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Mike Ashley’s Frasers Group set for “upbeat” update after reopening stores

// Frasers Group to unveil an “upbeat” trading update next week
// There are hopes its sales will have rebounded strongly after the reopening of high street stores
// In April, the Mike Ashley-led firm was cautious in its outlook despite the reopening of retailers across the UK

Frasers Group is expected to unveil an “upbeat” trading update next week amid hopes its sales will have rebounded strongly after the reopening of high street stores.

In April, the Mike Ashley-led retail giant was cautious in its outlook despite the reopening of retailers across the UK.

The company, which owns Sports Direct, House of Fraser, Jack Wills, Game, Flannels and Evans Cycles among others, warned it could take a £200 million hit from the impact of pandemic restrictions following the third national lockdown.

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However, shareholders are reportedly hopeful of a strong recovery message from the group, when it delivers its full-year trading figures on August 5.

In May, Ashley showed his confidence in Frasers Group’s post-Covid future by snapping up £60 million more shares in the company.

The firm reports significant online sales through Sports Direct but continues to operate a large and sprawling retail portfolio which will have been significantly impacted by restrictions.

Analysts have highlighted strong growth in the athleisure sector over the past year amid a jump in fitness activity during the pandemic.

Analysts will also be keeping an eye out on how the firm’s overall fashion sales fared, after the ONS states a surge in clothing sales for the wider retail sector in April before it slumped in May and June.

with PA Wires

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The post Mike Ashley’s Frasers Group set for “upbeat” update after reopening stores appeared first on Retail Gazette.



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