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Sports Direct profits expected to tumble

Sports Direct is expected to reveal this week that full-year profits have plummeted by up to 60% to their lowest level in six years.

The Mike Ashley-owned group’s profits are expected to come in at about £142m after it was hit hard by the fall in the value of the pound, The Telegraph reported.

Sales are expected to have risen to £3.2bn from £2.8bn following new store openings.

The results will be announced on Thursday 20 July.

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