Mike Ashley’s Frasers Group expects higher profit next year

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(Reuters) -Frasers Group, Mike Ashley’s sportswear and fashion group, said on Thursday it expected higher profit next year after 2022 earnings came in at the upper end of its guidance.

The retailer forecast adjusted profit before tax to be between 450 million pounds and 500 million pounds ($599.65 million) for the next financial year.

Adjusted profit before tax came in at 344.8 million pounds for the year ended April 24, compared to a loss of 39.9 million pounds in the previous year.

“We are alive to the challenging economic conditions at present, with inflationary pressures and supply-chain disruption causing challenges for many businesses operating in the retail sector,” Chief Executive Officer Michael Murray said, adding that they had been conservative in their profit forecast.

Murray, partner of Mike Ashley’s daughter, took over as the CEO from founder Ashley in May.

Surging petrol and food prices pushed Britain’s inflation to a four-decade high last month, forcing many Britons to cut back spending on non-essential items.

($1 = 0.8338 pounds)

(Reporting by Radhika Anilkumar in Bengaluru; Editing by Subhranshu Sahu)