September 12, 2018 / 6:18 AM / 2 months ago

Ahead of annual meeting, Sports Direct says trading in line with expectations

LONDON, Sept 12 (Reuters) - Sports Direct, the sportswear group controlled by billionaire Mike Ashley, said on Wednesday ahead of its annual shareholders’ meeting that trading was in line with previous guidance.

The firm has forecast a 5-15 percent improvement in underlying earnings before interest, tax, depreciation and amortisation (EBITDA) for the current financial year, excluding the acquisition of House of Fraser, which it purchased out of administration for 90 million pounds ($117 million) last month.

“Our strategy to transform House of Fraser into the Harrods of the high street will be a game changer,” said CEO Ashley.

Ashley faces a potential investor revolt at the annual meeting over alleged corporate governance failings though he will not be present to hear any protests. ($1 = 0.7685 pounds) (Reporting by James Davey, Editing by Paul Sandle)

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