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Sports Direct delays publication of results

Sports Direct has delayed the publication of its preliminary results. The company has blamed the complexities resulting from the integration of House of Fraser and increased… View Article

SPORTS AND LEISURE NEWS

Sports Direct delays publication of results

Sports Direct has delayed the publication of its preliminary results.

The company has blamed the complexities resulting from the integration of House of Fraser and increased regulatory scrutiny.

The results for the year ended 28 April 2019 were due to published on 18 July.

In a statement, 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, together with the increased regulatory scrutiny of auditors and audits including the FRC review of Grant Thornton’s audit of the financial statements of Sports Direct for the period ended 29 April 2018.”

In addition, the company said there were a number of “key areas to conclude on” which could materially affect the guidance given in Sports Direct’s announcement of 13 December 2018.

It added: “Sports Direct would note that its core principles in regards to its financial statements are to be conservative, consistent and simple.”

The company now expects that its audited results will be published between 26 July and 23 August.

 

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