for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Markets News

Mike Ashley's Frasers forecasts growth in 2020-21 despite COVID-19

LONDON, Aug 20 (Reuters) - Mike Ashley’s Frasers Group , 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 ($395.3 million), 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. ($1 = 0.7642 pounds) (Reporting by James Davey; editing by Michael Holden)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up