Mike Ashley enjoys 25% rise in profits
Newcastle United owner Mike Ashley continue to march on, with the latest financial figures from Sports Direct showing a massive 25% increase in profits.
The profits for the six months to 25 October rose to £187.3m as compared with the equivalent six months last year when the figure was £149.7m.
This was achieved despite that period last year including the World Cup in Brazil.
Interestingly, the 25% rise in profits were achieved despite the turnover of the SD group rising by only 1% to £1.43bn. Suggesting that squeezing costs even more has been a key factor in the growth of profits.
This profits announcement comes only 24 hours after the latest expose of the way most staff are treated under Mike Ashley at Sports Direct.
The Guardian sent undercover reporters in to work for Sports Direct in their warehousing division and amongst other shameful practices, they discovered that staff are effectively paid less than minimum wage.
After they have clocked off, minimum wage staff are then subjected to body searches to check for theft, which usually means they are delayed by some 15 minutes each day as they wait to be searched and then have the actual search carried out.
On the release of the latest financial figures, Chief Executive Dave Forsey said:
“The group has delivered another excellent set of results particularly given the strong comparable sales generated in the build up to the FIFA 2014 World Cup and after a generally mixed summer for the retail sector.
“We look forward to 2016 with confidence ahead of the Olympic Games in Rio de Janeiro and the 2016 European Football Championships in which England, Wales, Northern Ireland and the Republic of Ireland will be competing.”
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