Sports Direct shares drop as full-year results delayed again

Sports Direct shares
// Sports Direct’s full-year results, which were meant to be released this morning, are mysteriously delayed again
// As a result, shares in the Mike Ashley-owned retail company were 2.6% lower this morning
// Sports Direct was originally due to publish the results on July 18 but it was delayed

Shares in Sports Direct have taken a hit after its already-delayed full-year report due this morning was not released.

A spokesman for the Mike Ashley-owned retail company did not give a reason for the delay.

An investors presentation that was due to take place at 9.30am was also delayed.

The delay prompted shares in Sports Direct to fall by almost 2.6 per cent this morning.

“We anticipate that our annual results will be still be released today, with a presentation to follow, and will update again at midday,” the Sports Direct spokesman said.

Sports Direct was initially due to reveal its results, for the financial year ending April 29, on July 18.

However, on July 15 it announced that it would be delayed and provided an estimated timeframe between July 26 and August 23.

The retailer blamed the delay on complexities around the House of Fraser acquisition almost a year ago, recent trading uncertainty and increased regulatory scrutiny over one of its auditors.

Sports Direct had also warned it may need to change its previous financial guidance due to “a number of key areas” in relation to its accounts.

In a stock market announcement earlier this week, the company confirmed today as the release date, and said the accounts and audit were “at an advanced stage”.

Sports Direct also confirmed that the results were “expected to be within the guidance” issued last December, with its core business on track to meet its target of growing earnings by five to 15 per cent.

However, it warned the acquisition of House of Fraser would lead to a drop in full-year earnings.

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