Sports Direct owner is heading into the Christmas trading period with “great momentum,” which comes as the company saw profits and revenues rise over the half year period.
In the six months to 29 October, Frasers Group revenues rose 4.4% to £2.77 billion and adjusted pre-tax profits increased by 12.6% year-on-year to £303.8 million.
Chief executive Michael Murray, who is also the son-in-law of Mike Ashley said on Thursday, “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.”
Murray added, “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.”
Chris Wootton, chief finance officer at Frasers, told the PA news agency, “We have held our profit guidance because we have continued well since the end of the half-year, irrespective of possible softness in luxury.
“The diversification means we are strongly positioned for all sorts of markets and means we can cover the range of customer demands.”