Sports Direct shares fall when company differs from results for the second time | Business

Sports Direct asked investors to give it more time to publish its financial results on Friday morning, insisting that they could still publish them by the end of the day.

The results were originally scheduled to be released on July 18, before being postponed because Sports Direct was struggling with a series of factors that it said had complicated the results and could also force it to modify its financial forecasts.

He questioned the complexity of the takeover of House of Fraser, the recent volatility of commercial conditions and the stricter regulatory control exercised over his auditor Grant Thornton because of his role in the collapse of Valerie Pastry.

The results were delayed until Friday morning, but did not appear at the scheduled time of 7am. Sports Direct later admitted that it was "finalizing" the numbers and was waiting for them to appear during the day.

"Unfortunately, we are still finalizing the preliminary results," he said in an e-mail.

"We expect our annual results will still be released today, followed by a presentation, and will be updated again at noon. My apologies for any inconvenience.

Shares of the distribution group, controlled by Newcastle United owner Mike Ashley, fell nearly 10% last week to 238p, their lowest level this year. .

The shared share again lost 3% Friday, to 232p, after the extra time.

In December, Sports Direct said the underlying profits would rise by 5 to 15 percent, to between 321 and 352 million pounds. But he admitted that profits would fall once the effect of House of Fraser would be included. Analysts expect House of Fraser to lose £ 50m for the year.

Ashley and her team seemed to have taken too much, after buying up Evans Cycles, furniture company Sofa.com, Game Digital and House of Fraser.

He was also involved in a fierce battle and ultimately unsuccessful for the control of Debenhams. Ashley is also involved in a recession with Goals Soccer Center, the five-on-five pitch operator where the stock plummeted after the company admitted it had underpaid VAT.