8th Jan 2016 11:42
LONDON (Alliance News) - Sports Direct International PLC on Friday said it is no longer confident it will meet its adjusted underlying earnings before interest, tax, depreciation and amortisation target for its full financial year to April 26.
The sporting goods retailer said it has seen a deterioration of trading conditions on the high street and a continuation of unseasonal weather over the key Christmas period.
It now thinks it may miss its target of GBP420 million of Ebitda and lowered its expectations to between GBP380 million and GBP420 million in anticipation of similar trading conditions between now and the end of April.
Fellow retailers Marks & Spencer Group PLC and Next PLC also this week reported weaker trading in the Christmas period due to unusually warm weather leading to a decline in sales and lack of stock availability.
Shares in Sports Direct were trading down 4.8% at 487.40 pence on Friday following the annoucement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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