Frasers profits soar as elevation strategy pays off

Exterior of Frasers Belfast store

Frasers has reported strong revenue and profit growth across its portfolio in a “particularly significant year for sports retail” driven by the group’s elevation strategy.

In a trading update for the 53 weeks ending April, 2023, Frasers, which owns retailers including Sports Direct, Flannels and House of Fraser, posted a 96.9% jump in reported profit before tax to £660.7m.

Group revenue increased by 15.8% to £5.5bn, attributed to the “strong trading performance from the core Sports Direct business driven by the continuing success of the elevation strategy”.

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