Sports Direct International half-year results missed targets of some analysts, and after the results were reported, the share prices dropped by as much as 10% today.
Mike Ashley – Newcastle owner also runs Sports Direct
And because of the previous excellent results of Sports Direct – the expectations of some analysts had been raised – but the company did not reach those elevated targets.
In the six months being reported, the sports retail company increased profits by 17% to £146.2M in the six months to October 27 – which is not too bad at all.
Newcastle United owner Mr Ashley owns a majority share in the company he founded in 1982, and was the sole owner until the company went public back in March, 2007, and from some of those proceeds – which made him a Billionaire, Mike bought Newcastle United.
And the stock has been on the FTSE (Financial Times-Stock Exchange) 100 Index since September, following a 70% increase in its share price this year.
It seems the stock was in a sell-off, as investors sold to lock in what have been significant profits this year.
And Mike Ashley continues to cause controversy at Newcastle, and his latest weird move is to charge journalists for interviewing the Newcastle players , which is something that has never been done in the Premier League.
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