Sports Direct has clarified its full-year profits are expected to be at the bottom of its target range, after comments by boss Mike Ashley.

The retailer’s shares closed down 10.5% yesterday after Ashley told the Times in an interview the company was “in trouble”.

In a stock exchange statement today, Sports Direct said: “In the light of recent press coverage, Sports Direct wishes to clarify that its current expectations for adjusted underlying EBITDA (before share scheme costs) for the full year to the end of April 2016 are at or around the bottom of the range announced on 8 January, 2016.” 

Sports Direct issued a profits warning in January, which it blamed on unseasonable weather over Christmas.

The retailer has been in the media spotlight over alleged working conditions at is Shirebrook warehouse. MPs on the Business, Innovation and Skills committee have called Ashley to give evidence on the matter on June 7, but he has so far refused their offer.