Sports Direct hit by slide in pound

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

 
7 October 2016 in Regional, Views: 43
Source: BBC
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