Sports Direct cut staff bonuses after profits fall

Sports Direct are set to axe staff bonuses after disappointing company results – The Telegraph reports.

The firm pays out shares to approximately 2,000 members of staff if earnings targets are hit, but pre-tax profits for the year to 24 April were £361.8million, which missed the target of £420million (lowered from £480 million as part of a four-year scheme set out last year).

However, they will be looking to develop a bonus replacement scheme – The Guardian reports.

Dave Forsey, the company’s CEO, attributed the slowdown in earnings to “a tough trading environment in the second half across our sports retail businesses.”