LONDON (Reuters) – Mike Ashley’s Frasers Group (FRAS.L), formerly Sports Direct, reported a 5% rise in 2019-20 core earnings and forecast growth of 10-30% in its new financial year, saying it was well placed for the future despite COVID-19.
For the year to April 26, Frasers made core earnings – underlying earnings before interest, tax, depreciation and amortisation (EBITDA) – of 302.1 million pounds, up from 287.8 million in 2018-29.
“With digital transformation now at the forefront, the successful reopening of our stores after the COVID-19 lockdown and continuing strong web performance, we are confident in achieving between a 10% and 30% improvement in underlying EBITDA during FY21,” Frasers said.
Reporting by James Davey; editing by Michael Holdenread more
Mike Ashley’s Frasers forecasts growth in 2020-21 despite COVID-19 – Reuters UK
