Mike Ashley’s Frasers Group delays annual results for second year in a row

  • Frasers Group full year results delayed by a week
  • This is the second year in a row it had delayed its annual results
  • Mike Ashley’s retail empire also delayed its 2019 results by a week and on the day of publication it was 10 hours late

By guest author Elias Jahshan from Retail Gazette

Caption courtesy by Retail Gazette

The full year trading update that slated Frasers Group was slated to publish this week has been delayed for the second year in a row.

Mike Ashley’s retail empire – which owns Sports Direct, House of Fraser, Flannels, Jack Wills Evans Cycles, USC, Game and Sofa.com – was scheduled to reveal its preliminary results tomorrow.

The report now be issued on Thursday August 20, 2020.

Investors and analysts had been keen to see Frasers Group’s results after it remained quiet throughout the coronavirus crisis so far, amidst a wave of high street rivals announcing job cuts, store closures, restructures or insolvencies.

The company said there was no major reason for the delay, but it was necessary that some details had to be “completed and reviewed” to comply with auditing procedures.

“Due to the undoubted scrutiny of our accounts, management and our auditors RSM will take this extra week to robustly review the final accounts and ensure that all necessary disclosures have been completed,” Frasers Group said.

“For the avoidance of doubt we can confirm there are no significant matters to address outside of normal audit completion procedures and the final accounts disclosure review.”

Last year, Frasers Group – then known as Sports Direct – was labelled “an embarrassment to UK corporate governance” after it delayed its annual results by a week.

It cited the delay to a surprise EUR 674 million (GBP 614 million) Belgian tax bill but the report was delayed several times on the day of publication and released 10 hours late, and after the stock market had closed.

The chaotic trading update led to the resignation of Frasers Group’s auditor at the time, Grant Thornton, which was eventually replaced by RSM.