Shirebrook's Sports Direct sees pre-tax profits fall by 25 percent

The company reported that pre-tax profits fell by more than 25 percent for the first half of the financial year.

Figures released by the company show that i pre-tax profits fell 26.8 percent to £64.4 million.

Underlying earnings excluding House of Fraser were, up 15.5 percent to £180.3 million.

Boss Mike Ashley told the Notts Post: "I have made my views clear that I believe the previous House of Fraser senior management team traded the business whilst it was insolvent for a long time. This means we have significant challenges ahead in turning House of Fraser around.

"However, I genuinely believe we have acquired a fantastic opportunity and, with the efforts of Sports Direct and House of Fraser teams, and the support of the brands, local councils and landlords, we can turn House of Fraser into the Harrods of the High Street."

Following his acquisition of House of Fraser in August, Mr Ashley pledged to save around 47 of House of Fraser's 59 outlets.

The billionaire retail entrepreneur bought struggling House of Fraser out of administration in August.

Thousands of employees face an uncertain future as the billionaire tycoon attempts to persuade landlords to reduce store rents so that he can keep them open.