Frasers Group’s first-half results were released on Thursday with the company talking of a “solid” six months as it made “progress on margins, cost savings and international expansion”, but saw “tough market conditions continuing into the second half”.

For the period to 26 October, revenue was up 5% to £2.581 billion, driven by international revenue growth. But adjusted profit before tax (APBT) fell 2.8% to £290.9 million.

Although revenue increased overall, the performance in different parts of the business varied quite widely. In UK Sports Retail (that is, Sports Direct ), revenue dropped 5.8% to £1.328 billion, while in Premium Lifestyle (dominait was down 3.7% at £444.5 million. As mentioned, International Retail grew strongly, very strongly in fact, with an increase of 42.8% to

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