks or in one piece – often back to the shareholders who sold in the first place. Full article Who will be the next global superstar? Last week, the CBI said Britain’s retailers had recorded the longest period of falling sales for almost eight years, while at least 75,000 retail jobs have been lost since last year. Looming Brexit and Trump’s trade war will have an impact. Requisite Economy Lead Rope The Requisite Economy Lead Rope is made from a durable yet soft twisted cotton and features a walsall clip fastening and a knotted end. Other outfits are also taking the plunge: Blackstone, the world’s biggest private equity firm, is one of three investors buying Merlin Entertainments, the owner of Madame Tussauds. Britain has slipped down the list of countries for acquisition targets as Brexit has clouded companies’ prospects.