Sportswear group Frasers defies retail downturn as it posts rise in profits
Frasers Group, the owner of Sports Direct and other high-street brands, defied the retail downturn and posted a rise in sales and profits in the first half of the year. At its full-year results in July, it forecast adjusted pre-tax profit of £450mn-£500mn for the current year — an increase of 45 per cent from last year — and reiterated that guidance on Thursday. “We have strong strategic and trading momentum behind us and we remain confident in our guidance,” the company said in a statement.