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Profits down by more than half for Sports Direct

Credit: ITV News.

The Derbyshire based retailer Sports Direct has revealed a fall in profits of more than 50 percent.

The sportswear giant said the 58.7% decline in pre-tax profits to £113M was a result of failure to 'hedge against' the drop in the value of the pound following the Brexit vote.

Owner Mike Ashley speaking after the profits announcement said the company was optimistic about the future but will be conservative in managing for the medium to long term.