LONDON - Sports Direct, the high-street retailer owned by Newcastle United chairman Mike Ashley, has announced a profit drop of 91%.
The results come despite increased sales. Sports Direct made a profit of nearly £11m in the year to 26 April in comparison to a profit of nearly £120m over the same period a year ago.
Sales increased by 9% to reach £1.37bn and the company has opened 27 new stores in the UK over the period.
The retailer also owns the Sports World chain and sports brands, such as Slazenger, Lonsdale and Dunlop.
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