Mike Ashley’s Frasers Group plans more stores as profits soar

CEO Michael Murray says shoppers have returned to high street but prices likely to rise due to construction costs

Mike Ashley's Frasers Group, the owner of Sports Direct and Jack Wills, plans more acquisitions and store openings after sales rose by almost a third and profits bounced back following the end of high street lockdowns.

Pre-tax profits for the company, which also owns House of Fraser, Flannels, Game and Evans Cycles, and recently bought the online specialists Missguided and Studio Retail, soared to 366m in the year to 24 April from just 8.5m a year before, as sales rose almost 31% to 4.7bn.