Frasers Group Plc had sales of $2.6 billion in the first half of fiscal 2023, according to the fashion group’s semi-annual report. Revenues grew by 12.7 percent compared to the previous year. According to the company, the revenue growth is mainly due to the acquisitions made this year.
For example, Missguided was acquired in June this year for £20 million (€23 million). An acquisition of Gieves & Hawkes followed in November. The Frasers Group previously acquired retailer Studio Retailer and e-tailer I Saw it First.
Adjusted income before taxes, excluding income from acquisitions and adjusted for inflation, also increased 54 percent to $267.1 million (€254.5 million).
Looking ahead, the company said, “While the macroeconomic environment is clearly challenging and underlying conditions for the year ahead are difficult to predict with certainty, we have put strong strategic and commercial momentum behind us and remain confident in our ability to will post adjusted income before taxes of $450 million to $500 million this fiscal year.”
Frasers Group’s recent acquisitions:
This translated post previously appeared on FashionUnited.nl.