Manchester United Adjusted Profit Rises, While Sales Decline
Manchester United reported on Tuesday fiscal first-quarter profit of 8.9 mln pounds, or 5.45 pence a share, compared with a loss of �293,000, or 0.18 pence a share, in the year-earlier period. On an adjusted basis, the U.K.-based soccer giant said earnings per share rose to 2.59 pence from 1.37 pence. Revenue fell 9.9% from a year ago to �88.7 million, amid declines of 13% in broadcasting revenue and 22% in matchday revenue. Commercial revenue fell 5.2%, as declines in revenue from its retail and merchandising, and mobile and content businesses, offset a 2.4% gain in sponsorship revenue. The declines in matchday and broadcasting revenue was primarily the result of not participating in the UEFA Champions League tournament. The shares, which are listed on the NYSE, were not active in premarket trade. They have gained 4.9% so far this year through Monday, compared with a 10% rise in the S&P 500.
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