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Sandra Halliday Published
July 27, 2025
Fresh from a report this week saying that it will become Britain's biggest fashion retailer by 2026, Frasers group released its annual results on Thursday and showed just why it’s expected to rise to the top of the pile.
The company said that the 53 weeks ended 30 April saw a strong performance across the group boosted by profitable growth in the Sports Retail division.
There’s still plenty of work to do and not every figure was headed strongly upwards, but the results show just how much the company has woven itself into the fabric of British fashion retail and has set itself up from even bigger profits.
THE NUMBERS
Total group revenue rose 15.8% to £5.65 billion and within that, Sports Retail increased 16.7% to £3.08 billion, Premium Lifestyle jumped 14.8% to £1.213 billion, while International Retail was up 15.2% to £1.083 billion. Wholesale and licensing increased 12% to £188.3 million.
That said, the group gross margin dropped from 43.5% a year ago to 42.6% this time and operating costs increased.
But operating profit soared 61% to £531.8 million and reported profit before tax almost doubled to £660.7 million. Adjusted profit before tax (APBT) was up 40.7% at £478.1 million and net profit rose an impressive 95.1% to £501.3 million.
It was a record performance for the company, although it said that the revenue increase was largely due to a mixture of acquisitions and the impact of the year including a 53rd week. Without those two boosters, and on a currency-neutral basis, revenue was up only 1.3%.
And it said that the group gross margin decrease “reflects the improvements in Sports Direct's product mix as a result of strengthening brand relationships, mitigated by the impact of House of Fraser store closures, brand consolidation, and a very strong post Covid-19 comparative of full-price trading”.
It will be interesting to see what happens to its House of Fraser department stores chain as it has become less of a focus for the business and clearly problems around it remain.
Looking at its operations in more detail, the UK Sports Retail revenue jump was largely due to the full-year impact of the acquisition of Frasers Group Financial Services (formerly Studio Retail Limited), which was acquired on 24 February 2025.
Excluding acquisitions, and the 53rd week, revenue increased by just 0.8%. But as already mentioned, what's important here isn't just the size of the increase, but the fact that it saw more profitablegrowth in this division.
The Premium Lifestyle revenue rise came despite the impact of planned House of Fraser store closures that were more than offset by new Flannels store openings and continued growth in online. Excluding acquisitions and the extra week, revenue increased by 5.7%.
The company said its “long-term ambitious growth plans for Flannels remain on track. Flannels largely maintained its profitability, against a very strong performance in FY22 and reflecting the tougher macro-economic conditions this year”.
Meanwhile, International Retail was helped by the acquisition of Sportmaster on 16 May 2025 and an increase in the Malaysian business, offset by the reduction in revenue following the disposal of the US retail businesses also in May 2025. Excluding acquisitions, disposals and the additional week, on a currency-neutral basis, revenue actually fell by 2.4%.
But the company is clearly making progress overall. It said it further strengthened its brand partnerships, “unlocking better products and new partnerships, with Nike listing us as one of its’Top Three Global Strategic Partners’ in its FY23 fourth-quarter results”.
That's an important point, given that in the past the company had not always had good relationships with the biggest global sports brands. But its elevation strategy really does seem to be paying off in driving those relationships.
And it added that its strategic investment in Hugo Boss “has been hugely beneficial, enabling us to develop a strong relationship across the business and in turn increasing the scale of our partnership, with it now being one of our biggest brand partners across the group”.
ACQUISITIONS
The year also saw the company making a raft of acquisitions. They included the aforementioned Sportmaster in Denmark to help grow its European footprint.
Within the Premium Lifestyle division it acquired Gieves and Hawkes, Amara Living and the Premium Brands portfolio from JD Sports Fashion, “strengthening our ecosystem and delivery of our strategy”.
It also ramped up its shopping centre ownership and acquired The Mall Shopping Centre in Luton plus The Overgate Centre in Dundee “to further demonstrate our belief in the future of bricks and mortar retail, also underpinning our operational requirements”.
Post-year-end, it launched a new joint venture in Indonesia to support its international expansion and made new strategic investments in AO World, ASOS, Curry's and Boohoo “as the group looks to explore opportunities to expand commercial relationships, and further develop the ecosystem”.
And it said it’s expecting “further strong profit progress during FY24 as our FY23 momentum continues. The new financial year has started well, especially at Sports Direct, which continues to benefit from the strengthening relationships with key brand partners. We also expect further good progress on acquisition integration synergies and cost mitigation exercises. We expect FY24 APBT will be in the range of £500 million-£550 million, which would represent strong underlying trading profit progression”.
VIEW FROM THE TOP
CEO Michael Murray said of all this: “In my first full year as Chief Executive, we have delivered a strong performance across the Group. We were bold in setting our full-year guidance 12 months ago, before the full impact of the cost-of-living crisis was clear, but our business has remained resilient, and we have met these expectations.
“The Elevation Strategy is continuing to drive results across every segment. It has been a particularly significant year for Sports Retail, demonstrating that elevating Sports Direct was the right strategy. Our investment in the store estate, our focus on strengthening key brand partnerships, and the synergies created by strategic acquisitions is now delivering very clear results. We've also made huge progress in the year building our sector-leading ecosystem, with Frasers Plus now successfully launched across our brands and businesses.
“We enter the new financial year in a strong position and are determined to unlock further growth, underpinned by our laser focus and acceleration of our Elevation Strategy.”