Frasers Group announced a significant increase in its pretax profit for fiscal year 2023, largely driven by the success of its sports retail division. The company foresees continued strong performance in the coming year.
Impressive Financial Results
In the period ending April 30, the U.K. sports-fashion retailer achieved a pretax profit from continuing operations of £634.3 million ($820.9 million), representing more than double the £306.7 million recorded in the same period last year.
The adjusted pretax profit, excluding exceptional and one-off items, reached £478.1 million, surpassing the previous year’s figure of £339.8 million. Frasers Group had initially projected an adjusted pretax profit between £450 million and £500 million.
Positive Outlook
Frasers Group anticipates reporting an adjusted pretax profit ranging between £500 million and £550 million for fiscal 2024. This optimistic projection reflects their confidence in maintaining a strong growth trajectory.
Robust Revenue Growth
Continuing operations generated £5.44 billion in revenue, a notable increase from £4.67 billion in the previous year. Total revenue, inclusive of discontinued operations, amounted to £5.56 billion, compared to £4.805 billion previously.
These outstanding financial outcomes exemplify Frasers Group’s remarkable performance in the market.
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