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Frasers ups guidance as stores reopen, first-half profit rises
StockMarketWire.com
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Frasers, formerly known as Sports Direct, lifted its guidance range on earnings following the reopening of stores after the national lockdown and a rise in first-half profit.
The company raised the bottom end of its full-year guidance for FY21, forecasting a 20% to 30% improvement in underlying earnings before interest, taxes, depreciation and amortization, or EBITDA, during FY21.
In August, the company guided underlying EBITDA of 10% to 30%.
For the 25 weeks to 25 October, pre-tax profit rose 17.6% to £106.1 million year-on-year, while revenue slipped 7.4% to £1.89 billion.
The company attributed the uptick in profit to 'strong' reopening of stores after lockdown, growth in its online business, new Flannels stores, a full year of trade of the prior year acquisitions, and continued operating efficiencies.
'We can weather most of the storms faced this calendar year, however much of the UK High Street, which was already suffering before Covid-19, won't survive unless the Government addresses the out of date business rates regime which is due to return come April 2021,' the company said.
Story provided by StockMarketWire.com
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