Sports Direct to be 'Selfridges of Sport'
SPORTS DIRECT is tipped to unveil a jump in profits this week as its colourful boss Mike Ashley continues his bid to turn the retailer into the "Selfridges of sport".
The sports chain's profits were dented in 2016-17 as it struggled to navigate sterling's devaluation, but the retailer is expected to show signs of recovery when it unveils full-year results on Thursday.
Sports Direct is forecast to post underlying profit after tax of £103.18million, climbing 55.1 percent from £66.5million the year before, according to consensus estimates.
Revenues are expected to come in at £3.37billion for the year, up 3.9 per cent from £3.24billion.
Earnings before interest, tax, depreciation and amortisation are forecast to be £292.1million, up from £272.7million, a 7.1 percent rise year-on-year.
Chief executive Mr Ashley, who founded Sports Direct in 1982, has been shifting his focus to higher-end brands, with analysts cautiously optimistic about the results.
The company upped its stake in struggling department store chain Debenhams in March, bringing it close to a level at which it must launch a takeover bid.