Frasers Group has hailed a record-breaking year in an unaudited full year trading update for the 52 weeks to 24 April 2022.
The Shirebrook-based retail group said it was “delighted” as it recorded adjusted profit before tax of £344.8m, “despite the significant economic headwinds and well-chronicled challenges across the sector.”
Group revenue meanwhile grew 30.9% to £4.7bn, up from £3.6bn in the prior year.
UK sports retail revenue increased by 31.2%, which Frasers said was largely due to the strong reopening of stores after the last lockdown in March 2021 and the comparative period being impacted by lockdowns as a result of COVID-19.
Premium lifestyle revenue increased by 43.6%, largely due to new FLANNELS stores, continued growth in online, and the strong reopening of stores after the last lockdown in March 2021.
Furthermore European retail revenue increased by 28.4%, largely due to strong growth in Ireland and the lockdowns experienced in the prior year.
Frasers Group noted that it is now confident of achieving adjusted profit before tax of between £450m and £500m for the next financial year.
Michael Murray, Chief Executive of Frasers Group, said: “I am really proud of the record performance we’ve announced today.
“It’s clear that our elevation strategy is working and we are building incredible momentum with new store openings, digital capabilities and deeper brand partnerships across all of our divisions.
“We’ve got the right strategy, team and determination to keep driving our business from strength to strength.”
