Mike Ashley’s Frasers Group is expected to reveal a fall in sales this week as economic gloom takes it’s toll on consumers.
The retailer, whose brands include Sports Direct, House of Fraser and Flannels, will provide an insight into the mood on the High Street when it delivers annual results on Thursday.
Data last week showed shoppers have been staying away due to the sweltering heat.
Analysts predict Frasers will report sales of £5.3billion for the year to the end of April, down from £5.54billion a year earlier.
Gloom: Frasers is led by majority-owner Mike Ashley’s son-in-law Michael Murray (pictured with wife Anna at Wimbledon)
Frasers is led by majority-owner Ashley’s son-in-law Michael Murray.
The group said it would post annual profits of between £550m and £600m, after lowering its expectations from between £575m and £625m.
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
InvestEngine
InvestEngine
Account and trading fee-free ETF investing
Trading 212
Trading 212
Free share dealing and no account fee
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
This article was originally published by a www.dailymail.co.uk . Read the Original article here. .