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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Sports Direct International    FRAS   GB00B1QH8P22

SPORTS DIRECT INTERNATIONAL

(FRAS)
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Sports Direct's Mike Ashley 'deeply apologetic' for coronavirus blunder

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03/27/2020 | 04:05am EDT
Sports Direct announce store closures

The billionaire boss of British retailer Sports Direct said he was "deeply apologetic" over the way his company handled the coronavirus emergency and wants to make amends by offering resources to the National Health Service (NHS).

After Britain announced on Monday it was going on lockdown the following day requiring all non-essential shops to close, Sports Direct, part of Frasers Group, said its stores should stay open, arguing that sports equipment was essential.

That prompted an angry response from government with Cabinet Office Minister Michael Gove telling BBC TV: ?Sports Direct is not essential retail?. In an open letter published on Friday, Mike Ashley, the firm's founder and CEO, expressed regret.

"I am deeply apologetic about the misunderstandings of the last few days," he said.

He said the retailer's intentions were only to seek clarity from the government as to whether Sports Direct should keep some of its stores open and insisted it would never have acted against government advice.

"In hindsight, our emails to the government were ill-judged and poorly timed, when they clearly had much greater pressures than ours to deal with. On top of this, our communications to our employees and the public on this was poor," Ashley said.

He said he has offered the group?s support to the NHS.

"We are poised and ready for when that offer is accepted, with our entire fleet of lorries at their disposal - to help deliver medical equipment and supplies. This offer is not limited to the NHS but all key workforces across the government. We will help wherever possible.?

(Reporting by James Davey; editing by Kate Holton)

Stocks mentioned in the article
ChangeLast1st jan.
AMP LIMITED 0.00% 1.745 End-of-day quote.-8.88%
AT HOME GROUP INC. 2.85% 5.77 Delayed Quote.4.91%
JUST GROUP PLC 6.85% 51.8 Delayed Quote.-34.75%
SEEK LIMITED -2.45% 21.13 End-of-day quote.-6.30%
SPORTS DIRECT INTERNATIONAL -7.47% 289.8 Delayed Quote.-37.11%
THE NEW HOME COMPANY INC. -4.24% 3.39 Delayed Quote.-27.25%
WILL GROUP, INC. -0.48% 628 End-of-day quote.-49.84%
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Financials
Sales 2020 4 004 M 5 030 M 5 030 M
Net income 2020 51,0 M 64,1 M 64,1 M
Net Debt 2020 363 M 456 M 456 M
P/E ratio 2020 15,9x
Yield 2020 -
Capitalization 1 448 M 1 814 M 1 819 M
EV / Sales 2019
EV / Sales 2020 0,45x
Nbr of Employees 29 400
Free-Float 27,1%
Chart SPORTS DIRECT INTERNATIONAL
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Technical analysis trends SPORTS DIRECT INTERNATIONA
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 4
Average target price 312,50 GBX
Last Close Price 288,40 GBX
Spread / Highest target 108%
Spread / Average Target 8,36%
Spread / Lowest Target -30,7%
EPS Revisions
Managers
NameTitle
Michael James Wallace Ashley Chief Executive Officer
David Daly Non-Executive Chairman
Chris Wootton Chief Financial Officer
David Brayshaw Non-Executive Director
Nicola Frampton Non-Executive Director
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