Frasers Group PLC: FY26 results review

Research evidence excerpt

Frasers Group PLC: FY26 results review

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

16 July 2026

Frasers Group PLC

Europe Company Update

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 15 Jul 2026 (GBP) 763.00

Consumer Discretionary & FRAS.L FRAS LN LSE FRAS Price Target (GBP) –

Luxury 792.00 -

52-week range (GBP)

Other consumer disc. 618.50

FY26 results review

Valuation & Risks

Adam Cochrane

FY26 results Research Analyst

Frasers have reported FY26 results, with group revenue of £5,326m, +8.7% yoy +44-20-754-17812

with adj PBT of £538m, -4.0% yoy (guidance of £550-600m). UK Sports Retail

Shwetha Ramachandran

revenue was -4.7% as the continued wind-down of Studio Retail and Game dragged Research Associate

on a broadly flat Sports Direct. Profit from trading in the segment was up up 17.6%

largely on a +290bp increase in gross margin and £69m of opex reductions giving

Benjamin Yokyong-Zoega

a 21.8% margin, +420bps yoy. Premium lifestyle saw revenue -6.9% as store

Research Analyst

closures in HOF and acquired businesses offset growth in Flannels, with a 290bp

+44-20-754-12338

increase in gross margin more than offset by cost pressures to give -6% decline in

profit from trading. International Retail saw sales up 59% given acquisitions of Do-Hyun Yoo

Holdsport and XXL, with profit from trading up 80% to £206m. Research Associate

+44-20-754-19487

Frasers Plus reached 1.1m active customers (from 0.6m last year), accounting for

20.5% of UK online sales (from 12.0% last year). Strategic focus on International

opportunities is anticipated to increase following acquisition of Holdsport, XXL and

broader increased momentum.

Balance sheet investments continue

Frasers generated £946m (up 18% yoy) of operating cashflow before working