Retailer shocks stock market by revealing it will miss full year profits forecast.
Annual profits at Sports Direct will be up to £40 million lower than expected, the retailer announced this morning.
The retailer – which stocks a number of sports-related licensed products – blamed tough trading on the high street and unseasonal weather in the run up to Christmas.
Following the announcement, over £400 million was wiped off the company’s value, according to The Guardian, while Sports Direct shares fell 12%.
The retailer is forecasting that profits will now be between £380 million and £420 million for the year to the end of April.
