More than 2,000 shop floor staff at Sports Direct are set for a life-changing windfall after record profits at the fast-growing, cheap-and-cheerful chain triggered a bonus payout that will see workers who earn £20,000 a year banking payouts of £100,000 each.
While six-figure bonuses are usually reserved for executives, the UK's biggest sports retailer set up its bonus scheme back in 2009 for any full-time staff, from stockroom to the boardroom, who had worked for the company for a year and stayed for a further four. Since then the retailer's fortunes – and its share price – have been transformed and the workers have hit the jackpot.
The company's profits have soared 40% to more than £200m in the past year, at a time when the high street has been struggling badly and even Tesco has been forced to scale back expansion plans.
But Sports Direct, set up 30 years ago by billionaire and Newcastle United owner Mike Ashley, has gone from strength to strength with its pile it high, sell it cheap business model.
As rivals have fallen, Sports Direct, which now sells more than one in every four pairs of trainers in the UK, has also snapped up failing brands including JJB Sports and fashion chains Republic, USC, Flannels and Cruise.
more
2,000 Sports Direct staff to receive £100,000 bonus after record profits | Business | The Guardian
While six-figure bonuses are usually reserved for executives, the UK's biggest sports retailer set up its bonus scheme back in 2009 for any full-time staff, from stockroom to the boardroom, who had worked for the company for a year and stayed for a further four. Since then the retailer's fortunes – and its share price – have been transformed and the workers have hit the jackpot.
The company's profits have soared 40% to more than £200m in the past year, at a time when the high street has been struggling badly and even Tesco has been forced to scale back expansion plans.
But Sports Direct, set up 30 years ago by billionaire and Newcastle United owner Mike Ashley, has gone from strength to strength with its pile it high, sell it cheap business model.
As rivals have fallen, Sports Direct, which now sells more than one in every four pairs of trainers in the UK, has also snapped up failing brands including JJB Sports and fashion chains Republic, USC, Flannels and Cruise.
more
2,000 Sports Direct staff to receive £100,000 bonus after record profits | Business | The Guardian
