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High street giant Frasers said international growth and an improving luxury market has helped it shrug off “tough” conditions for retailers.
The retail group, which owns brands including Sports Direct and Game, reported an increase in sales for the first half of its financial year.
Revenues totalled £2.6 billion for the six months to October 26, up by 5% compared with the year prior.
This was driven by rising sales for Sports Direct, which recently opened its biggest flagship store in Liverpool, and luxury fashion brand Flannels returning to sales growth.
Frasers pointed to “green shoots” in the luxury market, which has weakened in recent years against a tougher climate for consumers.
Sales for its premium luxury division grew by 3.7% year-on-year.
Furthermore, international sales soared by nearly 43% year-on-year following the acquisition of brands Holdsport in South Africa and XXL in the Nordics.
The retailer said conditions had improved since last year’s autumn budget, which it blamed for driving up costs by around £50 million.
However, the consumer environment remains challenging and the wider sector is grappling with excess stock, leading to increased sales and promotions, it said.
Other brands owned by the group including Jack Wills and House of Fraser saw declining sales amid store closures during the year.
Frasers reported an adjusted pre-tax profit of £291 million for the half-year, down about 3% on the year before.
Michael Murray, Frasers Group’s chief executive, said: “We’ve made a solid start to FY26 (the 2026 financial year) even though market conditions are tough, consumer confidence is very subdued and excess inventory continues to weigh on the industry, leading to increased promotional activity.
“While we remain cautious into the second half, our focus is unwavering as we confront these challenges head on,” he added.
Frasers said it managed to make about £10 million worth of cost savings over the latest period, despite a bigger bill for taxes and staff wages.
It is still expecting to make an adjusted pre-tax profit of between £550 million and £600 million for the full year.
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