The Mike Ashley owned chain says it’s no longer confident of meeting the company’s adjusted underlying earnings before interest, taxes, depreciation and amortization target of £420 million for the full year.
It now expects the figure to be somewhere between £380 million and £420 million.
Sports Direct blamed: “A deterioration of trading conditions on the high street and a continuation of the unseasonal weather over the key Christmas period.”
The Guardian is reporting that more than £400 million was wiped off the value of the company as shares in Sports Direct fell 12 per cent in the wake of the announcement.
Before Christmas Sports Direct was described as “A scar on British business” by Institute of Directors’ director general Simon Walker following allegations made about its working practices.
