Frasers Group, has issued a profit warning and said that ahead of and after the recent Budget, consumer confidence had weakened, leading to tougher trading conditions. The retailer now expects its FY25 APBT to be in the range £550m to £600m, down from previous guidance of £575m-625m. It also expects to incur at least £50m of incremental costs going into FY26 as a result of the recent Budget.
Michael Murray, CEO, Frasers Group said: “The first half of this year has been another period of progress for the Group, delivering on our objectives as the Elevation Strategy continues to take the business to the next level. Sports Direct UK delivered further sales growth, and our Property and Financial Services divisions are seeing encouraging progress. We continue to operate with discipline to ensure our business is as resilient as possible – proactively right-sizing recent acquisitions to set them up for profitable long-term growth and driving further automation benefits to exceed our stock reduction targets for the period. We have also made significant strides in international expansion, developing new partnerships across Australia and Africa, and unlocking opportunities as we move further towards our goal of becoming a leading global sports retailer. We are set to deliver another year of profitable growth but, given recent weaker consumer confidence leading up to and following the Budget, FY25 APBT is now expected to be in the range of £550m to £600m.”
The retailer also learned this morning that it had been demoted from the FTSE 10o…
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