Frasers Group interim profits rise spurred by rates relief and online sales
Frasers Group reported a strong uplift in profits at the interim mark despite what chair David Daly describes as a “lack of clarity of guidance” from the government during the pandemic so far.
Frasers Group reported a 18% uplift in pre-tax profit in the 26 weeks to October 25 to £106m, as group revenue declined 7.4% to £1.9bn.
The retailer attributed its improved profitability to rates relief particularly across its House of Fraser store estate as well as online growth, strong post-lockdown demand in store and Flannels’ expansion.
Frasers Group’s premium lifestyle division, which includes House of Fraser and Flannels, reported a 4.8% uplift in revenue to £320m, while UK sports retail posted a 9.8% decline in revenue to £1.1bn.
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