Sports Direct’s Toehold in U.S. Still Bleeding
The Eastern Mountain Sports and Bob’s Stores chains acquired from bankruptcy had trading losses of £9.2 million ($12.0 mm) for the 52 weeks ended Apr. 29 on top of another £17.2 million in accounting adjustments. Sports Direct took control over the two chains in the following month and began implementing its own systems and it suggested that losses would continue as those changes are put in place this year. While it didn’t reveal specific sales figures, the Rest of World segment that includes the U.S. stores and Malaysia saw sales increase to £192.4 million ($251.5 mm) from £27.7 million, suggesting ... Log in to view full article.