Frasers Group posts uplift in sales and profit
Frasers Group saw its half year revenue increase by 23.6% to £2.34 billion which it attributed to the reopening of stores after lockdowns and a continuing strong online performance.
In the six months to 24 October, the owner of Sports Direct, Flannels and House of Fraser saw its adjusted pre-tax profit rise to £186.8 million from £115.5 million a year earlier.
Frasers Group chairman David Daly said: “The board is very pleased with the overall trading performance of the Frasers Group during the first half of the year and I want to extend my thanks on behalf of the board to our hardworking and dedicated teams across the group. As noted in our outlook statement, both our bricks and mortar and online businesses have continued to perform well since reopening from the last lockdown in the UK in March 2021.”
Looking ahead, the company said it is still facing the shadow of uncertainty cast by the ongoing Covid-19 pandemic, supply chain risks and macroeconomic factors contributing to a likely cost of living squeeze, which could impact consumer spending in the new year.
However, Frasers said it still believes it can achieve an adjusted pre-tax profit of between £300 million to £350 million by the end of the financial year if there are no significant UK Covid-19 lockdowns in the period.
