Jul 15, 2019

Sports Direct delays annual results

Sports Direct has delayed publishing its annual results and warned its previous earnings guidance may have been too optimistic, as it counts the cost of an aggressive acquisition spree by billionaire chief executive Mike Ashley. Its shares fell by 12 per cent at the start of London trade on Monday to 231p. Sports Direct had been expected to report a hit to profits of around 20 per cent for the year to April. When Sports Direct announced interim results, it revealed House of Fraser lost £31.5m in the period from August 10 to October 28 last year, equating to a loss of around £3m a week. As well as House of Fraser, Sports Direct has bought up Evans Cycles and Sofa.com. Sports Direct said: "The reasons for the delay are the complexities of the integration into the company of the House of Fraser business, and the current uncertainty as to the future trading performance of this business."

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