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Frasers Group plans more stores as sales bounce back
The Guardian
|July 22, 2022
Mike Ashley’s Frasers Group , the owner of Sports Direct and Jack Wills , plans more acquisitions and store openings after sales rose by almost a third and profits bounced back after the end of lockdowns.
Pre-tax profits for the company, which also owns House of Fraser, Flannels, Game and Evans Cycles , and recently bought the online specialists Missguided and Studio Retail , increased to £366m in the year to 24 April from just £8.5m a year before, as sales rose almost 31% to £4.7bn. Investors reacted positively, boosting the share price by 27% to 955p .
Frasers’ new chief executive, Michael Murray, said shoppers had defied expectations that sales had permanently shifted online during the pandemic. The group’s profit rise came despite booking £227m of property impairments as store values declined .
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