4th Dec 2025 10:00
(Alliance News) - Sports Direct owner Frasers Group PLC on Thursday said it had a "solid" first half of its financial year, in the face of tricky market conditions.
The company, which also owns Flannels and House of Fraser, said consumer confidence "is very subdued" and the retail industry is mired by "excess inventory".
In the half-year ended October 26, pretax profit climbed 97% to GBP412.1 million from GBP209.0 million a year prior.
Total revenue rose 5.0% to GBP2.58 billion from GBP2.46 billion. Retail revenue alone was 5.1% higher at GBP2.51 billion from GBP2.39 billion.
Adjusted pretax profit, however, declined 2.8% to GBP290.9 million from GBP299.2 million.
Reported profit was supported by a GBP120.5 million fair value gain, largely stemming from its Hugo Boss AG holding. This compares to a GBP64.0 million fair value loss a year prior.
"We've made a solid start to FY26 even though market conditions are tough, consumer confidence is very subdued and excess inventory continues to weigh on the industry, leading to increased promotional activity," Chief Executive Michael Murray said.
"While we remain cautious into the second half, our focus is unwavering as we confront these challenges head-on."
It backed guidance for adjusted pretax profit of GBP550 million to GBP600 million for the full-year. At best, it would represent 7.1% growth from GBP560.2 million.
Frasers shares were down 2.0% to 709.00 pence each in London on Thursday morning.
By Eric Cunha, Alliance News news editor
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