Profits rise at Frasers Group as it reveals European ambition

Retail giant Frasers Group has posted a 5.6% rise in profit before tax for the 26 weeks to October 29.

The Shirebrook-based company announced an adjusted profit before tax of £234.6m.

The firm said the performance was down to “strong trading partially offset by a reduction in foreign exchange gains and an increase in effective tax rate.”

Michael Murray, chief executive of Frasers Group, said: “We have delivered a strong performance in the first half of the year, with great momentum as we head into the Christmas trading period. The elevation strategy continues to drive strong trading performance across the business with good growth in Sports Direct supported by our brand partners.

“Our long-term ambitions for our Premium Lifestyle business remain unchanged although it is likely that progress will remain subdued for the short to medium term in the face of a softer luxury market however, we continue to invest with confidence in our unique proposition.

“During the period, we have opened new elevated stores, and further strengthened brand partnerships to allow us to deliver the best consumer experience. I am also excited about the potential of our strategic investments which we expect to unlock further opportunities for the group. We have a clear ambition to be the leading sports retailer in EMEA and we are making progress on broadening our footprint through a focused international M&A strategy.”

“As we look to 2024, we are confident that our diversified proposition will continue to provide consumers with choice across a range of brands and price points. I want to thank our talented colleagues for their relentless focus and hard work which has enabled another strong set of results.”