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| Version 4 | Version 5 |
|---|---|
| Confusion over delay to Sports Direct results | Confusion over delay to Sports Direct results |
| (32 minutes later) | |
| There is confusion surrounding the release of results from Mike Ashley's Sports Direct, after the firm failed to publish them early on Friday morning. | There is confusion surrounding the release of results from Mike Ashley's Sports Direct, after the firm failed to publish them early on Friday morning. |
| In a statement, Sports Direct said it was "still finalising" the results, but anticipated publishing them on Friday. | In a statement, Sports Direct said it was "still finalising" the results, but anticipated publishing them on Friday. |
| It is extremely unusual for results to be delayed in this way, and one analyst called events "an utter shambles". | It is extremely unusual for results to be delayed in this way, and one analyst called events "an utter shambles". |
| The full-year results have already been delayed once - originally they were due to be reported on 18 July. | The full-year results have already been delayed once - originally they were due to be reported on 18 July. |
| At the time, Sports Direct blamed the delay on uncertainty over the future trading performance of the House of Fraser chain, which it bought last year, as well as increased scrutiny of its auditor Grant Thornton. It also indicated that it might not achieve its profits forecast. | At the time, Sports Direct blamed the delay on uncertainty over the future trading performance of the House of Fraser chain, which it bought last year, as well as increased scrutiny of its auditor Grant Thornton. It also indicated that it might not achieve its profits forecast. |
| 'Apologies' | 'Apologies' |
| In a short statement released on Friday morning, Sports Direct said: "Unfortunately we are still finalising preliminary results. | In a short statement released on Friday morning, Sports Direct said: "Unfortunately we are still finalising preliminary results. |
| "We anticipate that our annual results will still be released today, with a presentation to follow, and will update again at midday. | "We anticipate that our annual results will still be released today, with a presentation to follow, and will update again at midday. |
| "Apologies for any inconvenience." | "Apologies for any inconvenience." |
| Neil Wilson, chief market analyst for Markets.com, said the events were "a total and utter shambles" that "betrays a number of problems at the business after [Mr] Ashley embarked on his rather random acquisition spree." | Neil Wilson, chief market analyst for Markets.com, said the events were "a total and utter shambles" that "betrays a number of problems at the business after [Mr] Ashley embarked on his rather random acquisition spree." |
| "Above all it betrays a total disregard for shareholders," he said. | "Above all it betrays a total disregard for shareholders," he said. |
| Analysis | |
| By Simon Gompertz, BBC personal finance reporter | |
| "We've stop being surprised by Sports Direct," said an exasperated investor outside its cancelled results presentation just off Oxford Street this morning. | |
| Delaying the figures once is an embarrassment. Putting them off again is being described as a shambles. | |
| Bewildered journalists, investors and City analysts were left to speculate about the reasons. | |
| That's not good for a company engaged in one of the most challenging tasks on the High Street, breathing new life into House of Fraser. | |
| One investor's view is that Sports Direct's head office is "run on a shoestring" so that handling the House of Fraser situation was always likely to be rocky. | |
| UK-listed companies normally publish their results at or close to 07:00, before the London markets open at 08:00. | UK-listed companies normally publish their results at or close to 07:00, before the London markets open at 08:00. |
| Sports Direct shares fell in early trading on the London stock market before recovering. | |
| The firm had been due to give a presentation to investors and media at 09:00, but this was cancelled at the last minute. | The firm had been due to give a presentation to investors and media at 09:00, but this was cancelled at the last minute. |
| Guardian journalist Rob Davies tweeted: | Guardian journalist Rob Davies tweeted: |
| Are you a shareholder with Sports Direct? What are your views on this situation? Please email haveyoursay@bbc.co.uk | |
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