Sports Direct cuts outlook after latest sterling collapse

Sports Direct cuts outlook after latest sterling collapse
 

Struggling retailer Sports Direct (SPD.L) said the sharp fall in the value of the pound overnight could dent its full-year earnings forecast by 35 million pounds in the latest downgrade to its guidance.
Shares in the firm were down 9 percent at 1421 GMT, after sterling plunged overnight.
Last month Sports Direct had forecast core earnings of about 300 million pounds for its financial year ending April 2017, based on a pound/dollar rate of 1.30.
It said that in light of sterling's recent weakness it had entered into a hedging arrangement however movements overnight resulted in a... read more

 
7 October 2016 in Business, Views: 42
Source: Reuters
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