Sports Direct have seen a crushing fall in profits in the last financial year, dropping by a huge 58.7%.

Predictably, Mike Ashley and SD have tried to put it all down to the problems they have experienced post-Brexit, with the pound so weak against the dollar, but just as importantly is surely the fact that the Sports Direct name has become a byword for everything that is wrong with how a company operates, particularly when it comes to how it treats its staff.

Amusing then to see Sports Direct Chairman declare on the back of these very poor results:

“It is my firm belief that Sports Direct is a company of which Britain can rightly feel very proud.”

Meanwhile Mike Ashley claimed that ‘Sports Direct is on course to become the Selfridges of sport’.

These latest financial figures come only days after Mike Ashley used Rafa Benitez and his players to promote the Sports Direct brand by getting them to do a personal appearance at an SD store in Dublin.

More massive free promotion provided by Newcastle United to try and help prop up the ailing brand.

Newcastle United had declared in 2016 that the free advertising and promotion provided by the club was coming to an end, with Sports Direct agreeing to pay a market rate as from last season (see HERE).

However, when Newcastle United released their latest financial figures in April 2017, it appears that this decision had been reversed (see HERE) and the free promotion of Ashley’s retail empire is continuing beyond the first decade of his NUFC ownership.

Sport Direct Chairman Keith Hellawell:

“It is my firm belief that Sports Direct is a company of which Britain can rightly feel very proud.”

Mike Ashley, Chief Executive, said:

“Sports Direct is on course to become the “Selfridges” of sport by migrating to a new generation of stores to showcase the very best products from our third party brand partners. We have invested over £300m in property over the last year, and I am pleased to report that early indications show that trading in our new flagship stores is exceeding expectations.

We will continue to invest and make decisions for the long term, whilst trying to conservatively manage the currency volatility that is reflected in our full year results. As previously announced, the devaluation of Sterling against the US dollar has led to a significant impact on EBITDA and profits in FY17. We have put in place hedging arrangements to minimise the short-term impact of currency volatility, but like many UK retailers we remain exposed to medium / long term currency fluctuations. Our results were also impacted by provisions and depreciation charges.

I would like to thank all our people at Sports Direct for ensuring that we continue to move forward together whilst elevating our retail proposition.”

  • giimps

    Still over 100m profit after spending 300m on new stores, hardly in the poor house

    • Leazes Ender

      Acquiring shares in ‘Game’ and ‘Agent Provocateur’ I can see him now playing Tomb Raider whilst dressed as Kylie.

      I hope this House of Cards comes tumbling down.

      • Damon Horner

        When you say “I can see him now” is that using your already active imagination or through the surveillance tapes?

        • Leazes Ender


      • Thefootballerwhocouldfly

        Ashley’s house of cards includes our club!

  • Leazes Ender

    Thats more like it….

    …. is the jury still out on the Ashley case.

    • Rich Lawson

      Still waiting for your character reference ?

  • Steve Pearce

    This is the best news for years! Seeing that fat beer monster’s whole seedy empire is losing value second by second the sale of our beloved club cannot be far away. It’s really just a question of whether he wants Sports Direct to survive and is prepared to raise funds by selling up. As there is reported interest I wouldn’t be surprised if deals are being prepared as I am writing this. So its goodbye from him and we might end up seeing him drowned in a fireplace in his own beery vomit!

    • nevfur

      Of course though a drop in profits no matter how big still means the company is making profits. Don’t forget also that Ashley only owns about half of it now anyway and is making big money from other avenues like property.

      • Leazes Ender

        It also means his share prices will plummet over the next few years.

        • nevfur

          True but a fall in share prices is only a problem if you want to sell them. If he keeps them and profits rise again, share prices will rise again with that and today’s fall in share prices will be irrelevant to him. If he is confident of improvements to profits in future he may even take advantage of this by buying back more shares while prices are down which he can sell off again at a profit when prices rise again. He’s not daft, money goes to money.

          • Leazes Ender

            Thats true but I must point out he does remain a F*t B*stard.

          • Geordiegiants


          • LA Toon

            You are ambiguous, please say what you mean! 😎

  • Geordiegiants

    It is only a matter of time before his dirty disgusting empire falls and crumbles. I’m sorry for the people that work there, but something better will come from it.

    • Alex

      Ashley’s already thinking of his new job – working for a monthly commission to Sell Fridges.

    • Thefootballerwhocouldfly

      Sadly Ashley’s empire includes our football club!

      • Geordiegiants

        Well if it did happen, look at what the Wimbledon fans done with a couple of thousand fans. I’m sure we could pick our selves up and start again as a fans owned club, it would also keep Fleckman happy if the fans owned it.

  • toonterrier

    Funny. My purchases from this junk shop has dropped by 100% over the last eight years.

  • Gareth Marshall

    As much as I loathe M.A, the man, and have great disdain for his shoddy business practices, particularly his treatment of staff; SD provides the working class and families with children affordable sport wear – which is a good thing.

    Annoyingly though as nufc fans, we need sd to be profitable so this isn’t good news.

    • Leazes Ender

      Very funny.

    • Geordiegiants

      No we don’t!

    • LA Toon

      I am assuming you tug that forelock to them people who are better than thou😎

  • Rich Lawson

    Isn’t Hellawell a disgraced copper ?

    • magpiefifer

      He’s an ex-copper,and just like Charnley he’s an Ashley puppet who will say or do anything his master tells him!

  • Haitchdee

    Of course being the type of person he seems Mr Ashley could decide to run us down to the Northern premier league. Just because he can. Not a nice thought.