Mike Ashley’s Frasers Group posts record profits as retailer’s revenues surge
Frasers Group today posted “record” pre-tax profits after the group’s revenues grew 30.9 per cent, to heights of £4.75bn.
The revenue growth saw Mike Ashley’s retail conglomerate post “record” adjusted profits before tax of £344.8m.
The record results come after the firm posted pre-tax profits of just £8.5m in 2021, due to the impacts of lockdowns on the retail sector.
The retail group credited new store openings – including the launch of a Sports Direct flagship store in Birmingham and a seven story Flannels store in Liverpool – as well updated websites, for its strong financial performance in 2022.
The firm, which acquired House of Fraser in 2018, said its expansion in Europe had also driven growth, as its European revenues grew 28.4 per cent to £790.2m.
The shop owner also posted higher revenues from its business outside Europe, even after sales from its stores in Malaysia and the US dropped 1.6 per cent to £150.3m.
Looking forward, the firm said it will continue to invest in new store openings, as it called for reform to the UK’s business rates regime.