Investors fret over HoF as Sports Direct figures further delayed
House of Fraser: concern over trading
Investors were nervously awaiting a statement from high street retailer Sports Direct after a further delay to publishing its annual results.
Figures were due out at 7am but had not appeared by 8am. Shares fell 2% in early trading.
The company said the results will be published today, initially stating they would be issued at mid-day and subsequently at 4pm. Market watchers noted that the company’s online investor relations page was down early on, adding to an air of concern over trading at House of Fraser which the company bought last year.
Shares in Sports Direct fell 15% last week after the retailer said it would delay publishing its full-year results because of uncertainty over House of Fraser.
The chain, majority owned by Mike Ashley, said in a statement on 15 July that “results for the period ended 28 April 2019 will be delayed beyond 18 July 2019, the date Sports Direct had expected to announce.”
The extra scrutiny imposed by the Financial Reporting Council on its auditor Grant Thornton was also cited as a factor in the delay.
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