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Frasers sales and profits fall due to Covid but reopening period looks good

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Frasers Group has reported that its full-year revenue and pre-tax profit in the 12 months to April fell as enforced temporary shop closures during lockdowns weighed on the results.

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Revenue fell 8.4% in the latest year to £3.63 billion from the companies chains that include Sports Direct, House of Fraser, Flannels and Jack Wills.

Sports retail revenue fell by 10.7% and European retail revenue fell 11.8%. But there was some good news as premium lifestyle revenue increased by 1.9% as the company opened new locations and grew its sales online.

Pre-tax profit was down to just £8.5 million from £143.5 million a year ago, but underlying EBITDA rose to £390.8 million from £302.1 million.

The company also said that its online channel is continuing to outperform the pre-pandemic period and that sales have been above expectations since its UK stores reopened.

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