Sports Direct 's profits nosedived by 72.5 % to £ ##35 m ( $ 101.2 ) , down from £ 281.6 m in 2017 , after it took an £ 85 m hit on its investment in struggling department store Target , where it has a 50 % stake , although it noted the 2017 profits had benefited from the sale of its Dunlop business and shares in JD Sports . Debenhams ' shares have plummeted by 66 % since the beginning of 2018 , issuing three profit warnings so far this year , and it came under further pressure during the week of 16 July when it was revealed that credit insurers had reduced their cover for suppliers to the Target store .
Sports Direct's profits nosedived by 72.5% to £77.5m ($101.2), down from £281.6m in 2017, after it took an £85m hit on its investment in struggling department store Debenhams, where it has a 29.7% stake, although it noted the 2017 profits had benefited from the sale of its Dunlop business and shares in JD Sports. Debenhams' shares have plummeted by 66% since the beginning of 2018, issuing three profit warnings so far this year, and it came under further pressure during the week of 16 July when it was revealed that credit insurers had reduced their cover for suppliers to the department store.