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Sports Direct issues profit warning

Sports Direct is the latest retailer to issue a profit warning due to tough trading conditions on the high street and mild weather over Christmas.

The retailer said it was “no longer confident” that it would meet its underlying EBITDA target, before share scheme costs, of £420m for the full year.

A statement said: “Since our interim results on December 10 2015, we have seen a deterioration of trading conditions on the high street and a continuation of  unseasonal weather over the key Christmas period.”

It said it expected similar difficult trading conditions between now and April and has revised down its full-year adjusted underlying EBITDA, before share scheme costs, to between £380m and £420m.

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