Sports Direct have announced a substantial fall in profits, largely down to a fall in the value of the pound in the past year. In the year to 30 April, underlying profit before tax decreased by 58.7% to £113.7m in part due to currency movements and increased depreciation charges. The company’s reported pre-tax profit was down 22.2% to £281.6m. Mike Ashley, Sports Direct chief executive said, “We have invested over £300 million in property over the last year, and I am pleased to report that early indications show that trading in our new flagship stores is exceeding expectations.”