Overview
- Underlying pre-tax profits rose 2.8% to £560.2m in the year to April 27 despite revenues falling 7.4% to £4.9bn.
- On a reported basis, pre-tax profits dropped 24.3% to £379.4m due to currency headwinds and a decline in the value of its Hugo Boss stake.
- Frasers confirmed at least £50m of additional costs from the 2024 budget’s national insurance and minimum wage rises.
- Sales in its premium lifestyle division, including Flannels and House of Fraser, slumped almost 15% as luxury demand weakened.
- The group forecast £550m–£600m of underlying profits for 2025–26 while targeting cost cuts via AI efficiencies and leveraging its near-doubled strategic investment portfolio.