The group has reported a 29.1 per cent rise in profits in the 26 weeks to October 25 as a result of its premium lifestyle business.
Mike Ashley’s Frasers Group has commented that lockdown has had a considerable effect on 2020 performances, and as a result of Coronavirus induced store closures, the company has seen a 7.4 per cent drop in group revenue to £1.9bn, with its UK Sports Retail business also falling by 9.8 per cent to £1.1bn. The group’s premium lifestyle stores balance these figures out, rising by 4.8 per cent.
The company has made underlying earnings before interest, tax, depreciation and amortisation of £226.3M compared to £181.2M for the same period last year.
“Unfortunately the Covid-19 crisis continues to be a significant issue for all of us and we are currently living through a second wave. Fortunately the Frasers Group is a strong business built on solid foundations. We can weather most of the storms faced this calendar year,” commented Non-Exeuctive Chairman David Daly.
