Sports Direct staff in line for bonus

Feb 11 2010 By Karen Dent, The Journal

NEWCASTLE United owner Mike Ashley's sportswear company is likely to have sales of "at least" £160m this year - meaning staff are in line for a bumper bonus.

It is the second time in two months that Sports Direct has announced an increase in the amount it is expecting to earn for the year ending in April.

The group, which owns 371 British stores, 63 overseas shops and has more than 16,600 staff, is now well on course to pay out bonuses to all workers in its UK shops who have been with the company for more than one year. That will work out as around 25% of their basic pay in shares.

The announcement came as the Competition Commission watchdog cleared Sports Direct’s acquisition of 31 stores from JJB Sports, which were bought over a two-year period.

The watchdog started an investigation after the Office of Fair Trading raised concerns about five areas where competition had been reduced.
But the Commission said it was unlikely that there would be higher prices or a reduction in quality and choice for consumers.