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In H1 FY23, Frasers’ UK Sports Retail revenue increased by 11.6 per cent, largely due to the acquisition of Studio Retail Limited (SRL) on 24 February 2022. UK Sports Retail was the main driver of Frasers’ revenue and accounted for 57.9 per cent (FY22 H1: 58.4 per cent) of group revenue. Premium Lifestyle revenue increased by 24.7 per cent, largely due to new Flannels stores and continued growth in online business.
British retail company Frasers Group has posted a revenue of £2,638 million, up 12.7 per cent, in the first half (H1) of fiscal 2023 (FY23), as compared to the £2,339.8 million in the first half of fiscal 2022. The company’s H1 FY23 profit before tax was £284.6 million, an increase of 53 per cent compared to £186 million in the first half of fiscal 2022.
The company’s international retail revenue in H1 FY23 increased by 5.8 per cent to £492.2 million, largely due to the acquisition of Sportmaster on 16 May 2022 and an increase in the Malaysian business, offset by the reduction in revenue following the disposal of the US retail businesses on 25 May 2022.
Group gross margin decreased to 42 per cent in H1 FY23 from 44.7 per cent in H1 FY22. Adjusted basic earnings per share increased by 47.9 per cent to 44.8p in H1 FY23, compared to 30.3p in H1 FY22.
Frasers’ cash inflow from operating activities before working capital was £389.9 million in H1 FY23 (FY22 H1: £454.1 million).
For fiscal 2023, the company expects an adjusted PBT of between £450 million and £500 million.
Frasers expects to continue elevating its stores and business in 2023, both organically and through disciplined acquisitions. A new Flannels flagship store is planned for Leeds, and a Sports Direct flagship store in Manchester. The Flannels store roll out strategy is also expected to continue, with approximately 6 stores to open in 2023.
Fibre2Fashion News Desk (DP)
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