Sports Direct has seen their share take a dive of more than 10% after the retailer said it had delayed the publication of its annual results. The company, whose shares trade on the FTSE 250, blamed problems integrating its purchase of House of Fraser (HoF) stores last summer and increased scrutiny of its accounts.
It added that this could affect its financial forecasts. Sports Direct had been due to publish results for the year to 28 April on Thursday but said it now expected to release them between 26 July and 23 August.
Its statement said: “The reasons for the delay are the complexities of the integration into the company of the House of Fraser business, and the current uncertainty as to the future trading performance of this business, together with the increased regulatory scrutiny of auditors and audits including the FRC (Financial Reporting Council) review of Grant Thornton’s audit of the financial statements of Sports Direct for the period ended 29 April 2018.”
