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Sports Direct delays results, guidance could be affected

Sports Direct delays results, guidance could be affected
FILE PHOTO: Shoppers walk past Sports Direct store on Oxford Street in London, Britain December 17, 2018. REUTERS/Simon Dawson   -   Copyright  SIMON DAWSON(Reuters)
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LONDON (Reuters) – Sports Direct <SPD.L> has delayed the publication of its preliminary results due to problems integrating House of Fraser and increased scrutiny of its accounts which could affect its guidance.

“Sports Direct believes its accounts and their audit to be at an advanced stage,” it said.

However the group added there were a number of areas to conclude which could materially affect the guidance given in December, when it described recent trading as “unbelievably bad”.

Sports Direct’s Mike Ashley, who owns 61 percent of the group’s equity, bought department store House of Fraser out of administration in August 2018.

Sports Direct said it had also been affected by the fact Britain’s accounting watchdog was reviewing the auditing of Sports Direct results.

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

The company now expects its audited results to be published between July 26 and Aug. 23.

(Reporting by Kate Holton; editing by Guy Faulconbridge)

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