Retail

Mike Ashley’s Frasers Group on track to report record profits as sales surge at Sports Direct

The British retail giant behind the House of Fraser department store chain and Sports Direct said it is seeing strong trading momentum this year

Mike Ashley is the majority owner of the Frasers Group

Frasers Group, the company behind the House of Fraser department store chain and Sports Direct, has said it is on course to make record profits for its current financial year despite soaring inflation and weaker consumer demand.

The British retail company, which is majority owned by tycoon Mike Ashley, announced on Thursday that it expects to make an adjusted profit before tax of between £500 million and £550 million for 2023, which would be a ...