Shares in Studio Retail Group, the online trader whose largest shareholder is Mike Ashley's Frasers Group, have plunged after warning its profits are set to be lower than market expectations and is to raise its prices.
The Lancashire-headquartered listed company has said its adjusted pre-tax profits for its full financial year are not likely to be between £28m and £30m, down from the current market expectation of £35m.
The business added that demand in the early weeks of January has been "relatively subdued, with some margin erosion as we cleared some seasonal stock that could not be carried forward".
