Sports direct reveals profits slide

Entrepreneur and Newcastle United owner Mike Ashley today described trading conditions at his Sports World empire as the worst in its 25-year history.

England’s failure to qualify for Euro 2008, last summer’s wet weather and plummeting consumer confidence were behind a 51% drop in annual profits, Sports Direct International said.

The group saw underlying pre-tax profits dive to £85 million in the year to April 27 from £174.5m (€219m) the previous year, while UK sales dropped 10.5%.