THE RETAIL BULLETIN - The home of retail news
Click here
Home Page
News Categories
Commentary
Department Stores
Electricals and Tech
Entertainment
Fashion
Food and Drink
General Merchandise
Grocery
Health and Beauty
Home and DIY
Interviews
People Matter
Retail Business Strategy
Property
Retail Solutions
Electricals & Technology
Sports and Leisure
Christmas Ads
Shopping Centres, High Streets & Retail Parks
Retail Events
People in Retail Awards 2024
The Future of The High Street 2024
Retail HR Summit
THE Retail Conference
Retail HR North 2025
Upcoming Retail Events
Past Retail Events
Retail Insights
Retail Solutions
Advertise
About
Contact
Subscribe for free
Terms and Policies
Privacy Policy
Frasers Group half year profits rise

Sports Direct owner Frasers Group has seen its half year pre-tax profit rise by 17.6% to £106.1 million. The uplift was largely driven by strong trading… View Article

SPORTS AND LEISURE NEWS

Frasers Group half year profits rise

Sports Direct owner Frasers Group has seen its half year pre-tax profit rise by 17.6% to £106.1 million.

The uplift was largely driven by strong trading in its stores after lockdown, growth in online sales, new Flannels stores and continued operating efficiencies.

However, group revenue declined by 7.4% to £1.9 billion in the six months ending 25 October as revenue at the group’s UK sports retail division decreased by 9.8% after the business was hit by temporary store closures due to Covid-19.

In contrast, revenue in the group’s premium lifestyle division, which includes Flannels and House of Fraser, climbed by 4.8%.

In a statement, Frasers said the successful reopening of its stores in England on 2 December combined with a continuing strong online performance has led it to raise the bottom end of its full year guidance. The group now expects to achieve a 20% to 30% improvement in full year underlying EBITDA.

Frasers Group chairman David Daly said: “Fortunately the Frasers Group is a strong business built on solid foundations. We can weather most of the storms faced this calendar year, however much of the UK high street, which was already suffering before Covid-19, won’t survive unless the Government addresses the out-of-date business rates regime which is due to return come April 2021.”

Subscribe For Retail News