Sports Direct published an "initial report into its working practices following a media and political storm over some of its employment conditions," particularly at its warehouse in Shirebrook in Derbyshire. The sportswear retailer promised a further "comprehensive" probe into both working practices and corporate governance "looking at what further action needs to be taken" as it comes under pressure from independent shareholders and "faces a potential rebellion at its annual meeting" on Wednesday (FINANCIAL TIMES, 9/6). At least one Sports Direct investor is "still pushing for change at the top of the sportswear retailer," despite the group "trying to appease critics of its working practices and governance." The announcements "have not appeased" Royal London Asset Management Corporate Governance Manager and Sports Direct shareholder Ashley Hamilton Claxton. She said, "We are encouraged by Sports Direct’s intention to conduct an external report evaluating the board later this financial year, but the chairman’s position remains untenable and the review needs to be conducted under the leadership of a new chairman, otherwise we are unlikely to see change" (FT, 9/6).
FINANCE BRIEFS ...
Retailer Halfords "racked up some strong sales growth over the summer led by bikes." It attributed this in part to "the success of British cyclists" in the Rio Olympics. Halfords' overall like-for-like sales rose 4.3% during the seven weeks to Aug. 19, a "distinct improvement" on the 0.6% contraction seen during the first quarter. Like-for-like cycling sales leapt 12.5%, compared with a 4% contraction in the first quarter (FT, 9/6).
The ACT government announced that 21 "successful" community football projects "have received funding as part of the Community Football Infrastructure Program." The program "was made possible by surplus government funding from last year's AFC Asian Cup tournament," with more than A$600,000 ($461,000) to be split between "a range of grassroots football initiatives." ACT Minister for Sport & Recreation Yvette Berry: "Football is one of the most popular sports in the ACT and is growing every year. It was really important for the government to make sure that community clubs got access to that funding to be able to make some improvements within their local communities" (THE AGE, 9/6).
