Blog: Sports Direct AGM lacks JJB drama
Joe Ayling | 10 September 2009
The Annual General Meeting of Sports Direct International brought no repeat of the drama its founder helped spring on the same occasion at rival JJB Sports in July.
A mere fourteen shareholders attended the meeting, at the company's HQ in Shirebrook, Nottinghamshire, and there were as many security guards as directors.
Perhaps founder Mike Ashley was wary of a revenge visit, having sent along an unwelcome representative to JJB's AGM in Wigan to quiz that company's chairman, Sir David Jones, with whom he has been at loggerheads.
Yesterday (9 September) one shareholder was particularly unhappy with the heavy handed security treatment he incidentally received outside a factory outlet store below the meeting room.
Others asked Ashley how the company had been affected by his takeover of relegated football team Newcastle United, but he remained silent on the matter.
Ashley, who reportedly owns 71% of Sports Direct, spoke only to propose the re-election of a fellow director.
An impending Competition Commission (CC) investigation of stores purchased from JJB was also off limits, as it “continues to co-operate fully with the enquiry and work with the CC on the matter”.
Ashley is now executive deputy chairman of the company he founded in 1982, which yesterday reported a 10% uptick in sales for for the 13 weeks ended 26 July.
Beyond this, chief executive Dave Forsey said the board now expects full-year underlying EBITDA of at least GBP150m (US$247.4m), signalling a return to form after earnings dipped to GBP136.8m in fiscal 2008.
just-style's expectations of a company AGM were unrealistically heightened in Wigan, where Sir David also defended once taking a GBP1.5m loan from you know who.
But an “Ashley General Meeting” is more like the man himself – quiet, shrewd and efficient.
By Joe Ayling, news editor.
Continuing our look at what lies ahead for the apparel industry and its supply chain in 2017, the panel of industry experts consulted by just-style last week tackled likely shifts in the sourcing land...
This week our focus turns to first thoughts from a panel of industry experts consulted by just-style on the challenges and opportunities likely to face the apparel supply chain in 2017, with prospects...
Welcome back after the holiday break, and from the team here at just-style I’d like to wish all our readers a happy and prosperous New Year....
Apparel sourcing is a complex process built on a mix of location, logistics, lead-time, price, compliance, risk and reliability. And it's in a constant state of flux as retailers, brands and manufactu...
- Trump and the apparel industry – Infographic
- How US border adjustment tax could affect apparel
- British Brexit plans prioritise tariff-free trade
- $1.7bn package to boost Pakistan clothing exports
- Mexico riots hit apparel retailers and shipments
- Cambodia clothing exports at risk from Brexit
- Apparel brands urge Bangladesh PM to address wages
- American Apparel to shutter all stores?
- New project to digitalise European fashion chains
- Brands need to tackle Turkey factory refugee abuse
- Outdoor performance apparel 2016: A broader perspective
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Anti-odour clothing: fresh fashion for an active lifestyle
- Global market review of lingerie – forecasts to 2022
- Global apparel markets: product developments and innovations, October 2016