Frasers Group hails record full year performance
Sports Direct owner Frasers Group has seen its full year revenue increase by 30.9% as it makes a strong recovery post-Covid.
In the 52 weeks to 24 April, UK sports retail revenue climbed by 31.2%, largely due to a strong performance of reopened stores after the last Covid-19 lockdown.
Meanwhile the company’s premium lifestyle division grew its revenue by 43.6%.
Pre-tax profit growth was also strong, rising to £366.1 million from £8.5 million a year earlier. In addition to healthy sales from stores, this was driven by the opening of new Flannels shops, continued growth in premium online sales and a range of cost efficiencies.
On an adjusted basis, pre-tax profit came in at £344.8 million compared to a loss of £39.9 million a year earlier.
Frasers now expects adjusted pre-tax profit to come in at between £450 million and £500 million for the next financial year.
Michael Murray, chief executive of Frasers Group, said: “I am really proud of the record performance we’ve announced today. It’s clear that our elevation strategy is working and we are building incredible momentum with new store openings, digital capabilities and deeper brand partnerships across all of our divisions. We’ve got the right strategy, team and determination to keep driving our business from strength to strength.”
