Frasers Group (LSE:FRAS), the Sports Direct, Flannels and House of Fraser owner, reported reported pre-tax profit of £527.8m for the 52 weeks ended 26 April, up 38.9% on the prior year.
Revenue rose 8.7% to £5,325.9m, driven by a 59.2% jump in international sales.
Retail profit from trading climbed 22.1% to £912.5m, with UK Sports profit up 17.6% to £559.4m, helped by a reduction in legal and regulatory provisions and by group gross margin improving 160 basis points.
Basic earnings per share rose 28.4% to 86.7p, while adjusted EPS fell 15.1% to 83.3p, reflecting a higher effective tax rate tied to goodwill impairments.
Chief executive Michael Murray said the Elevation Strategy was "going from strength-to-strength", but cautioned that "tough trading conditions, subdued consumer confidence and industry-wide excess inventory levels" persisted through the second half and into the new financial year.
Net debt excluding securitisation rose to £1,168.1m from £847.5m, reflecting capital spending, international acquisitions including Holdsport and XXL, and increased stakes in Hugo Boss and Accent Group.
The group disposed of its non-core Coventry Arena business for £50m, booking a £33.8m gain, and completed the sale of Sports Direct Malaysia post year-end for $150m.
Frasers Group declined to issue FY27 guidance, citing its ongoing takeover offers for Hugo Boss and Accent Group, and said it will review the position at the half-year stage.
