Sports Direct regrets House of Fraser rescue

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Sports Direct bought House of Fraser in August last year

Sports Direct has said it regrets rescuing House of Fraser in its much-delayed full-year results which reveal a fall in profits.

The firm, which bought the department store out of administration a year ago, said: “If we had the gift of hindsight we might have made a different decision in August 2018.”

Sports Direct delayed publishing its results, partly due to uncertainty over the future trading of House of Fraser.

Underlying profits fell 6% to £287.8m.

But Sports Direct said that total sales for the year to 28 April rose by 10.2% to £3.7bn.

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