Frasers reports 4% revenue rise in half year results

Frasers Group, which owns Sports Direct and House of Fraser, has reported a revenue uptick of around four per cent in the 26 weeks ended 29 October.

Group revenue stood at around £2.76 billion for the retail giant’s latest half year period versus £2.65 billion in the previous period.

While UK sports retail remained Frasers highest performing growth area at around £1.84 billion, revenue for international retail was the highest growth area compared with the same previous half year period, with revenue increasing by 13.2 per cent to around $645 million.

The financials also showed a pre-tax profit rise of 12.6 per cent to £303.8 million, 4.4 per cent operating profit growth to £298.1 million, and a group profit from trading rise of six per cent to £412.5 million.

“During the period, we have opened new elevated stores, and further strengthened brand partnerships to allow us to deliver the best consumer experience,” said Frasers chief executive Michael Murray. “I am also excited about the potential of our strategic investments which we expect to unlock further opportunities for the group.”

Murray went on to say that Frasers has a clear ambition to be the leading sports retailer in EMEA and is making progress on broadening its footprint through a focused international M&A strategy.

Addressing the Christmas trading period, Murray said the group remained confident in achieving pre-tax profits in the £500 million to £550 million range.

In October, Frasers Group announced an agreement to buy German sports retailer SportScheck.

The company said the move would enable it to grow its presence in Germany.

SportScheck currently has 34 stores in city locations across the country, with revenue of around €350 million.

At the time, the retailer said that as Sports Direct is currently a strategic partner for Nike and Adidas, it has the support to "assist in [the company’s] international expansion strategy".

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