July 24, 2019 / 10:50 AM / 2 months ago

Sports Direct says delayed full-year results to meet guidance

FILE PHOTO: Shoppers walk past Sports Direct store on Oxford Street in London, Britain December 17, 2018. REUTERS/Simon Dawson/File Photo

LONDON (Reuters) - British sportswear retailer Sports Direct (SPD.L) said on Wednesday its results for the full 2018-19 year, which have been delayed, will be published on Friday and are expected to be within the guidance issued last December.

Sports Direct, which is controlled by Mike Ashley, said in December its core business was on track to meet its target of growing earnings by 5-15% in the year to April 29, 2019, but the purchase of the House of Fraser department store chain would result in a drop in full-year earnings.

“The accounts and audit are at an advanced stage and the results are expected to be within the guidance issued by the company on Dec. 13,” the group said.

Shares in Sports Direct were up 8.5% at 1036 GMT, paring its year-on-year losses to 41%.

Reporting by James Davey, Editing by Paul Sandle

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