Sports Direct owner Frasers Group reported a 75% rise in interim profit, driven by the strong reopening of stores after lockdown, new Flannels stores and continued growth in online sales.
Pre-tax profit was £186.0m, up from £106.1m a year ago. The company, owned by Mike Ashley said physical and online sales continued to be strong but sounded a note of caution over cost increases, supply chain issues and potential squeezes on consumer spending power.
“There is also still the risk that Covid-19 measures could adversely affect outlook and we are now seeing restrictions return, including lockdowns in Europe,” the company said on Thursday, adding that it expected adjusted pre-tax profit of £300m – £350m for the full year to April 24 assuming there are no substantial lockdowns imposed in the UK, particularly over the important Christmas period.
