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Sports Direct Delays Full-Year Results to Meet Guidance

Shares in the sportswear retailer were up 8.5 percent on the morning of July 24, paring its year-on-year losses to 41 percent.

Sports Direct Store | Source: Shutterstock

Reuters

24 July 2019

LONDON, United Kingdom — British sportswear retailer Sports Direct said on Wednesday its results for the full 2018-19 year, which have been delayed, will be published on Friday and are expected to be within the guidance issued last December.

Sports Direct, which is controlled by Mike Ashley, said in December its core business was on track to meet its target of growing earnings by 5-15 percent in the year to April 29, 2019, but the purchase of the House of Fraser department store chain would result in a drop in full-year earnings.

"The accounts and audit are at an advanced stage and the results are expected to be within the guidance issued by the company on December 13," the group said.

Shares in Sports Direct were up 8.5 percent at 1036 GMT, paring its year-on-year losses to 41 percent.

By James Davey; editor: Paul Sandle.

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