Frasers Group is forecasting adjusted pre-tax profits between £550 million and £600 million for the upcoming financial year. This projection indicates little to no growth following a modest 2.8% increase in the previous year. The company's revenue decreased by 7.4% to £4.9 billion, heavily impacted by a 14.8% decline in its premium division, which includes Flannels and luxury retail. Frasers is preparing for potential tax increases and policy changes as the UK economy faces pressures on consumer spending and operational costs.
Frasers Group anticipates adjusted pre-tax profits between £550 million and £600 million for the new financial year, reflecting little to no profit growth due to economic uncertainty and potential tax rises.
Chris Wootton, CFO, emphasized the need for caution in light of what he termed the "drumbeats of doom" surrounding the upcoming budget statement.
The company reported a 7.4% decline in group revenues to £4.9 billion, driven primarily by a significant 14.8% drop in sales within its premium division.
Investors reacted to Frasers’ warnings with caution, resulting in a 4% drop in the company's shares to 617p amidst ongoing challenges in the retail landscape.
Collection
[
|
...
]