Retail empire Frasers Group has swung to a bumper profit for the past year and expects this to surge further, despite warning over the cost of living and supply chain pressures.
The owner of brands including Flannels, House of Fraser, Evans Cycles and Sports Direct hailed a strong performance despite a "significant increase" in running costs. The company, which also runs the Game stores, saw adjusted pre-tax profits jump to £344.8 million for the year to April, compared with a £39.9 million loss in the previous year.
The Derbyshire headquartered company, which was founded by serial entrepreneur and former Newcastle United owner Mike Ashley, lifted its targets for the current financial year, telling shareholders on Thursday morning that it expects to post an adjusted pre-tax profit of between £450 million and £500 million over the current financial year. Nevertheless, the retail giant warned that challenges with supply chains and the increased cost of living "could have an impact on business potential".
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