British retailer Sports Direct has delayed publishing its annual results, blamin...
) has delayed publishing its annual results, blaming problems integrating its purchase of House of Fraser stores and increased scrutiny of its accounts, adding this could affect its financial forecasts.
FILE PHOTO: Shoppers walk past Sports Direct store on Oxford Street in London, Britain December 17, 2018. REUTERS/Simon Dawson/File PhotoThe company, controlled by Newcastle United soccer club owner Mike Ashley, had been due to publish results on July 18, but said it now expected to release them between July 26 and Aug. 23.
But the group has also been engaged in a raft of high profile deals, battling and failing to buy department stores group Debenhams earlier this year after it bought House of Fraser out of administration in August 2018.Ashley, which owns 61 percent of Sports Direct, said in December there were significant challenges for House of Fraser, but there was a “fantastic opportunity” to revive the chain.
Sports Direct said on Monday it had also been affected by the fact that Britain’s accounting watchdog was reviewing the auditing of the company’s results.“Sports Direct would note that its core principles in regards to its financial statements are to be conservative, consistent and simple,” it said.
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