Frasers Group’s net profit was down 24% to £293.0 million (378.0 mm) for the fiscal year ended Apr. 27 from £386.6 million, as revenue dropped 7% to £4,925.6 million ($6,354.0 mm) from £5,317.0 million. Total retail revenue declined 7% to £4,753.7 million ($6,132.3 mm). Still, retail gross margin expanded 170 basis points to 45.6%, with an enterprise improvement of 150 b.p. to 46.8%, as the mix shifted towards the higher-margin Sports Direct and Flannels banners. Adjusted profit before tax was up 3% to £560.2 million.

U.K. Sports Retail declined 7% to £2,698.1 ... Log in to view full article.