Sports Direct International Cuts FY17 Fiscal Underlying EBITDA Outlook

(RTTNews) - Sports Direct International Plc (SDIPF.PK, SPD.L) Friday announced a reduction in its fiscal 2017 underlying EBITDA In view of the extreme currency movement. Earlier the company was looking for around 300 million pounds at the currency exchange rate of approximately 1.30 against U.S. dollar.

Now the company expects negative impact of around 15 million in the fiscal underlying EBITDA at the currency hedging rate of 1.19.

Further, the company noted that if the GBP/USD rate is 1.20 on average for the remainder of fiscal 2017, then the negative impact would be in the order of a further 20 million pounds.