Mike Ashley’s Frasers Group defies cost-of-living crisis

A shopper passes a Sports Direct Ltd. store on Oxford Street in central London.

Frasers Group's string of acquisitions and property sales are helping bolster Mike Ashley’s shopping empire as the cost-of-living crisis weighs on most retailers’ performance.

Frasers, which owns Sports Direct and House of Fraser, is sticking to its goal of adjusted profit before tax at a record £450m to £500m (€521-€579m) for this financial year. The group said it had “strong strategic and trading momentum” at a time when many consumers are pulling back on spending.