Sports Direct founder Mike Ashley said buying House of Fraser may have been a mi...
LONDON - Sports Direct founder Mike Ashley said buying House of Fraser may have been a mistake for the British sporting goods retailer, in a delayed results statement that also warned it could face a 674 million euro bill from Belgium’s tax authority.
It said on Friday it was not giving guidance for its new 2019-20 year because House of Fraser had led to significant uncertainty as to the future profitability of the entire group. It warned investors to be wary of analysts’ forecasts. Sports Direct said it will enter mediation to respond to the authority’s questions and provide it with documents.
But excluding House of Fraser, underlying EBITDA rose 10.9% to 339.4 million pounds - within the guidance Sports Direct issued in December of a 5% to 15% improvement.“On a scale out of 5, with 1 being very bad and 5 being very good, House of Fraser is a 1.”Ashley also slammed the management of Debenhams, another department store group he tried and failed to buy before it fell into administration in April, wiping out Sports Direct’s near 30% equity stake.
The results delay was the latest in a long list of missteps by Sports Direct and Ashley that have severely tested the firm’s relationship with investors. They have been critical of its corporate governance and employment practices. However, analysts say he wants to retain Sports Direct’s listed status because he believes it gives the firm gravitas in its negotiations with key suppliers - Nike, Adidas, Puma and Under Armour.
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