‘Farce’ claim as Sports Direct publishes full-ye - sportstextiles: Lea SportsTextiles

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‘Farce’ claim as Sports Direct publishes full-year results late

26/07/2019
Retail group Sports Direct has published its full-year results for the financial year ending 28 April, 2019. The company delayed publication of the figures and, when the announcement came, late in the afternoon on July 26 (a Friday), analysts and business publications called it a farce.

The group reported revenues of £3.7 billion, a top-line increase of 10.2% compared to the previous financial year. Underlying profit, however, was 6% down year on year, reaching £287.8 million.

Sports Direct revealed that one of the reasons for the delay in publishing its results was that the group has been the subject of a tax audit in Belgium. On July 25 the Belgian tax authorities issued it with a demand €674 million (including 200% penalties and interest). Sports Direct said it will “investigate further”.

Its chief financial officer, Jon Kempster, announced he will be leaving his position in September.


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