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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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Owner of Sports Direct chain says consumer confidence ‘very subdued’ with sales at sports division down 5.8%
The owner of Sports Direct and Flannels has said sales have fallen at its UK retail businesses amid heavy discounting by rivals and “very subdued” consumer confidence.
Frasers, which is controlled by the former Newcastle United owner Mike Ashley, said sales at its UK sports division were down 5.8% in the six months to 26 October to £1.3bn despite growth at the main Sports Direct chain because of “planned decline” at its Game outlets and the Studio Retail online arm.
Michael Murray, the chief executive of Frasers Group, which also owns House of Fraser department stores, Jack Wills and dozens of other brands and a number of shopping centres, said “market conditions are tough” and “consumer confidence is very subdued”.
Frasers Group said it remained cautious about the second half of its financial year but still expected to meet full-year profit expectations of up to £600m, after its bottom line was boosted by a big increase in the value of its investment in the Hugo Boss brand.
Sales fell by 3.7% at its premium division as it said it had closed more House of Fraser, Jack Wills stores and outlets relating to a string of brands it bought from JD Sports in 2022 including Liam Gallagher’s Pretty Green and 1980s brand Tessuti.
Total sales for the group rose 5% to £2.6bn in the half year, after strong growth internationally where the group has snapped up a number of new businesses, and pre-tax profits almost doubled to £412m largely as a result of the increased value of the Hugo Boss stake. Operating profits increased 18% to £219.8m.
Frasers said: “Trading has improved compared to last year’s budget-affected period; it is still weaker than [the year to April 2024], with excess inventory in the sector continuing to weigh on the wider market.” .
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Murray said: “We’ve made a solid start to [the year to April 2026] 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.”

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