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
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