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    Home > Finance > UK's Frasers lowers top end of profit outlook, blames government budget
    Finance

    UK's Frasers lowers top end of profit outlook, blames government budget

    Published by Global Banking & Finance Review®

    Posted on December 5, 2024

    1 min read

    Last updated: January 28, 2026

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    Quick Summary

    Frasers lowers its profit forecast for 2024/25 due to weaker consumer confidence following the UK government's budget announcement.

    Frasers Revises Profit Outlook, Citing UK Budget Impact

    LONDON (Reuters) - Frasers, the British sportswear and fashion retailer that is majority owned by Mike Ashley, lowered the top end of its annual profit guidance, blaming weaker consumer confidence leading up to and following the government's budget.

    Formerly called Sports Direct, the group on Thursday said it was now forecasting adjusted pretax profit for its 2024/25 year of 550 million pounds to 600 million pounds ($699-$763 million) versus previous guidance of 575-625 million pounds. It made 299.1 million pounds on the same basis in its first half, down 1.5%.

    ($1 = 0.7864 pounds)

    (Reporting by James Davey; editing by Sarah Young)

    Key Takeaways

    • •Frasers lowers top end of profit guidance for 2024/25.
    • •The adjustment is due to weaker consumer confidence.
    • •Previous profit guidance was higher at 575-625 million pounds.
    • •Frasers made 299.1 million pounds in the first half.
    • •The UK budget is blamed for the reduced consumer confidence.

    Frequently Asked Questions about UK's Frasers lowers top end of profit outlook, blames government budget

    1What is the main topic?

    The main topic is Frasers lowering its profit outlook due to weaker consumer confidence following the UK government's budget.

    2Why did Frasers lower its profit guidance?

    Frasers lowered its profit guidance due to weaker consumer confidence, which it attributes to the UK government's budget.

    3How much profit did Frasers make in the first half?

    Frasers made 299.1 million pounds in the first half, which is down 1.5%.

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