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Analysts downgrade Sports Direct

City analysts downgraded full-year profit forecasts for Sports Direct after the retailer warned that trading had been the toughest in its history yesterday.

Richard Edwards, analyst at Citigroup, told The Daily Telegraph newspaper: "Full-year consensus profit before tax forecast is likely to fade." Edwards reduced his earnings before interest, tax depreciation and amortisation forecast from £145 million to £140m.

Sports Direct said sales and profits were flat for the 13 weeks to July 27 at its Annual General Meeting yesterday.

Sports Direct said that sales rose marginally to £336m from £335m the previous year, while gross profit nudged up to £150m from £149m.

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