Firsthalf profit up 39 to 267.1 mln stg
Expects profit of 450500 mln stg in full 202223 year
To invest 600 mln stg in Coventry site over ten years

LONDON, Dec 8 Reuters British sportswear and clothing retailer Frasers stuck to its financial guidance for 202223 after reporting a 39 rise in firsthalf profit that reflected the success of its drive to take the group upmarket.

The FTSE 100listed firm, formerly called Sports Direct, owns brands including House of Fraser, Flannels, USC and Jack Wills.

Founder Mike Ashley still controls Frasers, owning 69 of its equity, but the business is run by Michael Murray, Ashley39;s soninlaw, who became chief executive in May.

Murray is pursuing a socalled elevation strategy with investments in flagship stores and in online, the deepening of ties with brands such as Nike and Hugo Boss and acquisitions including fashion brand Missguided and Gieves Hawkes.

While most UK retail stocks have seen sharp declines in 2022 amid a costofliving crisis for consumers, shares in Frasers are up 9.

Finance chief Chris Wootton said the group was able to defy the downturn because of the breadth of its product offer.

It39;s the choice across the whole group from top luxury at Flannels down to own brand stuff in our Sports Direct stores and everything in between, he told Reuters on Thursday.

Wootton said the group was also benefiting from the work it has put in to improve relationships with brands. The level of product we39;re getting from these…