British group Frasers’ turnover climbs 30.9% in FY22

UK distribution company Frasers Group delivered strong financial performance as it recovered from Covid-19, with group revenue (excluding SRL) up 30.9% in financial year 2022 Premium Lifestyle revenue increased by 43.6%, largely driven by new FLANNELS stores, continued online growth and strong store reopenings.

Retail sales in Europe increased by 28.4%, mainly due to strong growth in Ireland and the closures suffered in the previous year. Excluding acquisitions and on a currency-neutral basis, revenues increased by 33.4%.

UK distribution company Frasers Group delivered strong financial performance as it recovered from Covid-19, with group revenue (excluding SRL) up 30.9% in financial year 2022 Premium Lifestyle revenue increased by 43.6%, largely driven by new FLANNELS stores, continued online growth and strong store reopenings.

“I’m really proud of the record performance we announced today. It’s clear our elevating strategy is working and we’re building incredible momentum with new store openings, digital capabilities and deeper brand partnerships. across all of our divisions. We have the right strategy, the right team and the right determination to continue driving our business forward,” said Michael Murray, Managing Director of Frasers Group.

“We are delighted to report a record year for Frasers Group with adjusted profit before tax of £344.8 million, despite significant economic headwinds and well-known challenges in the industry. Our elevation strategy remained laser-focused and we restructured our team to execute it with conviction. It is underpinned by our core strengths and rock-solid foundations. Although the environment remains challenging, this momentum gives us the confidence to deliver an adjusted pre-tax profit of between £450m and £500m for the next financial year,” the company said in a press release.

“We have consistently criticized the archaic corporate tariff regime and the need for reform. Unfortunately, these issues remain unresolved and are now associated with skyrocketing costs of building and fitting out stores, which creates an extremely difficult environment for opening and operating physical stores. While others have been hesitant to engage in physical retail during these difficult times, we are confident that consumers will still flock to stores for great brands and experiences. This conviction has enabled us to create remarkable momentum, going against market trends. We will continue to invest in new store openings, renovations and flagship opportunities to bring the world’s best brands and experiences to untapped markets,” Murray explained.