Frasers Group profit hike powered by online sales

Shirebrook-based Frasers Group has reported an almost 30% hike in profits for first half to October 25.

The company, which owns Sports Direct, GAME and Flannels, posted a surplus of £84.4m, despite revenues dropped by 7.4% to £1.9bn.

The company said its online sales had been particularly strong, meaning it can “confidently” raise the bottom end of its full-year guidance by up to 30%.

A statement signed off by David Daly, non-executive chair of the retail giant, said: “The Board are extremely appreciative and grateful for the extra hard work from our staff during these difficult times.

“I do not wish to comment on the wider Covid-19 picture but from a general retail perspective it is impossible to ignore the lack of clarity of guidance when it finally arrives. 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of the UK High Street, which was already suffering before Covid-19, won’t survive unless the Government addresses the out of date business rates regime which is due to return come April 2021.”