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Sports Direct UK sales falter dragging profits down 67%

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Sports Direct has seen revenues edge up in its first half, despite posting a near 70 per cent drop in reported pre-tax profits and more than doubling its debt. Mike Ashley’s sportswear giant has released its figures for the 26 weeks to October 29, reporting a 4,7 per cent rise in revenues to £1.7 billion, dropping to 1.2 per cent on a constant currency basis. Underlying pre-tax profits rose 22.9 per cent to £88 million, but reported pre-tax profits tumbled 67.3 per cent to £45 million, reportedly due to “fair value adjustments and transitional factors such as the disposal of assets”

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Sports Direct UK sales falter dragging profits down 67%

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