‘Break-out’ year for Frasers Group as profits soar

Profits at Shirebrook-based retail giant Frasers Group have risen sharply – up 13.1% to £544.8m – for the year to April 28, after the company continued the successful roll-out of its “elevation strategy”.

Frasers said that Sports Direct contributed a “strong” trading performance over the year and that the company is growing its presence in the Nordics, a joint venture in Southeast Asia, and currently acquiring Twinsport, a leading sports retailer in the Netherlands.

Michael Murray, chief executive of Frasers Group, said: “This has been a break-out year for building Frasers’ future growth.

“As well as delivering a strong trading performance, particularly from Sports Direct, we made significant progress with our Elevation Strategy. We expanded our retail ecosystem, establishing valuable partnerships with new brands. Our brand relationships have never been stronger, giving us invaluable support as we continue the international expansion of our business. We invested in group-wide operational efficiencies in warehouse automation and digital infrastructure, which we expect to yield a tangible impact as early as FY25. And we generated new growth opportunities with the rollout of Frasers Plus, including recently signing our first third party partner in THG.

“I’m really proud of what we have achieved at Frasers this year and would like to thank all colleagues for their continued hard work and our brand partners for their support. Together, we are building a resilient, profitable growth retail ecosystem that delivers exceptional value for our partners, consumers and shareholders. We have built a lot of momentum this year and are entering the new financial year with many exciting growth opportunities ahead of us, which we will continue to invest in for the long-term benefit of the group.”