The firm said on Friday that “tough” trading conditions had been counteracting efforts to boost growth, and as such the full-year performance was expected to be “below its expectations”.
To make matters worse, the group’s CEO, Nick Davis, has headed for the door with immediate effect, with the firm citing his desire to “pursue other business interests”.
The retailer’s gloomy fortunes are a far cry from last year, when it delivered better than expected trading and unveiled a £4mln special dividend for investors, the latter of which was not likely to be repeated for 2019.
It didn’t take long for shareholders to stick the boot in, with the stock tumbling 28% to 138p over the week.
Speaking of kickings, the saga of suspended football pitch operator Goals Soccer entered a new phase this week when the group confirmed it had put itself up for sale.
Billionaire tycoon Mike Ashley, whose Sports Direct chain owns around 19% of Goals, is likely to be high on the list of potential buyers.
Shares in the company have been suspended since March after it admitted an accounting crisis which could involve several ex-directors including former CEO Keith Rogers ex-CFO Bill Gow.
With the company saying it will not be able to sign off its full-year accounts by the end of September, it will almost certainly be de-listed from AIM.
The AIM All-Share was relatively flat over the week, down 0.06% at 870.9, while the FTSE 100 was up 1.6% at 7,211.2
Elsewhere on the junior market this week, Spitfire Oil Limited (LON:SRO) sank 24% to 2.7p following news it could be suspended from AIM after becoming a cash shell due to relinquishing its retention licence over the Salmon Gums lignite tenements in Australia.
Another oil sector player having difficulties was Providence Resources, which slipped 8.3% to 6.7p after it once again said it had received no funds from a Chinese partner relating to a farm-out agreement for its Barryroe project and had extended the backstop date for payment once again to 2 September.
Shares in software developer Proactis Holdings PLC (LON:PHD) hit a bit of a glitch, falling 4.9% to 49p, as a trading update contained little news on potential buyers for the firm after it put itself up for sale at the end of July.
In the risers, nickel miner Horizonte Minerals PLC (LON:HZM) soared 43% to 4.4p after inking a US$25mln funding deal for its Araguaia project in Brazil with Orion Mine Finance, one of the market’s largest project financiers.
Sports marketing group TLA Worldwide plc (LON:TLA) climbed 9.4% to 1.8p as a proposal to sell its Australian subsidiary to media firm QMS Sports for around £15.6 million was approved by shareholders at a meeting on Thursday.
The online education firm said revenues for the full year will exceed £6mln, well ahead of market expectations and up more than 43% on the previous year.