Sports Direct wobbles at the half year

Sports Direct wobbles at the half year

Far be it for us to jump to the defence of controversial retailer Sports Direct (SPD), but did the market overreact to this 67 per cent crash in pre-tax profit for the first half? The market sent the shares down 8 per cent on results day before climbing back to parity. A £146m profit on disposal of JD Sports' (JD.) shares in the prior year explains that drop. Investment income came in at just £0.2m this time around, and if the playing field is levelled, then profits actually rose by more than a fifth.

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