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Sports Direct issues profit warning as England exit Euro competition

Sports Direct's share price has dropped below £1, its lowest since it floated last year, after it issued profit warning this morning.

The business blamed England’s failure to qualify for the Euro 2008 football competition for its profit warning and said it could no longer be confident of achieving the level of performance predicted at the company’s AGM on September 10.

At the AGM Sports Direct said that pre-exceptional EBITDA for the full year ending on April 27 2008 would show limited growth on last year.

However, due to the England football team losing to Croatia last night, the company said that pre-exceptional EBITDA for the current financial year was likely to be below that achieved in the last year. The company will announce its interim results for the 26 weeks to October 28 on December 19.

Umbro, which produces replica England football kits, also issued a statement this morning which warned that England's failure to qualify for the European Championships would have some effect on revenues in the current financial year.

The company said in a statement: “The effect on 2008 revenues, though still unclear, will be more pronounced due to a substantial reduction in our expected sales volumes for the new Away jersey.”

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