Retail group Frasers has reported a decline in full year sales within its Premium Lifestyle division as wider group performance remained broadly flat.

According to its full year results for the 52 weeks ended 28 April 2024, total group revenue dipped 0.9% to £5.53bn from £5.58bn in 2023. Reported pre-tax profit resulted at £507m, down 20.5% from £638m year-on-year.

The Group’s Premium Lifestyle division, which includes Flannels, House of Fraser, Sofa.com and Amara.com, saw sales fall 1.2% to £1.20bn from £1.21bn.

Commenting on its Premium Lifestyle performance, the group said: “We have invested in a unique proposition in our luxury business and are well positioned for the future. Our long-term ambitions for this business remain unchanged, although it is likely that progress will remain subdued for the short to medium term in the face of a softer market. However, we view this as an opportunity for continued consolidation in order to further strengthen our position.

“Revenue decreased by 1.2%, as the impact of planned House of Fraser store closures and a softer luxury market were partially offset by sales from the businesses acquired from JD Sports Fashion plc in H2 of FY23. Excluding the impact of the 53rd week from prior year, revenue increased by 0.7%.

“Segment profit from trading was broadly flat at £137.2m with the planned clearance of surplus inventory from businesses acquired from JD Sports Fashion plc and the impact of continuing closures of legacy House of Fraser stores leading to a 340bps reduction in gross margin to 35.8%. This was offset by overheads savings arising from the closure of House of Fraser stores and acquired businesses being integrated into the Group.”