Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner. Facebook Messenger An icon of the facebook messenger app logo. Facebook An icon of a facebook f logo. Facebook Messenger An icon of the Twitter app logo. LinkedIn An icon of the LinkedIn logo. WhatsApp Messenger An icon of the Whatsapp messenger app logo. Email An icon of an mail envelope. Copy link A decentered black square over a white square.

Sports Direct owner cheers ‘great’ sales momentum ahead of Christmas

Sports Direct owner Frasers Group has revealed higher sales and profits (Frasers/PA)
Sports Direct owner Frasers Group has revealed higher sales and profits (Frasers/PA)

Sports Direct parent firm Frasers Group is heading into the key Christmas trading period with “great momentum” as bosses said its “elevation strategy” is paying off.

The firm, which is majority owned by Mike Ashley, saw both profits and revenues rise over the latest half-year.

Group revenues increased by 4.4% to £2.77 billion for the six months to October 29, compared with the same month last year.

Meanwhile, adjusted pre-tax profits increased by 12.6% year-on-year to £303.8 million as strong profitability from Sports Direct helped to offset lower profits from the sale of properties.

It came as the company continues to push forward with its “elevation strategy” under chief executive Michael Murray, who is also the son-in-law of Mr Ashley.

On Thursday, Mr Murray said: “We have delivered a strong performance in the first half of the year, with great momentum as we head into the Christmas trading period.

“The elevation strategy continues to drive strong trading performance across the business with good growth in Sports Direct supported by our brand partners.”

Michael Murray, chief executive of Frasers Group
Michael Murray is chief executive of Frasers Group (Frasers/PA)

Frasers has focused on improving brand partnerships through the strategy, as well as seeking to grow its premium business, with acquisitions and the opening of more stores under its Flannels brand.

Revenue in the group’s premium arm was 3.1% higher for the half as recently-bought brands helped to offset House of Frasers store closures.

Mr Murray also cautioned over weakness of the luxury market as consumers continue to feel the pinch from the higher cost-of-living.

He added: “Our long-term ambitions for our premium lifestyle business remain unchanged although it is likely that progress will remain subdued for the short to medium term in the face of a softer luxury market however, we continue to invest with confidence in our unique proposition.”

Chris Wootton, chief finance officer at Frasers, told the PA news agency diversity across the business puts it in a strong position to counter weakness in certain markets.

“We have held our profit guidance because we have continued well since the end of the half-year, irrespective of possible softness in luxury,” he said.

“The diversification means we are strongly positioned for all sorts of markets and means we can cover the range of customer demands.”

Shares in the company were 0.5% higher in early trading on Thursday.