Sports Direct has delayed the filing of its full-year results due to the “complexities” sparked by its House of Fraser acquisition.
The sportswear giant, owned and run by Mike Ashley, had been due to reveal its preliminary results on Thursday.
Sports Direct did not provide an exact date as to when its audited results would now be published, but said it would be between July 26 and August 23.
The retailer, which has also snapped up Evans Cycles, Sofa.com and is in the process of acquiring Game Digital, blamed the “complexities in the integration” of House of Fraser into the Sports Direct business as the key reason for the delay in its results.
It added that the “current uncertainty” around House of Fraser’s future trading, coupled with “increased regulatory scrutiny” from auditors, had created further timing pressures.
“These factors have led to a need for the company to compile more information than in previous years,” Sports Direct said this morning.
It added that the accounts and the audit of its figures were “at an advanced stage”, but admitted 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”.
At the time, Sports Direct posted a 15.5% rise in underlying EBITDA, excluding House of Fraser, of £180.3m in the period to October 28.
Ashley said that he expected EBITDA, excluding House of Fraser, to rise by between 5% and 15% over the full year.
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