Sports Direct shares slip as House of Fraser woes weigh heavy

Sports Direct’s share price plunged more than 15% on early trading as it revealed it is delaying the publication of its annual results.

The Shirebrook firm said it could be late August before its annual results are published, instead of this Thursday.

Sports Direct said that the poor performance of House of Fraser had complicated the release of the results.

The company’s share price rallied slightly in the afternoon to finish just under 10% down at 238p a share.

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.