Jul 21, 2022
Frasers Group expects profits to jump by up to 45% in 2023
Frasers Group said it expects adjusted profits in the current year to jump by up to 45 per cent to £450-500mn, despite mounting inflationary pressure. The company, which owns the Sports Direct, House of Fraser and Flannels brands, had not updated investors since its half-year results last December, when it predicted adjusted pre-tax profits of £300-£350mn for the year to April 24 2022. On Thursday it reported adjusted profit of £344mn for the year just ended, on sales of £4.75bn. That was ahead of analysts' expectations, which were at the bottom end of the company's forecast range. The reported figures are not audited because they do not include figures for Studio Retail, an ecommerce retailer acquired late in the financial year. The results are the first under new chief executive Michael Murray, the son-in-law of Frasers founder Mike Ashley, who took over earlier this year.
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