Jul 15, 2019

Sports Direct delays results

Sports Direct has announced on Monday that it is going to delay the publication of its annual results, blaming "Current uncertainty" over the future financial performance of House of Fraser for the hold up. Sports Direct pointed to "Increased regulatory scrutiny of auditors and audits," as a contributing factor to the delay. Sports Direct bought HoF out of insolvency proceedings almost a year ago following a controversial deal that saw the 169-year-old company's stores, brand and stock acquired just two hours after administrators Ernst & Young had been appointed. In interim results released in December, Sports Direct revealed House of Fraser had lost £31.5m during the first few months of ownership, equating to around £3m a week. European stocks ticked up in opening trade, in line with the trading pattern set in Asia.

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