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Mike Ashley Bucks Trends With Latest Financial Figures

8 years ago
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While Mike Ashley maintains a hands-off approach to his running of Newcastle United, in contrast his very much hands-on strategy at his Sports Direct empire continues to come up trumps for the Newcastle owner.

While share prices were generally falling, Ashley’s retail group saw shares jump by 13.5p to 720p, making it the biggest riser on the FTSE 100.

The rise came on the back of sales jumping by 15.1% for the nine weeks to September, with the sales totalling £463.7m.

Analyst Freddie George of Cantor Fitzgerald said;

‘One of the few UK retailers to have exciting prospects for its domestic business. It will look to enhance its stable of brands, which now cover a broad spectrum o fthe sports and street-wear market appealing to all age groups and demographics. The most significant opportunity, in our view, continues to be the development of the company’s on-line platform as the company endeavours to be the ‘category killer’ sportswear and sports product site.’

So the market analysts see the online business as capable of even bigger strides on top of Sports Direct’s booming internet sales.

If anybody doubts the value of Mike Ashley’s/Sports Direct’s enormous amount of free advertising at St.James’ Park then they should think again.

Interesting as well to see mention of Ashley looking to ‘enhance its stable of brands’, at the Liverpool match which was beamed worldwide, there was a lot of additional advertising which I hadn’t seen before going around the display boards with brands including Sondico and Firetrap…you may or may not be aware that these are, companies also owned by Ashley.

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