Sports Direct owner Frasers blames Budget for profit warning after consumer confidence slump

Sports Direct owner Frasers said the Budget has hit consumer confidence (Yui Mok/PA) - (PA Archive)

Sports Direct owner Frasers Group issued a profit warning today as it said the Budget has hit consumer confidence and will add £50 million to its costs.

The high street giant, founded by retail tycoon Mike Ashley, which also owns the FLANNELS, Jack Wills, House of Fraser, and Gieves and Hawkes brands said that “both ahead of and after the recent Budget, consumer confidence has weakened and recent trading conditions have been tougher.”