Frasers Group boss Michael Murray said the retail giant made a “solid start” to the year as its rapidly expanding international business helped to offset a weaker performance across its core brands.

The Sports Direct owner reported its pre-tax profits from continuing operations had almost doubled to £412.1m in the 26 weeks to October 26, up from £268.6m the year before. 

However, on an adjusted basis, profit slipped 2.8% to £290.9m in the half.

Group revenue rose 5% to £2.6bn in the half, driven by a 42.8% increase in international trading to £736.5m.

This helped to offset a 5.8% fall in sales in its UK sports retail division to £1.32bn and 3.7% decrease in premium lifestyle to £444.5m.

However, Frasers Group reported it experienced “green shoots” in the luxury market as its Flannels business returned to sales growth and profit for the division rose 9.2% to £61.5m in the half.

Frasers Group chief executive Michael Murray said: “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. 

“While we remain cautious into the second half, our focus is unwavering as we confront these challenges head-on, and we are today reiterating our FY26 APBT guidance of £550m to £600m. 

“We are continuing to invest boldly in our elevation strategy-deepening brand partnerships, elevating our product mix, opening new Sports Direct stores internationally, and acquiring strategic properties to strengthen our portfolio. 

“These steps reinforce our ambition and give us real confidence in the substantial long-term opportunities ahead for the group.”

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