Mike Ashley is still the king of sportswear retail. So says RBC Capital, which has upgraded his Sports Direct chain to outperform. The broker claims the retailer has cemented its position as top dog in the sporting goods arena, with the introduction of “click and collect” helping to boost sales. It added that Sports Direct’s strong balance sheet could mean either a start of dividend payments or more acquisitions, and concerns over Labour’s threats about zero-hours contracts have subsided since the general election. “We think Sports Direct has a strong business model, market position and balance sheet, and its growth outlook has improved recently as online initiatives come through and risks...
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