Sports Direct International plc provided earnings guidance for the fiscal year 2017. For the period, the company expected Underlying EBITDA to be in the region of £300 million. This guidance was based on a GBP/USD rate of approximately 1.30. In light of recent downward currency movements, the company entered into a hedging arrangement with respect to the GBP/USD rate. In addition, after taking into account the hedging, if the GBP/USD rate is 1.20 on average for the remainder of fiscal year, then the negative impact on the company's fiscal year 2017, Underlying EBITDA expectation would be in the order of a further £20 million.