Frasers Group posted revenue of £5.33 billion for the year to late April 2026, driven by takeover activity and international acquisitions, even as tough UK high-street conditions weighed on the Sports Direct business.

UK sports retail revenue fell 4.7% year-on-year to £2.57 billion amid weak consumer confidence and challenging high-street conditions.

Frasers continues to own and expand a portfolio including Sports Direct, House of Fraser and Flannels, leveraging acquisitions to broaden beyond the UK market.

The company’s strategy centers on elevating luxury brands and pursuing aggressive acquisitions, with management reporting positive momentum from brand partners and consumer feedback.

The group continues pursuing acquisitions and is linked to Harvey Nichols auction discussions while eyeing a €1.98 billion bid for the non-owned stake and a bid for Accent Group.

Frasers remains in active pursuit of large deals, including a €1.98 billion offer for the remaining 74% of its business and a bid for Australia’s Accent Group, with reports of involvement in the Harvey Nichols auction.

Trading profit rose 22.1% to £912.5 million, reflecting the Elevation Strategy despite tough consumer conditions and high industry inventories.

CEO Michael Murray cites ongoing positive momentum from the elevation strategy and brand partnerships, while noting subdued consumer confidence, excess sector inventory, and a tough trading environment into early 2027.

The strategy’s momentum is supported by brand partner and consumer feedback, even as market conditions remain challenging.

Overall, Frasers aims to grow through acquisitions and luxury brand expansion, while warning that full potential is not yet realized in a challenging retail environment.

Positive offsets included a £33.8 million gain from Coventry Arena disposal, £117.7 million uplift from strategic investments, £34 million more provision releases, and £51.6 million higher share of profits from associates.

Murray frames the elevation/brand-expansion plan as promising, but emphasizes persistent trading pressures and elevated industry inventories into full-year 2027.