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
- 05:31 Ladybird plague heading for Lincolnshire - here's what to do
- 05:25 Man Utd's XI under Jose Mourinho in five years: Which stars could...
- 05:25 Arsenal hero: Arsene Wenger shouldn't start this Gunners star...
- 05:22 Two senior Chinese officers expelled from Communist Party
- 05:22 Roads to be closed for Grantham A&E protest march
- 05:22 Alan Power hopes he has 'proved a point' to Lincoln City boss Danny...
- 05:19 Sordid history of shameless father and son burglars
- 05:19 Activist calls on 'dodgy dossier' claims to be ignored in Labour...
- 05:19 Walton Breck Road regeneration plans get “resoundingly positive”...
- 05:19 Chelsea hero: Why these Blues stars have really surprised me this...
- 05:16 All hail the mighty uncle - Chinese welcome Xi as the 'core'
- 05:16 World's largest marine park created in Antarctic Ocean
- 05:14 Wolverhampton Wanderers nearly ruined my marriage - Robert Plant
- 05:06 Nato chief says alliance 'does not want new Cold War'
- 05:00 Expected Chelsea XI: Who will start in Antonio Conte's 3-4-3...
- 04:53 Children’s work used for Viking funeral fire
- 04:51 Bangladesh vs England second Test day one LIVE: Zafar Ansari handed...
- 04:44 12 weeks to save the shuttle bus
- 04:44 World Bank appoints first adviser to tackle LGBTI discrimination
- 04:42 Conor McGregor is nothing more than a left hand - UFC lightweight...
- 04:42 Martin Keown: Man United boss Jose Mourinho is failing this Old...
- 04:38 Nicola Adams hold talks with Eddie Hearn over turning professional
- 04:37 Lindsay Lohan leaves town in the dark over pledge to switch on...
- 04:32 Dollar, bond yields stand tall on enhanced Fed rate hike prospects
- 04:15 Sea King helicopter transformed into glamping pod
- 04:15 'Emoldjis': Gran's call for older people's lives to be reflected
- 04:15 'Lethal' DNP diet pills still on sale despite crackdown, BBC finds
- 04:15 Pair charged over Broxburn homeless unit baby death
- 04:11 New York hospital hires ROBOT as new gynaecologist instead of doctors
- 03:59 TV date for ‘Bargain Hunt’ couple from Louth