English Premier League club Manchester United Football Club (NYSE:MANU) reported lower fiscal first-quarter earnings and revenue because of a fall in commercial, retail and sponsorship income, but the club maintained its full-year revenue guidance on expectations its performance will improve going forward.
The club said revenue for the quarter reached £135 million, down 6.1% from the £143.7 million in the same period last year. Earnings per share hit 4.27 pence, lower by 11.4%, compared with 4.82 pence per share in the year-ago period.
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Match day revenue dropped 27.2% to £16.3 million, the club added in a statement.
"We remain on track to deliver our record full-year revenue guidance, underpinning our long-term, strategic plan to create sustainable growth across all areas of the club," said Ed Woodward, Executive Vice Chairman.
The fiscal 2019 revenue is expected to range between £615 to £630 million.
Commercial revenue for the quarter was £75.9 million, down £4.6 million or 5.7%, over the prior year quarter.
Sponsorship revenue for the quarter was £49.6 million, a decrease of £3.6 million, or 6.8%, over the prior year quarter, primarily due to a smaller summer tour.
Retail, Merchandising, Apparel & Product Licensing revenue for the quarter was £26.3 million, lower by £1.0 million, or 3.7%, over the prior year quarter, primarily due to playing two fewer home games across all competitions.
Broadcasting revenue was positive for the quarter at £42.8 million, an increase of £2.0 million or 4.9%, over the prior year quarter.
Manchester United is one of the most popular and successful sports teams in the world. The club owns and operates a professional sports team in the United Kingdom.
The club is based in Manchester.
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