Sports Direct hit by slide in pound
Sports Direct has warned that the extreme swings in the pound overnight will hit its profits.
In a statement, the company said the move will hit next year's profit by about £15m.
In addition, if the exchange rate does not improve, another £20m could be wiped off its earnings.
Overnight on Friday the pound temporarily plunged by 6%, in a flash crash that is thought to have been triggered by automated trading.
Shares in Sports Direct were down nearly 10% after it issued its statement.
"In light of recent downward currency movements, the company entered into a hedging arrangement with... read more
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