Sports Direct issues profit warning after poor Christmas sales

Sports Direct has warned that profits for the year will be lower than expected, blaming tough trading on the high street and unseasonal weather in the run-up to Christmas.

The shock profits warning comes just a month after a Guardian investigation revealed that the company effectively pays thousands of temporary workers below the national minimum wage of £6.70 an hour and subjects warehouse staff to a regime of searches and surveillance.

In a stock market statement, Sports Direct said that it now expected to miss its target for underlying profits of £420m. It is forecasting that profits will now be between £380m and £420m for the year to the end of April

Shares in Sports Direct fell by more than 5% after the announcement.

This is a breaking news story, please check back for further updates

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