UK sportswear retailer Sports Direct is to delay the publication of its full-year financial results due, to the complexities of integrating the House of Fraser business and its uncertain trading performance.
Sports Direct was due to release its preliminary results for the period ended 28 April 2019 on Thursday (18 July). But in a statement this morning (15 July), the Mike Ashley-owned firm said it now expects its audited results will be published between 26 July and 23 August.
The company acquired House of Fraser last August in a GBP90m deal, hours after the chain went into administration. The rescue weighed heavily on the group’s first-half profits.
As well as the acquisition, Sports Direct also says increased regulatory scrutiny of auditors and audits for the period to 29 April 2018 “have led to a need for the company to compile more information than in previous years…and has therefore impacted on preparations for and responses to increased challenges in connection with this audit.”
