THE RETAIL BULLETIN - The home of retail news
Click here
Home Page
News Categories
Commentary
CX
Department Stores
Desert Island Stores
Electricals and Tech
Entertainment
Fashion
Food and Drink
General Merchandise
Grocery
Health and Beauty
Home and DIY
Interviews
People Matter
Retail Business Strategy
Property
Retail Solutions
Electricals & Technology
Sports and Leisure
TRB conference review
Christmas Ads
Shopping Centres, High Streets & Retail Parks
Uncategorized
Retail Events
People in Retail Awards 2024
Retail Ecom North
Retail HR North 2025
Retail Omnichannel Futures 2025
Retail HR Central 2025
The Future of The High Street 2025
Retail Ecom Central
Upcoming Retail Events
Past Retail Events
Retail Insights
Retail Solutions
Advertise
About
Contact
Subscribe for free
Terms and Policies
Privacy Policy
Mike Ashley to step down as chief executive of Frasers Group

Frasers Group has confirmed that Mike Ashley is to step down as chief executive in its new financial year and hand the reins to Michael Murray… View Article

SPORTS AND LEISURE NEWS

Mike Ashley to step down as chief executive of Frasers Group

Frasers Group has confirmed that Mike Ashley is to step down as chief executive in its new financial year and hand the reins to Michael Murray who is currently “head of elevation”.

In a statement, the owner of brands such as Sports Direct, House of Fraser and Flannels, said it is proposing that Murray assumes the role in May 2022 and that Ashley remains on the board as an executive director.

The announcement comes as Frasers Group posted its results for the year ending 25 April. During the period, group revenue declined by 8.4% to £3,6 billion and pre-tax profit fell by 94.1% to £8.5 million.

The group said UK sports retail revenue and European retail revenue decreased by 10.7% and 11.8% respectively, largely due the temporary store closures caused by the Covid-19 pandemic.

However, premium lifestyle revenue increased by 1.9% following growth in its online business and new store openings.

During the year, Frasers Group decreased its operating costs by 15.7%, which was mainly driven by savings in store costs during Covid-19 lockdowns, Government support schemes and business rates relief, particularly in House of Fraser.

Looking ahead, Frasers Group chairman David Daly said: “The Covid-19 pandemic continues to create uncertainty and we must be prepared for more lockdowns in the future. There must be concerns about the stability of some retailers as Government support schemes come to an end, yet there still seems to be very little tangible long-term action being taken by the Government to save the high street.

“Notwithstanding the probable risk of further lockdowns, which are considered and do impact our property accounting estimates, Frasers Group is confident in our long-term strategy which we believe will help us to get through this difficult period.”  

Subscribe For Retail News