Frasers Group profits fall as Brexit and Covid-19 bring ‘most challenging year’ in its history
Mike Ashley’s Frasers Group has threatened to close stores if landlords will not agree to move to rents based on sales figures, after it said Brexit and the coronavirus pandemic had led to “the most challenging year in the history of the company”.
Brexit on Amazon
Underlying pre-tax profits for the group, which owns Sports Direct, House of Fraser, Evans Cycles and Flannels, fell by 18% to £117.4m in the year to 26 April. Sales at its core sports business decreased 14.6%, but edged up 0.7% including the contribution from the digital gaming group Game, which is now part of that division.