Chain hit by investments
Sports Direct sees profits plunge by 72.5%
Owned by former Rangers director Mike Ashley Sports Direct owns just under 30% of the department store chain.
Liam Rowley, head of strategic investments at Sports Direct, says: “We have a range of strategic investments, and we don’t just look at the P&L [profit and loss] on a day-by-day basis.”
“We think in a world where the retail market is under a lot of pressure and the High Street’s under pressure, a lot of the retailers need to work together and build a wall against those online retailers that are coming, because if you don’t act, and you’re not innovative, Amazon’s going to eat your lunch… People need to act fast.”
Sports Direct also owns a big stake in House of Fraser, which is undergoing a major restructuring, though Mr Rowley said “it might come out of that stronger”.