Retail group Frasers has reported a decline in half year sales within its Premium Lifestyle division as wider group performance also fell.

According to its full year results for the 26 weeks ended 27 October 2024, total group revenue dipped 8.3% to £2.5bn from £2.7bn against the same period last year.

Adjusted pre-tax profit resulted at £299.2m, down 1.5% from £303.8m.

The Group’s Premium Lifestyle division, which includes Flannels, House of Fraser, Sofa.com and Amara.com, saw sales fall 14.1% to £472.7m from £550.1m.

Premium Lifestyle’s profit from trading was up £16.4m (41.1%) to £56.3m, with integration and other cost benefits offsetting the “continuing challenging luxury market”.

Michael Murray, Chief Executive of Frasers Group, said: “The first half of this year has been another period of progress for the Group, delivering on our objectives as the Elevation Strategy continues to take the business to the next level. Sports Direct UK delivered further sales growth, and our Property and Financial Services divisions are seeing encouraging progress.

“We continue to operate with discipline to ensure our business is as resilient as possible – proactively right-sizing recent acquisitions to set them up for profitable long-term growth and driving further automation benefits to exceed our stock reduction targets for the period.

“We have also made significant strides in international expansion, developing new partnerships across Australia and Africa, and unlocking opportunities as we move further towards our goal of becoming a leading global sports retailer.

“We are set to deliver another year of profitable growth but, given recent weaker consumer confidence leading up to and following the Budget, FY25 APBT is now expected to be in the range of £550m to £600m.”