UK's Frasers Group sees more profit growth this year (updated)
27/07/2023 07:19
(Adds forecast in lead, background in paragraphs 3 and 5)
LONDON, July 27 (Reuters) - British sportswear and
clothing retailer Frasers Group FRAS.L said it expected profit
to grow by at least 5% in the current financial year after it
posted a 40% rise in annual profit for the 12 months to the end
of April.
Adjusted pretax profit came in at 478.1 million pounds
($619 million), towards the higher end of its forecast range for
it to come in between 450-500 million pounds.
The FTSE 100-listed firm, formerly called Sports Direct, was
founded by Mike Ashley, a former squash coach turned retail
billionaire and owns brands including House of Fraser, Flannels,
USC and Jack Wills.
Frasers said it would see further strong profit progress
this year, and that it expected adjusted pretax profit in the
range of 500 million pounds to 550 million pounds, which would
represent "strong underlying trading profit progression" given
that the contribution from property will be lower.
The group has recently bought shares in electrical
retailers Currys CURY.L and AO World AO.L and fashion seller
Boohoo BOOH.L , adding to its portfolio of stakes in Boohoo
rival ASOS ASOS.L , German fashion house Hugo Boss BOSSn.DE ,
clothing retailer N Brown BWNG.L and luxury brand Mulberry
MUL.L .
Michael Murray, Ashley's son-in-law, has been Frasers
CEO since last year. Ashley still owns 72% of Frasers' equity.
($1 = 0.7724 pounds)
(Reporting by Sarah Young, editing by Andy Bruce and Kate
Holton)
((sarah.young@thomsonreuters.com; +44 20 7542 1109; Reuters
Messaging: sarah.young.thomsonreuters@reuters.net))