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Sportswear and department store retailer Frasers has announced an increase in group revenue as revenues across UK sports retail and premium lifestyle were buoyed by acquisitions, while profits fell as the shutdown of retail stores impacted business performance in March and April.
In its preliminary results for the 52 weeks ended 26 April 2020, the company saw group revenue increase 6.9% to £4bn, while excluding acquisitions and on a currency neutral basis, revenue decreased by 12.6%.
During the period, UK sports retail revenue increased by 0.7% to £2.2bn, largely due to its acquisition of GAME which also helped European retail revenue to rise by 16.3% to £697.7m.
Excluding acquisitions, UK sports retail revenue was down 14.6%, largely due to the temporary store closures caused by the pandemic.
New stores and the acquisitions of Jack Wills and Sofa.com helped premium lifestyle revenue to climb 34.9% to £722m, Frasers said.
The company saw group pre-tax profit decrease 19.9% from £179.2m to £143.5m, while underlying pre-tax profit before was 18.1% lower, at £117.4m.
Frasers' acquisitions during the full year included GAME Digital, Jack Wills, Sofa.com and Brookfield Unit Trust.
No dividend was paid during the year and the board has decided not to declare a final dividend.
At 8:00am: (LON:FRAS) Frasers Group PLC share price was -0.7p at 305.1p