Frasers has reported an increase in sales and profit across its portfolio as the group’s elevation strategy continues to “drive strong trading performance”.
The group, which owns retailers such as Sports Direct, Flannels and Game UK, reported an 8% rise in profit before tax to £310.2m in the 26 weeks to October 29.
Group revenue increased 4.4% to £2.7bn, while UK sports retail sales grew 0.8% to £1.4bn with Sports Direct “more than mitigating a decline in Game UK and Studio Retail”.
International retail jumped 13.2% to £645.8m and premium lifestyle grew 3.1% to £550.1m.
Frasers said there was “significant momentum behind the growth of Sports Direct” and it aims to become the number one sports retailer in Europe, the Middle East and Africa.
Adjusted profit before tax increased 12.6% to £303.8m and the group’s long-term outlook is unchanged as it expects adjusted profit before tax to be in the range of £500m to £550m.
Frasers Group chief executive Michael Murray said: “We have delivered a strong performance in the first half of the year, with great momentum as we head into the Christmas trading period.
“The elevation strategy continues to drive strong trading performance across the business with good growth in Sports Direct supported by our brand partners.
“During the period, we have opened new elevated stores and further strengthened brand partnerships to allow us to deliver the best consumer experience. I am also excited about the potential of our strategic investments which we expect to unlock further opportunities for the Group.
“We have a clear ambition to be the leading sports retailer in EMEA and we are making progress on broadening our footprint through a focused international M&A strategy.
“As we look to 2024, we are confident that our diversified proposition will continue to provide consumers with choice across a range of brands and price points. I want to thank our talented colleagues for their relentless focus and hard work which has enabled another strong set of results.”