Sports Direct (LON:SPD) shares took a near 10 percent hit on Thursday morning, after reporting plummeting pre-tax profits.

Pre-tax profits fell to £77.5 million in the year to April, a significant fall from the £281.6 million recorded the year before. The company mainly attributed this to the fall in value of its large stake in Debenhams, who share price has been hit recently by the high street crisis.

Sports Direct’s UK sales were down 2 percent, although this was largely offset by an international sales rise of 3.5 percent.

Despite the disappointing performance, Sports Direct remains confident of maintaining some growth in the coming financial year.

“As the property pipeline and brand relationships accelerate, we are confident in achieving between a 5 percent and 15 percent improvement in Underlying EBITDA for the coming financial period,” Michael Murray, Head of Elevation.

Shares in Sports Direct are currently down 9.68 percent at 393.90 (0854GMT).