Sports Direct, Britain’s biggest sportswear retailer, warned yesterday annual profit could be up to £40 million (€53 million) lower than guidance issued less than a month ago, hammering its shares.

Shares in the firm, majority owned by billionaire founder Mike Ashley, fell up to 17 per cent after it said it was no longer confident of meeting its adjusted core earnings target of £420 million (€560 million) for the 2015-2016 fiscal year.

It said that since it published interim results on December 10th it had seen a deterioration of trading conditions and a continuation of unseasonal weather over the Christmas period.

Anticipating similar trading conditions between now and the end of its financial year at the end of April, it guided investors that it would achieve core earnings of £380-£420 million.

– (Reuters)