September 6, 2017 / 6:17 AM / 10 months ago

Sports Direct reiterates earnings guidance ahead of shareholder meeting

LONDON (Reuters) - British retailer Sports Direct (SPD.L) said on Wednesday it remained optimistic on its trading outlook, reiterating its earnings guidance for the current year.

A man walks past a Sports Direct store on Oxford Street in London, Britain July 22, 2016. REUTERS/Paul Hackett

In an update ahead of its annual shareholders’ meeting the firm, controlled by founder, CEO and majority shareholder Mike Ashley, said it still aimed to achieve growth in core earnings of 5 percent to 15 percent in its 2017-18 year.

Core earnings had fallen 29 percent in 2016-17.

Sports Direct said trading in its new format flagship stores continued to exceed its expectations.

At the AGM the retailer’s chairman Keith Hellawell could be forced to honour a pledge to step down if independent shareholders don’t back him.

Reporting by James Davey; editing by Kate Holton

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