Sports Direct sales shrug off Serious Fraud Office probe
Sports Direct is under investigation by the Serious Fraud Office, but that hasn't hurt its sales.
Today the leisurewear giant, owned by Mike Ashley, who also controls Newcastle United FC, said they rose 2.9% to £214 million for the nine weeks to March 28. Profit was up 7.9% to £82 million.
The SFO is looking into allegations of price fixing on squash and tennis balls, the latest blow to the company which could disrupt it just as it is running well.
The City expects Sports Direct to enjoy a World Cup trading boost, which should ensure the company meets its underlying earnings target of £160 million for the year to April 25.
Chief executive Dave Forsey said: "We continue to be pleased with the strong performance of our retail division, including the growth of internet trading."
The shares, floated in 2007 at 106.6p, slipped 1.4p to 106.6p.
