|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||462.80 - 486.00|
|52-week range||166.60 - 486.00|
|Beta (5Y monthly)||N/A|
|PE ratio (TTM)||21.86|
|Earnings date||16 Dec 2019|
|Forward dividend & yield||N/A (N/A)|
|1y target est||339.00|
It's really great to see that even after a strong run, Sports Direct International (LON:SPD) shares have been powering...
(Bloomberg Opinion) -- Billionaire Mike Ashley has unpacked a haul of good news from his giant Sports Direct bag, the first investors in the sportswear-to-statement jacket empire have enjoyed for a while.After a dismal showing in July — when Sports Direct International Plc first delayed its full-year earnings statement, and then accompanied it with news it faced a surprise tax bill in Belgium potentially worth 674 million euros ($750 million) — the bar for doing better was pretty low.But the group seems to be stabilizing after the tumultuous period in the wake of its acquisition of the troubled House of Fraser department store chain in August 2018.For now, Sports Direct hasn’t split out House of Fraser’s sales and profits. Instead, the storied British chain has been lumped in with the premium lifestyle division, which includes the upmarket Flannels boutiques. In the half year to Oct. 27, the unit made a loss on an underlying Ebitda basis of 5.6 million pounds, compared with a deficit of 29 million pounds in the year-earlier period.This implies House of Fraser’s losses shrunk noticeably. Tony Shiret at Whitman Howard estimates the loss at about 10 million pounds, compared with 31.5 million pounds previously.This all led Ashley to declare “green shoots of recovery” at the department store. More importantly, he also had good news for the outlook. The company now expects full-year underlying Ebitda of between 356.4 million pounds and 390.3 million pounds. That’s up by between 5% and 15% — the range the company has historically targeted — from 339.4 million pounds in the year to April 2019, excluding House of Fraser.Ashley also provided reassurance on the Belgian tax bill, saying that it won’t be such a big problem after all, and should not lead to a material charge. Finally, a 120 million-pound sale and leaseback for Sports Direct’s Shirebook campus has helped to halve net debt, which had been ratcheting up.The shares rose as much as 27%. But investors shouldn’t get too ahead of themselves. First of all, there is still work to do at House of Fraser. While the group will move forward with a number of stores under the Frasers banner — also the new name for Sports Direct — more outlets will close. Sports Direct must also convince the luxury brands to back his Frasers vision, although this should receive a boost from the Flannels offering. Brands such as Burberry Group Plc were much in evidence at Flannels’ new flagship on London’s Oxford Street.While much attention has focused on House of Fraser, it and Flannels are still a small part of the group. It is the core Sports Direct sportswear stores that drive the performance. Here sales, excluding acquisitions, fell 8.6%, as Sports Direct took the division upmarket. Revamped stores are performing well, and selling more expensive items, together with less discounting, is bolstering margins. But the group can’t let up the pace of these refurbishments. Ashley will have to convince the big sportswear brands, Nike Inc. and Adidas AG to supply it with their hottest sneakers, just at a time when Nike is becoming more choosey about who it sells to.And let’s not forget the risk of impulsive action from Ashley himself. The strategy of taking advantage of others’ misery by acquiring brands to sell in his stores is a sensible one. But the dangers of overstretch, as well as unconventional corporate governance moves, are ever present.Compared to this time last year, Sports Direct has things under more control. Investors will be looking out to see if the same can the same be said of its unpredictable founder.To contact the author of this story: Andrea Felsted at email@example.comTo contact the editor responsible for this story: Melissa Pozsgay at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andrea Felsted is a Bloomberg Opinion columnist covering the consumer and retail industries. She previously worked at the Financial Times.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
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Jeremy Corbyn has named the five companies he considers to be the UK’s ‘worst employers’ while launching the Labour party’s manifesto on work.
Britain's Sports Direct International, the sporting goods retailer founded and controlled by Mike Ashley, is to rebrand as Frasers Group, it said on Monday. The group purchased the House of Fraser department store chain out of administration for 90 million pounds ($115 million) in August last year - a decision Ashley said in July may have been a mistake. Sports Direct was founded by Ashley as a single store in Maidenhead, southern England, in 1982.
Britain's Sports Direct International , the sporting goods retailer founded and controlled by Mike Ashley, is to rebrand as Frasers Group, it said on Monday. The group purchased the House of Fraser department store chain out of administration for 90 million pounds ($115 million) in August last year - a decision Ashley said in July may have been a mistake. Sports Direct was founded by Ashley as a single store in Maidenhead, southern England, in 1982.
Shares in Sports Direct International (LON:SPD) are currently trading close to a 52 week high, with the share price up by around 2.73% to 336.4p over the past8230;
On the day Britain was supposed to have left the European Union, voters instead faced the start of an election campaign, with opposition Labour leader Jeremy Corbyn pledging to overthrow a "rigged system" he said was run by billionaires and tax dodgers. After failing to deliver Brexit by the Oct. 31 deadline, Prime Minister Boris Johnson called the Dec. 12 election to break what he cast as a political paralysis that had thwarted Britain's departure and undermined confidence in the economy.
Mike Ashley's retail group Sports Direct International said on Wednesday it had appointed RSM UK Group as its auditors, after Grant Thornton abruptly quit earlier this year. The company had said in August that Grant Thornton, the group's auditor since 2007, would not seek reappointment at Sport Direct's annual shareholders' meeting following a review of its client portfolio. The British sporting goods retailer had said discussions with other members of the "Big Four" accounting firms had thrown up barriers, including potential conflicts of interest and in the case of PwC a reluctance to engage with Sports Direct.
The company had said in August that Grant Thornton, the group's auditor since 2007, would not seek reappointment at Sport Direct's annual shareholders' meeting following a review of its client portfolio. The British sporting goods retailer had said discussions with other members of the "Big Four" accounting firms had thrown up barriers, including potential conflicts of interest and in the case of PwC a reluctance to engage with Sports Direct. Sports Direct's results were delayed in July after it received an 11th-hour 674 million euro tax bill from Belgian authorities that had to be assessed by Grant Thornton before it could sign off on the numbers.
Sports Direct, also Goals' largest shareholder, made a 5-pence-a share offer for the five-a-side football pitch operator last month, which had then valued the company's equity at about £3.8 million. The bid came just a few weeks after Goals said it will delist its shares as an investigation into accounting issues uncovered improper behaviour going back almost a decade. "Sports Direct had only limited and fitful access and cooperation from the board of Goals to support Sports Direct's possible offer," the sportswear retailer said late on Monday.
Finding stocks that have both positive share price momentum and improving financial health trends is a great way of finding pockets of quality and momentum in8230;
British department stores group John Lewis has told shopping centre landlords it will withhold 20% of this quarter's service charge as it seeks to cut costs, it said on Friday. John Lewis is part of the employee-owned John Lewis Partnership, which said on Tuesday it was seeking to save 100 million pounds ($123 million) through a major management restructuring. John Lewis said these charges had risen regularly and landlords had not cooperated in trying to reduce costs.
The under-declaration of tax at the five-a-side operator could be 'materially higher' than the £12m it previously announced.
Goals Soccer Centres has been struggling with an accounting scandal discovered earlier this year and put itself up for sale last month.
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