Sports Direct to delay results over House of Fraser trading

Shirebrook-based Sports Direct has said it will delay the publication of its results over uncertainty surrounding the trading of House of Fraser.

The company had been set to reveal its annual results this Thursday, but may now delay until 23 August.

Earlier, reports suggested that the firm’s profits are set to fall by up to a fifth.

The Telegraph says that although revenues are to rise slightly, profits could fall to £122m because of the takeover of House of Fraser.

Last year, profits stood at £152m before tax. Now, analysts believe the integration of struggling chain House of Fraser could hit Sports Direct’s bottom line hard.

When Sports Direct took over House of Fraser it announced a closure plan saying that it wanted to turn the chain into “the Harrods of the High Street’. Mike Ashley’s firm bought the department store out of administration in a £90m deal.

Meanwhile, Sports Direct announced this morning (15 July) that its £52m takeover of videogame retailer GAME is set to go ahead after its offer for the business was accepted.

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