Profits at Frasers' Irish operator down 20%

After tax, the company reported a profit for 2024 of €28.4m, down from €35.27m the previous year

Heatons Ltd operates both SportsDirect and Frasers in Ireland. 

Heatons Ltd, the company which operates SportsDirect and Frasers in Ireland, posted a 20% decline in profit during its 2024 financial year despite seeing an increase in revenue, the company’s latest financial statement shows.

Heatons Ltd is owned by the Fraser Group which is controlled by British businessman Mike Ashley. The company was originally founded as SportsDirect, but changed its name when it acquired House of Fraser in 2018.

According to the statement, the company generated revenue of €220.55m during 2024 — up from €211.1m the year prior. Its cost of sales increased marginally from €110.7m in 2023 to €112.4m in 2024.

However, a nearly 30% increase in administration costs to €77.1m cut into the company’s profits for the year. The company said during the year it reduced its “onerous lease provision” by €10m, and had an impairment charge of €8.6m.

“Both of which had a material impact on the operating profit for the year,” the company said.

After tax, the company reported a profit for the year of €28.4m, down from €35.27m the previous year.

During 2024, it employed on average 1,268 retail staff and 47 administration staff. It spent €31.4m on wages during the year.