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Sports Direct shares take a tumble

Sports Direct shares have fallen 5% after one of its house brokers, Goldman Sachs, cut its profit forecast for this year by 20%.

The broker described the current clothing market as ‘demanding’ and said Sports Direct would have little opportunity to pass higher costs onto consumers.

Boss Mike Ashley apologised for the problems at the beleaguered retailer at its annual general meeting earlier this month, which was open to both the press and members of the public in a bid to become more transparent.

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