Sports Direct shares down by 15 percent after issuing profit warning

Shares at Sports Direct took a 15 percent dip at the market close Friday after the retailer issued a profit warning based on poor trading over the holiday season.

Mike Ashley’s owned retailer said it had seen a "deterioration of trading conditions on the high street and a continuation of the unseasonal weather over the key Christmas period" and expected the misery to continue.

As a result, Sports Direct management is no longer confident of meeting its adjusted underlying earnings target of 420 million pounds for the full financial year.

In this vein and in the light of those factors "and in anticipation of similar trading conditions between now and the end of April" it now expected annual earnings of between 380 million and 420 million pounds.

This way, Sports Direct joins the ranks of Marks & Spencer and Next in blaming the warmer-than-usual winter for poor sales.