Frasers Group posts surge in full year profit
Sports Direct and House of Fraser owner Frasers Group has posted a 15.8% increase in full year revenue to £5.56 billion after its elevation strategy continued to deliver results.
In the 53 weeks to 30 April, reported pre-tax profit rose sharply with an uplift of 96.9% to £660.7 million.
During the year, the group made several acquisitions including Gieves and Hawkes, Amara Living and JD Sports’ premium brands portfolio. It also purchased Sportmaster in Denmark to help grow its European store footprint.
Other acquisitions included The Mall Shopping Centre in Luton and The Overgate Centre in Dundee .
Michael Murray, chief executive of Frasers Group, said: “In my first full year as chief executive, we have delivered a strong performance across the group. We were bold in setting our full year guidance twelve months ago, before the full impact of the cost-of-living crisis was clear, but our business has remained resilient, and we have met these expectations.”
Frasers Group also invested in its store portfolio in the period by opening a new Sports Direct flagship in Manchester, and a new Flannels store in Liverpool. There were also several refurbishments across all divisions. In addition, the group strengthened its brand partnerships which resulted in Nike listing the compony as one of its “Top Three Global Strategic Partners” in its FY23 fourth quarter results.
Our investment in the store estate, our focus on strengthening key brand partnerships, and the synergies created by strategic acquisitions is now delivering very clear results. We’ve also made huge progress in the year building our sector-leading ecosystem, with Frasers Plus now successfully launched across our brands and businesses.”
Frasers Group said the new financial year has started well, especially at Sports Direct, which has benefited from strengthened relationships with key brand partners.
Murray said: “We enter the new financial year in a strong position and are determined to unlock further growth, underpinned by our laser focus and acceleration of our elevation strategy.”
