The British retail group Frasers Group Plc achieved increases in sales and earnings in the first half of the 2023/24 financial year.
With the current results, the company is “on track to achieve its full-year guidance,” the parent company of retailers such as Sports Direct, House of Fraser and Flannels said on Thursday. The group also reiterated its interest in taking over the insolvent German retail chain SportScheck.
In the 26 weeks before October 29th, group sales amounted to 2.77 billion British pounds (3.23 billion euros), exceeding the corresponding previous year’s level by 4.4 percent. Adjusted for acquisitions and sales of business areas, retail sales grew by 0.8 percent after adjusting for currency effects.
Not least thanks to strong results from the Sports Direct retail chain, the group was also able to improve its earnings. Profit before taxes adjusted for special effects reached 303.8 million British pounds, exceeding the previous year’s level by 12.6 percent. Reported net profit rose by 5.6 percent to 234.6 million British pounds (274.0 million euros) compared to the first half of last year.