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Sports Direct confirms profits will be at lower end of forecasts

Sports Direct has reassured investors that its full-year profits are still expected to come in at around the bottom of the range given in January, despite majority shareholder Mike Ashley’s admission yesterday that the sportswear retailer is “in trouble”.

Sports Direct retail park WEB

It comes after The Times published an interview with Ashley yesterday, in which he said: “We are in trouble, we are not trading very well. We can’t make the same profit we made last year. We are supposed to be taking the profits up, they are not supposed to be coming down, and the more the media frenzy feeds on it, the more it affects us.”

The retailer’s share price tumbled as a result, falling from 423p on Monday to 378p at the close yesterday. 

Sports Direct has now issued a clarification to investors, stating: ”In the light of recent press coverage, Sports Direct wishes to clarify that its current expectations for adjusted underlying EBITDA before share scheme costs for the full year to the end of April 2016 are at or around the bottom of the range announced on January 8 2016.”

In January, Sports Direct revised down its full-year adjusted underlying EBITDA expectations, before share scheme costs, from £420m to between £380m and £420m.

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