Profits soar at Frasers Group

Shirebrook-based retail giant Frasers Group has reported a record performance for the year ended 30 April 2023. 

Group revenue of £5.5bn marked an increase of 15.8% from £4.8bn in the prior year, largely due to acquisitions and the impact of a 53^rd week in FY23.

Meanwhile reported profit before tax soared to £660.7m, up 96.9% from £335.6m in the year prior.

Strong results across the group were boosted in particular by profitable growth in sports retail.

Michael Murray, Chief Executive of Frasers Group, said: “In my first full year as Chief Executive, we have delivered a strong performance across the group. We were bold in setting our full year guidance twelve months ago, before the full impact of the cost-of-living crisis was clear, but our business has remained resilient, and we have met these expectations. 

“The Elevation Strategy is continuing to drive results across every segment, and I want to thank the entire company for all their hard work in delivering our vision for Frasers Group. It has been a particularly significant year for Sports Retail, demonstrating that elevating Sports Direct was the right strategy.

“Our investment in the store estate, our focus on strengthening key brand partnerships, and the synergies created by strategic acquisitions is now delivering very clear results. We’ve also made huge progress in the year building our sector-leading ecosystem, with Frasers Plus now successfully launched across our brands and businesses. 

“We enter the new financial year in a strong position and are determined to unlock further growth, underpinned by our laser focus and acceleration of our Elevation Strategy.”