Sports Direct have revealed a drop in full year pre-tax profit after taking an £85 million hit on its investment in Debenhams.
The retailer said the fall was largely due to the profit on the sale of its Dunlop business and JD Sports shares that were included in the results for the prior year, as well as losses incurred by its investment in the Debenhams department store in the current year.
Mike Ashley, Sports Direct chief executive, said: “I am particularly pleased that Sports Direct has not only been named among the ten companies with the most improved reputation in the UK, but also that we were ranked among the top five in an index of international retailers."
Michael Murray, Sports Direct head of elevation, added: "During FY18, we have seen growth in underlying EBITDA of 12.2%. The elevation strategy continues to exceed expectations.
“As the property pipeline and brand relationships accelerate, we are confident in achieving between a 5% and 15% improvement in underlying EBITDA for the coming financial period."
