Sports Direct issues profit warning after poor Christmas sales

Discussion in 'Market News' started by Lily, Jan 8, 2016.

  1. Lily

    Lily Forum Member

    Aug 29, 2015
    Likes Received:
    Shares plunge as retailer blames mild winter and tough trade on the high street for worse-than-expected sales

    Nearly half a billion pounds was wiped off the value of Sports Direct after the retailer shocked the stock market with a warning that annual profits would be £40m lower than expected.

    Shares in the company, led by Newcastle United’s billionaire owner Mike Ashley, plunged by more than 15% as it blamed a slide in the number of shoppers visiting high streets and unseasonably warm weather in the run-up to Christmas for a downturn in trading.

    Related: Sports Direct's story of easy growth seems to be over

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