Frasers profit falls on pandemic impact; Mike Ashley to step down as CEO

Thu, 5th Aug 2021

Frasers, formerly Sports Direct, reported a fall in profit as revenue was hurt by shuttered stores during the pandemic. Frasers also said it was now in discussions with regards to transitioning the CEO role from Mike Ashley to Michael Murray over the course of FY22, with the latter taking up the role on 1 May 2022. For the period ended 25 April 2021, pre-tax profit fell 94.1% to £8.5 million year-on-year as revenue decreased 8.4% to £3.63 billion. UK sports retail revenue decreased by 10.7%, largely due 'the temporary store closures caused by the Covid-19 pandemic, offset by growth in our online business and pent up demand on reopening stores,' the company said. Looking ahead, the company said it wouldn't be giving a projection to the market for FY22 performance, citing the pandemic uncertainty. 'As the effects of the Covid-19 pandemic continue to cause future uncertainty, including the Delta variant surge we are currently seeing, the board of Frasers Group considers it cannot currently confirm with enough material accuracy what the outcome for FY22 will look like.' Story provided by StockMarketWire.com

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