Ashley Lesson In 'How To Run A Business'

Last updated : 21 February 2014 By Footy Mad - Editor


The Newcastle United owner’s business reported a quarterly profit of £280.7m for the 13 weeks to February 18 - an increase of 14.6%.

Dave Forsey, chief executive of Sports Direct International plc, welcomed the figures.

He said: “Despite tougher comparisons during the period, Sports Retail continues to perform well driven by our on-going focus on exceptional quality, unbeatable value and availability.

“Online also performed strongly, with non-UK online gross profit contribution expected to be greater than the UK equivalent by the end of this financial year.”

Shares also went up more than 5% in early trading as a result and closed even higher – at 772.50p and a rise of 7.89%.

Sales also rose in the company’s Premium Lifestyle division by 52.5% to £71.2m.

The strong results should keep the company on track to meet targets under a new four-year bumper bonus scheme for staff, due in the summer of 2015.

Around 2,000 employees picked up shares worth more than £68,000 under a previous scheme, with many going home with more than twice their average salary.

Mr Ashley also personally boosted his fortune by £106m after selling a 2.7% stake in the business.

So why does he run Newcastle United FC like a car boot sale?

Answers on a postcard please.