The wettest May-July since records were first kept in 1776 and the worst flooding for 60 years have contributed to a 35.2 per cent drop in underlying profit before tax at Sports Direct. Group revenue was also down 7.1 per cent to £668.1 million for the 28 weeks to October 2007.
“The results reflect a very challenging UK market and the comparative period last year including the football World Cup,” says Dave Forsey, chief executive of Sports Direct International plc. “These also demonstrate the resilience of our business under such pressures from external factors. We remain determined to adapt our strategy, consolidate our market-leading position and develop our strong brand portfolio to drive long-term growth.”
England’s failure to qualify for Euro 2008 will cost Sports Direct somewhere in the region of £50 million next year, according to the company, whose shares have fallen below 100p since floating in February at 300p.
