Frasers Group has recorded a spike in full-year profits and upped its earnings guidance for its current financial year.

Michael Murray, CEO of Frasers Group

Michael Murray said it was ‘clear that our elevation strategy is working’

The group, formerly known as Sports Direct, posted a pre-tax profit of £366.1m in the 52 weeks to April 24, up from £8.5m a year ago. 

Frasers swung into the black on an adjusted pre-tax profit basis, which strips out exceptional items, rebounding from a £39.9m loss last year into a profit of £344.8m.

Revenue across the group, excluding the recently acquired Studio Retail online business, surged 30.9% to £4.75bn. 

Sales in its core UK sports retail business were up 31.2% to £2.58bn, while sales in its premium lifestyle division delivered the strongest growth, rocketing 43.6% to £1.06bn. 

Frasers’ European business grew 28.4% to £790.2m but sales in the rest of the world slipped 1.6% to £150.3m.

Frasers, which owns businesses including Evans Cycles, Jack Wills and – and acquired fashion etailer Missguided out of administration earlier this year – said it was “delighted” with a “record-breaking” year. 

It said despite the cost-of-living pressures facing many of its customers, and the fact it was “fighting against a fundamentally flawed business rates system”, it was increasing its adjusted pre-tax profit guidance for its current financial year to between £450m and £500m. 

Frasers boss Michael Murray 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.”

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