Sports Direct shares plunge as sales growth stalls

Discussion in 'Market News' started by Lily, Dec 10, 2015.

  1. Lily

    Lily Forum Member

    Aug 29, 2015
    Likes Received:
    More than £500m wiped off retailer’s value despite profits rising 25% as investor warns corporate governance concerns could drive share price down further

    More than £500m has been wiped off the stock market value of Sports Direct, the retail chain controlled by the billionaire Mike Ashley, as its shares fell by 13% despite a big increase in profits.

    Results from the group, whose profits rose by 25%, came amid mounting criticism after an investigation by the Guardian revealed that temporary workers at Sports Direct are receiving effective hourly rates of pay below the minimum wage.

    Related: Revealed: how Sports Direct effectively pays below minimum wage

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