Sports Direct (LON:SPD) saw shares rise this morning, after announcing the acquisition of stakes in two US sports companies, Iconix and Dick’s Sporting Goods.
Sports Direct said in a statement that the deals would allow them to “build relationships with key suppliers and brands”, as well as expanding their presence in the US.
The company now hold an 11.5 percent stake in Iconix, which owns the Umbro and Lee Cooper brands, 2.3 percent of Dick’s Sporting Goods, one of the US’s largest sports retail brands.
The announcement saw shares rise a much-needed 3.37 percent, after the release of poor Christmas trading figures at the beginning of this week. The company blamed the unusually mild weather for “deterioration of trading conditions on the high street”, and issued a profit warning, sending shares tumbling.
Sports Direct are currently trading up 3.37 percent at 425.50 pence per share. (1039GMT)