Sports Direct Upbeat Despite 35% Profits Fall ; Retail

Summary

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SPORTS Direct International had a rare good day on the stock market despite unveiling a miserable set of results and failing once again to name a new chairman.

With sales down 7% to Pounds 668 million, profits at the leisurewear chain slumped 35% to Pounds 52 million in the halfyear to the end of October a result blamed on England's failure to qualify for Euro 2008 and "unprecedented weather conditions".

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Extract

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Sports Direct Upbeat Despite 35% Profits Fall ; Retail

From these meagre returns, founder and deputy chairman Mike Ashley is pocketing Pounds 10 million from an interim dividend payment...

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