Sports Direct shares take a dive after retailer warns that pound's crash will hit profits

Sports Direct shares took a dive today after the sports retailer warned that 'extreme movements' in the pound will hit profits.
In an unscheduled trading update, the company - owned and run by Mike Ashley - said it expected its full year earnings to be £285million, compared to the £300million it had originally forecast.
That sent the scandal-hit chain's shares down 12 per cent this afternoon to trade at 267.9.
In a statement the company said, 'In light of recent downward currency movements, the company entered into a hedging arrangement with respect to the GBP/USD rate. 
'Extreme movements... read more