Interim Results - 26 weeks to 23 October 2022

RNS Number : 9865I

Frasers Group PLC

08 December 2022

8 December 2022

Unaudited Interim Results for the 26 weeks to 23 October 2022 ("FY23 H1")

	FY23 H1 (unaudited)	FY22 H1 (unaudited)	Change (%)
	£m	£m
Group revenue	2,638.0	2,339.8	12.7
UK Sports Retail	1,526.1	1,367.1	11.6
Premium Lifestyle	533.5	427.9	24.7
International Retail ⁽⁴⁾	492.2	465.4	5.8
Wholesale & licensing	86.2	79.4	8.6
Group gross margin (%)	42.0%	44.7%

Reported profit before tax	284.6	186.0	53.0
Adjusted profit before tax (PBT) ⁽³⁾	267.1	192.4	38.8

Adjusted profit before tax (PBT) as a percentage of revenue (%)	10.1%	8.2%

Reported profit after tax	219.6	143.7	52.8

Reported basic earnings per share	46.1p	28.2p	63.5
Adjusted basic earnings per share (EPS) ⁽¹⁾	44.8p	30.3p	47.9

Cash inflow from operating activities before working capital	389.9	454.1	(14.1)
Net assets	1,382.3	1,367.2	1.1
Number of retail stores (number)	1,596	1,561	2.2

Outlook: Whilst the macroeconomic environment is clearly challenging and the backdrop for the coming year is hard to predict with any certainty, we have strong strategic and trading momentum behind us and we remain confident in our guidance for Adjusted PBT of between £450m to £500m for this financial year.

· Group revenue increased by 12.7%, largely due to acquisitions

• Excluding acquisitions, disposals and on a currency neutral basis, revenue increased by 3.9% ⁽²⁾

· UK Sports Retail revenue increased by 11.6%, largely due to the acquisition of Studio Retail Limited ('SRL') on 24 February 2022

• Excluding acquisitions, revenue decreased by 3.1% ⁽²⁾ largely due to a reduction within Game UK and the very strong reopening of stores after the last lockdown in March 2021 in the prior period

· Premium Lifestyle revenue increased by 24.7%, largely due to new FLANNELS stores and continued growth in online

• Excluding acquisitions, revenue increased by 22.2% ⁽²⁾

· International Retail revenue increased by 5.8%, largely due to the acquisition of Sportmaster on 16 May 2022 and an increase in the Malaysian business, offset by the reduction in revenue following the disposal of the US retail businesses on 25 May 2022

• Excluding acquisitions, disposals and on a currency neutral basis, revenue increased by 9.2% ⁽²⁾ largely due to increases in the Malaysian business due to the prior period being impacted by Covid

· Group gross margin decreased to 42.0% from 44.7% in line with our guidance given above, which reflects mix effects (from the acquisition of Studio Retail, the disposal of the US retail businesses and House of Fraser store closures), a strong prior year comparative of full price trading, cost of goods inflation, and a maintained inventory provision percentage in the current period

· Reported profit before tax was £284.6m, up 53.0% reflecting:

• Continually improving product choice in the core UK business

• FLANNELS growth through store roll out and online

• Profit on disposal of assets (property at £91.2m, US retail businesses at £26.3m) with mitigations including impairments of property of £50.2m (FY22 H1: £135.3m) and intangibles of £27.5m (FY22 H1: £4.4m), non-recurring profit before tax in the prior period from the disposed of US retail businesses (FY22 H1: £17.9m), an increased inventory provision amount, and the prior period in FY22 benefitting from business rates relief

· Adjusted PBT was £267.1m, up 38.8%. As a percentage of revenue, Adjusted PBT is 10.1%, up from 8.2%

• Excluding acquisitions, disposals and on a currency neutral basis, adjusted PBT increased by 53.8% ⁽²⁾

· Cash inflow from operating activities before working capital decreased to £389.9m compared to £454.1m largely due to increased operating costs, new acquisitions, and the business rates relief in the prior period

· Net assets have increased to £1,382.3m from £1,308.6m at 24 April 2022 (FY22 H1: £1,367.2m), largely due to the increased profitability of the Group offset by significant share buybacks

· Reported basic earnings per share grew by 63.5% to 46.1p, from 28.2p

• Adjusted basic earnings per share increased by 47.9% to 44.8p from 30.3p ⁽¹⁾

· Reported profit after tax was £219.6m up 52.8% from £143.7m

(1) Adjusted basic EPS is reported basic EPS less the effects of exceptional items, realised foreign exchange, fair value adjustments to derivative financial instruments included within Finance income/costs, fair value gains/losses and profit on disposal of equity derivatives, share schemes and the tax impact of these items. Further detail on this calculation can be found in note 9.

(2) A reconciliation excluding acquisitions, disposals and currency neutral performance measures can be found in the Glossary.

(3) Adjusted profit before tax (PBT) is reported profit before less the effects of exceptional items, realised foreign exchange, fair value adjustments to derivative financial instruments included within Finance income/costs, fair value gains/losses and profit on disposal of equity derivatives, and share schemes. Further detail on this calculation can be found in the Glossary.

(4) Following the disposal of the US retail businesses in the period, the reporting segments have been re-categorised with the previous Rest of World Retail segment and European Retail segment now being reported under an International Retail segment. This change is deemed to fall in line with the aggregation criteria and quantitative thresholds outlined in IFRS 8 Operating Segments.

Frasers Group plc

Chris Wootton, Chief Financial Officer

Robert Palmer, Company Secretary

T: 0344 245 9200

CHAIR'S STATEMENT

BUSINESS PERFORMANCE

We have delivered a strong performance during the period, despite the challenging backdrop of heightened economic uncertainty in the UK, soaring energy costs, rapidly rising inflation, a widespread cost of living crisis and continued geopolitical instability. Whilst post pandemic issues with the global supply chain remain, there are signs that these are beginning to ease.

We once again remind our stakeholders of our key accounting principles, namely being conservative, consistent, and simple, and this will always factor into our forecasting, including provisioning and impairment reviews. Despite the above potential headwinds and in this context, Frasers has delivered a robust set of first half results which demonstrate the resilience of our business and the continued success of our Elevation Strategy.

Financial Highlights

· Revenue increased to £2,638.0m (FY22 H1: £2,339.8m)

· Reported PBT increased to £284.6m (FY22 H1: £186.0m)

· Adjusted PBT increased to £267.1m (FY22 H1: £192.4m)

· Net assets of £1,382.3m (FY22 H1: £1,367.2m)

· Cash inflow from operating activities before working capital of £389.9m (FY22 H1: £454.1m)

Strategic Highlights

· Continued progress of the Elevation Strategy, including further growth of our key brand partner relationships

· Strengthened relationship with strategic brand partner Hugo Boss AG, with increased investment reflecting our confidence in the brand's future

· Strategic acquisitions, including Missguided, I Saw It First and Gieves & Hawkes (post period-end), unlocking new capabilities and customer bases

· Recently launched flagship stores proving very popular, including FLANNELS Liverpool which has recently won Drapers award for Best Store Design

I'd like to thank Michael Murray for his leadership during his first six months as CEO and commend him and his team on a strong performance in the first half of the year.

OUTLOOK

Whilst the macroeconomic environment is clearly challenging and the backdrop for the coming year is hard to predict with any certainty, we have strong strategic and trading momentum behind us and we remain confident in our guidance for adjusted PBT of between £450m to £500m for this financial year.

GROWTH STRATEGY

Under Michael Murray's leadership the Elevation Strategy is working.

Our relationships with our brand partners are stronger than ever and consequently, we can now offer our consumers an even wider choice of brands and even better choices of product. We have a clear vision to build the planet's most admired and compelling brand ecosystem. Over the past six months, our brand relationships have continued to go from strength to strength, and today we partner with 19 of the 20 hottest brands in the World as ranked by the Lyst index.

We will continue to elevate our stores and business in 2023, both organically and through disciplined acquisitions. A new FLANNELS flagship store is planned for Leeds, and a Sports Direct flagship store in Manchester. The FLANNELS store roll out strategy to offer our consumers a luxury retail experience in key locations around the country also continues with approximately 6 stores to open in 2023. With the support of our brand partners, our European expansion strategy will continue with a number of opportunities currently being assessed.

Acquisitions and strategic investments are a core part of our Elevation Strategy:

· Earlier in 2022 we acquired the leading Danish sporting goods retailer Sportsmaster into our International Retail operations.

· The Studio Retail acquisition supports the strategy for bringing a credit offering to our customers. Taking this skillset and capability, we have just launched our Frasers 'Plus' product in our Cruise and House of Fraser fascias and associated websites. This will roll out across the majority of the Group, including Sports Direct and FLANNELS, in 2023.

· In Premium Lifestyle the acquisitions of Missguided, I Saw it First and Mysale in the half expands our digital offering and brings short lead time sourcing and further social media marketing expertise to that segment and the Frasers Group.

· Since the period end we have acquired Gieves and Hawkes, including the leasehold of 1 Saville Row. This iconic premium luxury menswear brand is a great fit for our Elevated offering.

· Luxury homewares brand Amara Living was also acquired after the period end. Once integrated, the business will support in building FLANNELS as a credible luxury homeware destination

· We now hold interests of up to approximately 34% of Hugo Boss (through a combination of direct and indirect financial instruments) as at 4 November 2022.

· Looking further forward to support our continued growth and ambition, we are intending on investing approx. £600m in a new distribution centre and offices in Coventry over the next ten years subject to planning, and we recently purchased the site for this exciting development for Frasers and the Coventry area. As part of this strategy we have also purchased the CBS Arena in the city which strengthens our investment in the area and supports our future plans for the region.

At the same time we continue to release capital and realise profits from our assets as appropriate:

· Bob's Stores and Eastern Mountain Sports fascias and their corresponding e-commerce offerings were disposed of for $70m. The Bobs and EMS store estate did not include any of the new elevated stores which are core to the Frasers Group Elevation strategy. The disposal of these non-core businesses allows an even greater focus on delivering the Elevation Strategy by focusing on store experience, digital and product.

· A number of freehold and long leasehold retail parks were sold for a total of £205m, realising a profit on disposal of £84.7m. We buy and sell properties in the ordinary course of business from time to time, to secure attractive sites for our retail operations, and Frasers Group fascias will operate from leases within a number of these properties.

EXTERNAL RECOGNITION

The team's hard work and success over many years has rightly received recognition from the retail industry with recent awards including Drapers' Lifetime Achievement Award for Mike Ashley, recognising his achievement in growing the Group from a single store in Maidenhead in 1982, to over 1,500 stores today. Our FLANNELS store in Liverpool, the most recent and best iteration of the FLANNELS concept, won the Drapers award for Best Store Design.

Sports Direct's "Just a Game" advert from the UEFA Men's 2020 European Championships won the Clio Sports Awards Gold winner for Best Integrated Campaign. This ad was the focal point of an integrated campaign that reached thousands of young footballers during the tournament.

PEOPLE

I would like to thank our hard working staff for their continued passion, energy and commitment. We have made extraordinary progress over the past six months, which has delivered an impressive set of half year results.

We have just welcomed our third intake of highly talented, high potential people into the Frasers Group Elevation Programme. This helps us to build a pipeline of high calibre individuals that we believe will become the leaders of our business in the future.

In line with our rewards-based culture, we are continuing to work collectively towards our Fearless 1000 share scheme, which will reward colleagues who live and breathe our values. Despite the challenging economic backdrop, we remain laser focused, and it has been pleasing to see the impressive progress we have made in a short space of time.

In addition, each month we recognise the performance and achievements of our employees through the Frasers Champions programme. This enables us to acknowledge and recognise those employees who have made significant contributions to the business and are helping the business to prosper. We also hosted Frasers Festival in September, which brought together our top performing colleagues for a day of assault courses, interactive brand pop-ups and live entertainment.

BUSINESS RATES

It is pleasing to see that the Government has finally decided to address the outdated business rates issue in April 2023 including addressing the detrimental transitional relief regime. The whole retail industry, including ourselves, have been asking for this recalibration for several years and this review is strongly welcomed by Frasers Group.

SUSTAINABILITY

Sustainability continues to be a key focus for the Group and the Board. We have built a Sustainability Team structure which reports directly into the Board and its appropriate sub-committees.

We have a number of continuing strategic priorities including energy usage reduction, achieved through education programmes to staff, the roll out of LED lighting across our store estate, building management systems installation, and container optimisation working hand in glove with our brand partners to ensure fewer containers, with their inherent carbon emissions during transportation, are required.

During 2022 we delivered our Taskforce on Climate-related Financial Disclosures (TCFD) within the Annual Report and we are continuing to work through our targets, and to look for improvements in our reporting.

GROUP FINANCING AND LIQUIDITY

We have recently enacted the one year extension to our Group facility and now have a combined term loan and revolving credit facility (RCF) of £980.0m until November 2024 and £930.0m until November 2025, with the possibility to extend this by a further year.

We believe this is a great endorsement of the business and our Elevation Strategy and I want to say thank you to our banking partners for their support.

DIVIDEND / SHARE BUYBACK

No dividend was paid during the half year period and the Board has decided not to declare an interim dividend in respect of this period.

During the half year we repurchased £80.4m of Frasers Group shares, or 2.5% of the outstanding share capital, as part of our share buyback programme. This programme has continued into the second half, which is a demonstration of our commitment to shareholder returns, our confidence in the Group and the strategy for future growth.

David Daly

Non-Executive Chair

8 December 2022

CHIEF EXECUTIVE'S REPORT AND BUSINESS REVIEW

SUMMARY OF RESULTS

	26 weeks ended 23 October 2022 (Unaudited)	26 weeks ended 24 October 2021 (Unaudited)
Group revenue	£2,638.0m	£2,339.8m
Adjusted PBT ⁽¹⁾	£267.1m	£192.4m
Group gross margin	42.0%	44.7%
Adjusted basic earnings per share ⁽²⁾	44.8p	30.3p
Cash inflow from operating activities before working capital ⁽⁴⁾	£389.9m	£454.1m
Net Assets	£1,382.3m	£1,367.2m
Number of retail stores ⁽³⁾	1,596	1,561

(1) Adjusted profit before tax (PBT) is reported profit before less the effects of exceptional items, realised foreign exchange, fair value adjustments to derivative financial instruments included within Finance income/costs, fair value gains/losses and profit on disposal of equity derivatives, share schemes and the tax impact of these items. Further detail on this calculation can be found in the Glossary.

(2) Adjusted basic EPS is reported basic EPS less the effects of exceptional items, realised foreign exchange, fair value adjustments to derivative financial instruments included within Finance income/costs, fair value gains/losses and profit on disposal of equity derivatives, and share schemes. Further detail on this calculation can be found in note 9.

(3) Excluding associates and stores in the Baltic states that trade under fascias other than SPORTLAND or SPORTSDIRECT.com and other niche fascias.

(4) Details of Key Performance Indicators can be found in the Glossary

The Directors have adopted Alternative Performance Measures (APM's). APM's should be considered in addition to IFRS measures. The Directors believe that Adjusted profit before tax (PBT) and Adjusted basic EPS provide further useful information for shareholders on the underlying performance of the Group in addition to the reported numbers and are consistent with how business performance is measured internally. They are not recognised profit measures under IFRS and may not be directly comparable with "adjusted" or "alternative" profit measures used by other companies.

PERFORMANCE OVERVIEW

Group revenue was up 12.7% to £2,638.0m, largely due to acquisitions, new FLANNELS stores and continued growth in online.

Group gross margin decreased to 42.0% from 44.7% in line with our guidance given above, which reflects mix effects (from the acquisition of Studio Retail, the disposal of the US retail businesses and House of Fraser store closures), a strong prior year comparative of full price trading, cost of goods inflation, and a maintained inventory provision percentage in the current period.

Adjusted PBT is up 38.8%, reflecting:

• Continually improving product choice in the core UK business

• FLANNELS growth through store roll out and online

Excluding acquisitions, disposals and on a currency neutral basis adjusted PBT is up 53.8%.

In FY23 H1, property related impairments of £50.2m (FY22 H1: £135.3m) have been recognised following a reassessment of future expected cash flows, largely driven by the increased cost of living, the change in consumer behaviour in moving from physical to online shopping, and the impact of direct-to-consumer and increasing product costs. Further details including sensitivity analysis are included within note 2.

Adjusted basic earnings per share increased by 47.9% to 44.8p (FY22 H1: 30.3p).

Reported Profit Before Tax increased by 53.0% to £284.6m (FY22 H1: £186.0m).

Cash inflow from operating activities before working capital decreased to £389.9m compared to £454.1m largely due to increased operating costs, new acquisitions, and the business rates relief in the prior period.

Total net assets as at the period end totalled £1,382.3m compared to £1,308.6m as at 24 April 2022, largely due to the profitability of the Group mitigated by significant share buybacks.

REVIEW BY BUSINESS SEGMENT

UK SPORTS RETAIL

UK Sports Retail includes core sports retail store operations in the UK, plus all the Group's sports retail online business (excluding Bob's Stores & Eastern Mountain Sports which were disposed of during the period, Malaysia and Baltics), the gyms, the Group's Shirebrook campus operations, freehold property owning companies excluding Premium Lifestyle fascia properties, GAME UK stores and online operations, Studio Retail Limited, and retail store operations in Northern Ireland. UK Sports Retail is the main driver of the Group and accounts for 57.9% (FY22 H1: 58.4%) of Group revenue.

	26 weeks ended 23 October 2022 (unaudited)	26 weeks ended 24 October 2021 (unaudited)
Revenue	£1,526.1m	£1,367.1m
Cost of Sales	£(883.8)m	£(768.1)m
Gross Profit	£642.3m	£599.0m
Gross Margin %	42.1%	43.8%
Adjusted PBT	£184.1m	£123.0m

Revenue increased 11.6%. Excluding acquisitions revenue decreased 3.1%. This was largely due to a reduction within Game UK and the very strong reopening of stores after the last lockdown in March 2021 in the prior period.

Gross margin decreased to 42.1%, largely due to the acquisition of Studio Retail, in which the online trading business operates at a lower average margin than the rest of the Group, a strong prior year comparative of full price trading, cost of goods inflation, and a maintained inventory provision percentage in the current period.

Adjusted PBT for UK Sports Retail was £184.1m, an increase of 49.7% for the period, largely due to significant profit on disposal of properties and a reduction in property related impairments, mitigated to some extent by an increased inventory provision amount and intangible asset write-offs in Studio Retail Limited. It should also be noted that the prior period benefitted from business rates relief.

UK SPORTS RETAIL STORE PORTFOLIO ⁽³⁾

	23 October 2022	24 October 2021	24 April 2022
England	387	390	387
Scotland	37	39	37
Wales	29	31	30
Northern Ireland	19	20	19
Isle of Man	1	1	1
GAME UK ⁽¹⁾	276	258	259
Evans Cycles ⁽²⁾	60	53	57
USC	17	23	18
Total	826	815	808

Opened	60	58	90
Closed	(42)	(49)	(88)
Acquired	-	-	-
Area (sq.ft.)	approx 6.8m	approx 6.9m	approx. 6.7m

(1) The GAME UK store numbers include 169 concessions operating within Sports Direct fascia stores (24 April 2022: 125) and does not include BELONG arenas.

(2) The Evans Cycles store numbers include 2 concessions operating within House of Fraser fascia stores (24 April 2022: 2).

(3) Table excludes the Group's standalone gyms.

PREMIUM LIFESTYLE

Premium Lifestyle includes the results of the premium and luxury retail businesses FLANNELS, Cruise, van mildert, Jack Wills, House of Fraser and Sofa.com along with the related websites, the Missguided and I Saw it First websites, and freehold property owning companies where trading is purely from Premium Lifestyle fascias.

	26 weeks ended 23 October 2022 (unaudited)	26 weeks ended 24 October 2021 (unaudited)
Gross Transaction Value (GTV)⁽¹⁾	£557.5m	£468.0m
Revenue	£533.5m	£427.9m
Cost of Sales	£(310.3)m	£(223.6)m
Gross Profit	£223.2m	£204.3m
Gross Margin %	41.8%	47.7%
Adjusted PBT / (LBT)	£11.3m	£(9.7)m

(1) GTV being gross sales net of VAT, discounts and returns and gross sales where the Group acts as agent.

Revenue grew 24.7%. This was largely due to new FLANNELS stores and continued growth in online.

Gross margin decreased to 41.8% largely due to House of Fraser store closures, a strong prior year comparative of full price trading and cost of goods inflation.

The House of Fraser business has shown a year on year trading improvement. The business rates changes announced in the November 2022 Government budget should proportionally benefit the House of Fraser business given the significant and disproportionate current cost to House of Fraser.

Adjusted PBT for Premium Lifestyle increased from a loss of £9.7m in FY22 H1 to a profit of £11.3m for the period, largely due to a reduction in property and other related impairments, growth in the FLANNELS business and improvements in House of Fraser performance, mitigated by impairments to intangible assets within recent acquisitions. It should also be noted that the prior period benefitted from business rates relief, especially within House of Fraser.

PREMIUM LIFESTYLE STORE PORTFOLIO

	23 October 2022	24 October 2021	24 April 2022
Jack Wills ⁽²⁾	48	56	52
FLANNELS	56	44	53
House of Fraser / Frasers ⁽²⁾	34	43	39
Sofa.com ⁽¹⁾	23	25	23
Cruise	5	6	5
18 Montrose	3	4	4
Garment Quarter	1	1	1
Psyche	-	1	1
Van Mildert	-	1	1
Total	170	181	179

Opened	7	11	21
Acquired	-	-	-
Closed	(16)	(9)	(21)
Area (sq.ft.)	approx. 3.8m	approx. 4.3m	approx. 4.0m

(1) Sofa.com store numbers include 16 concessions operating within House of Fraser fascia stores (24 April 2022: 17).

(2) Jack Wills and Frasers stores in Republic of Ireland are shown in the International store numbers as opposed to the Premium Lifestyle store numbers.

INTERNATIONAL RETAIL ⁽¹⁾

	26 weeks ended 23 October 2022 (unaudited)	26 weeks ended 24 October 2021 (unaudited)
Revenue	£492.2m	£465.4m
Cost of Sales	£(287.3)m	£(255.8)m
Gross Profit	£204.9m	£209.6m
Gross Margin %	41.6%	45.0%
Adjusted PBT	£62.5m	£75.2m

(1) Following the disposal of the US retail businesses in the period, the reporting segments have been re-categorised with the previous Rest of World Retail segment and European Retail segment now being reported under an International Retail segment. This change is deemed to fall in line with the aggregation criteria and quantitative thresholds outlined in IFRS 8 Operating Segments.

Revenue increased 5.8%. This is largely due to the acquisition of Sportmaster on 16 May 2022 and an increase in the Malaysian business, offset by the reduction in revenue following the disposal of the US retail businesses on 25 May 2022.

Gross margin decreased to 41.6%, largely due to acquisition revaluation impacts in relation to Sportmaster and the prior period including inventory holding efficiencies in relation to the US retail businesses not recurring in the current period.

Adjusted PBT for International Retail was £62.5m, a decrease of 16.9% for the period, largely due to the disposal of the US retail businesses.

	23 October 2022	24 October 2021	24 April 2022
GAME Spain	234	236	235
Sportmaster - Denmark	75	-	-
Republic of Ireland(2)	44	41	43
Belgium	34	34	34
Estonia(1)	22	21	20
Portugal	21	20	21
Austria	19	20	19
Lithuania(1)	19	18	19
Latvia(1)	18	17	18
Poland	13	14	13
Slovenia	12	13	13
Czech Republic	12	12	12
Spain	12	10	10
Hungary	7	8	8
Cyprus	6	6	6
Holland	5	5	5
Slovakia	5	5	5
France	4	4	4
Luxembourg	2	2	2
Iceland	2	1	1
Germany	1	2	1
Malaysia	33	34	34
Bob's Stores	-	21	21
Eastern Mountain Sports	-	21	21
Total	600	565	565

Opened	8	6	12
Acquired	75	-	-
Closed	(6)	(3)	(9)
Disposed	(42)	-	-
Area (sq.ft.)	approx. 4.3m	approx. 5.0m	approx. 5.0m

(1) Includes only stores with SPORTSDIRECT.com and SPORTLAND fascias.

(2) Excluding Heatons fascia stores.

WHOLESALE & LICENSING

The portfolio of Group brands includes a wide variety of world-famous sport and lifestyle brands. The Group's Sports Retail division sells products under these brands in its stores, and the Wholesale & Licensing division sells the brands through its wholesale and licensing activities. The Wholesale & Licensing division continues to sponsor a variety of prestigious events and retains a variety of globally recognised celebrities and sporting professionals as brand ambassadors.

	26 weeks ended 23 October 2022 (unaudited)	26 weeks ended 24 October 2021 (unaudited)
Wholesale	£74.6m	£68.7m
Licensing	£11.6m	£10.7m
Total Revenue	£86.2m	£79.4m
Cost of Sales	£(48.9)m	£(46.4)m
Gross Profit	£37.3m	£33.0m
Gross Margin %	43.3%	41.6%
Adjusted PBT	£9.2m	£3.9m

Revenue increased by 8.6%. Wholesale revenues are up 8.6% and Licensing revenues increased 8.4%, largely due an increase in Everlast revenue.

Total gross margin increased to 43.3% (FY22 H1: 41.6%) largely due to improved product mix in Everlast.

Adjusted PBT increased 135.9% to £9.2m (FY22 H1: £3.9m) largely due to impairment of Goodwill in the prior period.

STRATEGIC INVESTMENTS

Included within long-term financial assets at the period ended 23 October 2022 are the following direct interests held by the Group:

23 October 2022

(unaudited)

24 October 2021

(unaudited)

24 April 2022

(audited)

Mulberry Group plc

36.9

36.8

36.9

Hugo Boss AG

4.3

6.8

2.2

In addition to those listed, there are various other interests held, none of which represent more than 5% of the voting power of the investee. The movements in fair value of these long-term financial assets are recognised within Other Comprehensive Income. Subsequent to the period end the Group acquired over 5% of the voting rights of ASOS plc.

The Group also holds indirect strategic investments within contracts for difference and options. The fair value of the contracts for difference and options are recognised in Derivative Financial Assets or Liabilities on the Group Balance Sheet, with the movement in fair value recorded in the Income Statement.

FOREIGN EXCHANGE AND TREASURY

The Group reports its results in GBP but trades internationally and is therefore exposed to currency fluctuations on currency cash flows in various ways. These include purchasing inventory from overseas suppliers, making sales in currencies other than GBP and holding overseas assets in other currencies. The Board mitigate the cash flow risks associated with these fluctuations with the careful use of currency hedging using forward contracts and other derivative financial instruments.

The Group uses forward contracts that qualify for hedge accounting in two main ways - to hedge highly probable EUR sales income and USD inventory purchases. This introduces a level of certainty into the Group's planning and forecasting process. Management has reviewed detailed forecasts and the growth assumptions within them and are satisfied that the forecasts meet the criteria as being highly probable forecast transactions.

As at 23 October 2022, the Group had the following forward contracts that qualified for hedge accounting under IFRS 9 Financial Instruments, meaning that fluctuations in the value of the contracts before maturity are recognised in the Hedging Reserve through Other Comprehensive Income. After maturity, the sales and purchases are then valued at the hedge rate.

Currency	Hedging against	Currency value	Timing	Rates
EUR / GBP	Euro sales	EUR 696m	FY23 - FY26	0.98-1.08
USD / GBP	USD inventory purchases	USD 240m	FY23	1.41
USD / EUR	USD inventory purchases	USD 90m	FY23 - FY24	1.26-1.31

The Group also uses currency options, swaps and spots for more flexibility against cash flows that are less than highly probable and therefore do not qualify for hedge accounting under IFRS 9 Financial Instruments. The fair value movements before maturity are recognised in the Income Statement.

The Group has the following currency options and unhedged forwards:

Currency	Expected use	Currency value	Timing	Rates
EUR / GBP	Euro sales	EUR 696m	FY23 - FY27	0.98-1.08
USD / EUR	USD inventory purchases	USD 90m	FY23 - FY25	1.26-1.31

The Group also holds short-term swaps for Treasury management purposes:

Currency	Expected use	Currency value	Timing	Rates
USD / GBP	Cash flow management	EUR 70m	FY23	1.15

The Group is proactive in managing its currency requirements. The Treasury team works closely with senior management to understand the Group's plans and forecasts, they also discuss and understand appropriate financial products with various financial institutions, including those within the Group's Bank Financed Facility. This information is then used to implement suitable currency products to align with the Group's strategy.

Regular reviews of the hedging performance are performed by the Treasury team alongside senior management to ensure the continued appropriateness of the currency hedging in place, and where suitable, either implementing additional strategies and/or restructuring existing approaches in conjunction with our financial institution partners.

Given the potential impact of commodity prices on raw material costs, the Group may hedge certain input costs, including cotton, crude oil and electricity.

CASH FLOW AND NET DEBT

Net debt increased by £8.0m from £491.1m at 24 April 2022 to £499.1m at 23 October 2022. Net debt includes £104.6m of net debt relating to the Studio Retail Limited securitisation facility (24 April 2022: £107.3m). Net interest on bank loans and overdrafts increased to £16.8m (FY22 H1: £4.8m) largely due to increased usage of the Revolving Credit Facility ("RCF"), increased interest rates in the period, and the addition of Studio Retail Limited and its securitisation facility to the Group.

Analysis of net debt:

	23 October 2022 (unaudited) £m	24 October 2021 (unaudited) £m	24 April 2022 (audited) £m
Cash and cash equivalents	314.8	350.7	336.8
Borrowings	(813.9)	(375.0)	(827.9)
Total	(499.1)	(24.3)	(491.1)

Cash flow:

	26 weeks ended 23 October 2022 (unaudited) £m	26 weeks ended 24 October 2021 (unaudited) £m	52 weeks ended 24 April 2022 (audited) £m
Cash inflow from operating activities	171.8	559.8	628.9
Income taxes paid	(58.4)	(62.6)	(121.0)
Invested in:
Purchase of subsidiaries, net of cash acquired	(40.9)	-	(0.2)
Purchase of listed investments	(113.5)	(107.1)	(198.4)
Proceeds on disposal of listed investments	17.4	96.6	238.4
Proceeds on disposal of subsidiary undertaking	51.4	1.0	1.0
Premiums in relation to equity derivatives	48.6	-	117.4
Net capital income/(expenditure)	103.6	(112.0)	(280.2)
Exchange movement on cash balances	5.3	(1.9)	0.1
Investment income received	1.4	5.6	1.0
Finance income received less finance costs paid	(23.9)	(14.4)	(26.5)
Lease payments	(71.5)	(61.9)	(176.2)
Purchase of own shares	(80.4)	(78.5)	(193.2)
Purchase of associated undertakings	(11.9)	-	-
Borrowings acquired through business combinations	(7.0)	-	(232.0)
Dividend paid to non-controlling interest	-	-	(1.3)
(Increase) / decrease in net debt	(8.0)	224.6	(242.2)

SUMMARY CONSOLIDATED BALANCE SHEET (EXTRACT)

	23 October 2022 (unaudited) £m	24 October 2021 (unaudited) £m	24 April 2022 (audited) £m
Property, plant and equipment	787.5	800.8	816.3
Right of use assets	203.1	211.9	194.7
Investment properties	49.6	52.7	89.2
Long-term financial assets	241.4	352.4	206.6
Deferred tax assets	93.7	103.7	100.8
Inventory	1,466.5	1,201.5	1,277.6
Trade and other receivables	942.0	490.7	841.4
Provisions	(426.1)	(351.9)	(433.0)
Trade and other payables	(838.9)	(789.4)	(729.8)
Lease liabilities	(659.9)	(684.7)	(620.6)
Borrowings	(813.9)	(375.0)	(827.9)

The decrease within property, plant and equipment from 24 April 2022 is largely due to property and other related impairments, offset by additions for store fitouts and warehouse automation in the period. Right of use assets have increased from 24 April 2022 largely due to acquisition and additions in the period, offset by impairments of £23.6m.

The decrease in investment properties from 24 April 2022 relates to the sale and leaseback of the Robin Retail Park, Wigan in the period.

Long-term financial assets have increased during the period from 24 April 2022 due to the additions of Hugo Boss AG offset by decrease in fair value of the Hugo Boss AG and Mulberry Group plc investments.

Inventory has increased from 24 April 2022 as holdings are increased in the build up to the Christmas period and also due to acquisitions. Inventory has increased from 24 October 2021 largely due to acquisitions. Inventory provision as a percentage has decreased from 15.2% at 24 April 2022 to 14.9% at period end.

Trade and other receivables includes a £nil reimbursement asset in relation to the Group's ongoing non-UK tax enquiries (24 April 2022: £88.3m), £389.7m relating to deposits in respect of derivative financial instruments (24 April 2022: £243.9m), and the Studio Retail net credit customer receivables of £240.3m (24 April 2022: £234.2m, 24 October 2021: £nil).

See note 11 for further details in relation to provisions.

Trade and other payables have increased from 24 April 2022 largely due to the increase in inventory supplier payables in the run up towards the Christmas period and acquisitions in the period.

The lease liability has increased largely due to acquisitions and additions, offset by repayments made in the period.

Borrowings have decreased slightly from 24 April 2022 largely due to positive cashflow inflows mitigated by significant investment in acquisitions, strategic investments and the share buybacks.

RELATED PARTY TRANSACTIONS

Related party transactions are disclosed in note 19. There have been no material changes in the related party transactions described in the last annual report.

GOING CONCERN

Having thoroughly reviewed the performance of the Group and having made suitable enquiries, the Directors are confident that the Group have adequate resources to remain in operational existence for the foreseeable future which is at least 12 months from the date of approval of these Unaudited Interim Financial Statements. Full details of this assessment can be found in note 1.

DIRECTORS' RESPONSIBILITY STATEMENT

Each of the directors confirm that to the best of their knowledge:

· The condensed set of financial statements has been prepared in accordance with UK-adopted IAS 34 'Interim Financial Reporting';

· The interim management report includes a fair review of the information required by:

a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events during the first 26 weeks of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining 26 weeks of the year; and

b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first 26 weeks of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.

The summary of results for the 52 weeks ended 24 April 2022 is an extract from the published Annual Report and Financial Statements which have been reported on by the Group's auditors at the time and delivered to the Registrar of Companies. The audit report was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under s498 (2) or s498 (3) of the Companies Act 2006.

Michael Murray

Chief Executive

8 December 2022

CONSOLIDATED INCOME STATEMENT

FOR THE 26 WEEKS ENDED 23 OCTOBER 2022

	Note	26 weeks ended 23 October 2022 (unaudited) £m	26 weeks ended 23 October 2022 (unaudited) £m	26 weeks ended 23 October 2022 (unaudited) £m	26 weeks ended 24 October 2021 (unaudited) £m	26 weeks ended 24 October 2021 (unaudited) £m	26 weeks ended 24 October 2021 (unaudited) £m	52 weeks ended 24 April 2022 (audited) £m	52 weeks ended 24 April 2022 (audited) £m	52 weeks ended 24 April 2022 (audited) £m
		Continuing operations	Discontinued operations	Total	Continuing operations	Discontinued operations	Total	Continuing operations	Discontinued operations	Total
Revenue		2,573.3	8.5	2,581.8	2,284.1	55.7	2,339.8	4,672.9	114.2	4,787.1
Credit account interest		56.2	-	56.2	-	-	-	18.2	-	18.2
Total revenue (including credit account interest)		2,629.5	8.5	2,638.0	2,284.1	55.7	2,339.8	4,691.1	114.2	4,805.3
Cost of sales		(1,529.7)	(4.4)	(1,534.1)	(1,267.8)	(26.1)	(1,293.9)	(2,647.2)	(56.1)	(2,703.3)
Impairment reversals/(losses) on credit customer receivables		3.8	-	3.8	-	-	-	(13.3)	-	(13.3)
Gross profit		1,103.6	4.1	1,107.7	1,016.3	29.6	1,045.9	2,030.6	58.1	2,088.7
Selling, distribution and administrative expenses		(877.8)	(4.0)	(881.8)	(717.0)	(12.6)	(729.6)	(1,557.3)	(31.5)	(1,588.8)
Other operating income		16.0	0.1	16.1	17.6	1.1	18.7	45.4	2.6	48.0
Property related impairments		(50.2)	-	(50.2)	(135.3)	-	(135.3)	(227.0)	-	(227.0)
Exceptional items	4	-	-	-	-	-	-	(1.3)	-	(1.3)
Profit on sale of properties	3	91.2	-	91.2	-	-	-	10.8	-	10.8
Gain on sale of discontinued operation	18	-	26.3	26.3	-	-	-	-	-	-
Operating profit		282.8	26.5	309.3	181.6	18.1	199.7	301.2	29.2	330.4
Investment income	5	27.2	-	27.2	28.8	-	28.8	43.8	-	43.8
Investment costs	6	(40.4)	-	(40.4)	(38.8)	-	(38.8)	(19.7)	-	(19.7)
Finance income	7	24.7	-	24.7	12.6	-	12.6	30.3	-	30.3
Finance costs	8	(36.1)	(0.1)	(36.2)	(16.1)	(0.2)	(16.3)	(48.9)	(0.3)	(49.2)
Profit before taxation		258.2	26.4	284.6	168.1	17.9	186.0	306.7	28.9	335.6
Taxation		(64.9)	(0.1)	(65.0)	(39.9)	(2.4)	(42.3)	(75.5)	(3.2)	(78.7)
Profit for the period		193.3	26.3	219.6	128.2	15.5	143.7	231.2	25.7	256.9

ATTRIBUTABLE TO:
Equity holders of the Group		186.1	26.3	212.4	122.7	15.5	138.2	224.1	25.7	249.8
Non-controlling interests		7.2	-	7.2	5.5	-	5.5	7.1	-	7.1
Profit for the period		193.3	26.3	219.6	128.2	15.5	143.7	231.2	25.7	256.9

EARNINGS PER SHARE ATTRIBUTABLE TO THE EQUITY SHAREHOLDERS
		Pence per share	Pence per share	Pence per share	Pence per share	Pence per share	Pence per share	Pence per share	Pence per share	Pence per share
Basic earnings per share	9	40.4	5.7	46.1	25.0	3.2	28.2	47.5	5.4	52.9
Diluted earnings per share	9	40.4	5.7	46.1	25.0	3.2	28.2	47.5	5.4	52.9

The accompanying accounting policies and notes form part of these Interim Financial Statements.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE 26 WEEKS ENDED 23 OCTOBER 2022

	Note	26 weeks ended 23 October 2022 (unaudited) £m	26 weeks ended 24 October 2021 (unaudited) £m	52 weeks ended 24 April 2022 (audited) £m
Profit for the period		219.6	143.7	256.9

OTHER COMPREHENSIVE INCOME
ITEMS THAT WILL NOT BE RECLASSIFIED SUBSEQUENTLY TO PROFIT OR LOSS
Fair value movement on long-term financial assets		(69.7)	80.5	(8.1)
Remeasurements of defined benefit pension scheme		(1.2)	-	(26.8)
Deferred tax on remeasurements of defined benefit pension scheme		0.3	-	6.7

ITEMS THAT WILL BE RECLASSIFIED SUBSEQUENTLY TO PROFIT OR LOSS
Exchange differences on translation of foreign operations		(2.4)	(11.4)	6.8
Fair value movement on hedged contracts - recognised in the period	12	24.6	21.6	52.1
Fair value movement on hedged contracts - reclassified and reported in sales	12	(12.6)	-	-
Fair value movement on hedged contracts - reclassified and reported in inventory/cost of sales	12	(19.6)	3.6	7.5
Fair value movement on hedged contracts - taxation taken to reserves	12	2.2	(7.2)	(15.8)

OTHER COMPREHENSIVE (LOSS) / INCOME FOR THE PERIOD, NET OF TAX		(78.4)	87.1	22.4

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		141.2	230.8	279.3

ATTRIBUTABLE TO:
Equity holders of the Group		134.0	225.3	272.2
Non-controlling interest		7.2	5.5	7.1
		141.2	230.8	279.3

The accompanying accounting policies and notes form part of these Interim Financial Statements.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 23 OCTOBER 2022

Note		23 October 2022 (unaudited) £m	24 October 2021 (unaudited) £m	24 April 2022 (audited) £m
ASSETS - NON CURRENT
Property, plant and equipment		990.6	1,012.7	1,011.0
Investment properties		49.6	52.7	89.2
Intangible assets		152.0	113.5	120.6
Investment in associated undertakings		11.9	-	-
Long-term financial assets		241.4	352.4	206.6
Retirement benefit surplus		0.6	-	2.2
Deferred tax assets		93.7	103.7	100.8
		1,539.8	1,635.0	1,530.4
ASSETS - CURRENT
Inventories		1,466.5	1,201.5	1,277.6
Trade and other receivables	10	942.0	490.7	841.4
Derivative financial assets	12	131.6	61.4	116.5
Cash and cash equivalents		314.8	350.7	336.8
		2,854.9	2,104.3	2,572.3
Assets in disposal groups classified as held for sale		-	-	40.0
TOTAL ASSETS		4,394.7	3,739.3	4,142.7

Share capital		64.1	64.1	64.1
Share premium		874.3	874.3	874.3
Treasury shares reserve		(569.3)	(374.2)	(488.9)
Permanent contribution to capital		0.1	0.1	0.1
Capital redemption reserve		8.0	8.0	8.0
Foreign currency translation reserve		33.2	17.4	35.6
Reverse combination reserve		(987.3)	(987.3)	(987.3)
Own share reserve		(66.8)	(66.7)	(66.8)
Hedging reserve	12	49.9	29.5	55.3
Share based payment reserve		20.0	5.2	14.1
Retained earnings		1,919.9	1,775.1	1,778.1
Issued capital and reserves attributable to owners of the parent		1,346.1	1,345.5	1,286.6
Non-controlling interests		36.2	21.7	22.0
TOTAL EQUITY		1,382.3	1,367.2	1,308.6

LIABILITIES - NON CURRENT
Borrowings		813.9	375.0	827.9
Lease liabilities		516.6	505.2	503.6
Retirement benefit obligations		1.7	1.7	1.6
Deferred tax liabilities		44.7	30.0	40.4
Provisions	11	426.1	351.9	433.0
		1,803.0	1,263.8	1,806.5
LIABILITIES - CURRENT
Derivative financial liabilities	12	180.8	28.4	107.2
Trade and other payables		838.9	789.4	729.8
Lease liabilities		143.3	179.5	117.0
Current tax liabilities		46.4	111.0	50.9
		1,209.4	1,108.3	1,004.9
Liabilities in disposal groups classified as held for sale		-	-	22.7
TOTAL LIABILITIES		3,012.4	2,372.1	2,834.1
TOTAL EQUITY AND LIABILITIES		4,394.7	3,739.3	4,142.7

The accompanying accounting policies and notes form part of these Interim Financial Statements.

CONSOLIDATED CASH FLOW STATEMENT

FOR THE 26 WEEKS ENDED 23 OCTOBER 2022

	Note	26 weeks ended 23 October 2022 (unaudited) £m		26 weeks ended 24 October 2021 (unaudited) £m	52 weeks ended 24 April 2022 (audited) £m
CASH INFLOW FROM OPERATING ACTIVITIES	14		171.8	559.8	628.9
Income taxes paid			(58.4)	(62.6)	(121.0)
NET CASH INFLOW FROM OPERATING ACTIVITIES			113.4	497.2	507.9


Proceeds on disposal of property, plant and equipment and investment property	3		0.1	0.7	32.0
Proceeds from sale and leaseback transactions	3		171.5	-	9.5
Premiums in relation to equity derivatives			48.6	5.4	117.4
Proceeds on disposal of listed investments			17.4	96.6	238.4
Proceeds on disposal of subsidiary undertaking	18		51.4	1.0	1.0
Purchase of subsidiaries, net of cash acquired	13		(40.9)	-	(0.2)
Purchase of property, plant and equipment and investment property			(118.8)	(112.7)	(323.2)
Purchase of listed investments			(113.5)	(107.1)	(198.4)
Purchase of associated undertakings			(11.9)	-	-
Investment income received			1.4	0.2	1.0
Finance income received			3.7	0.1	6.3
NET CASH INFLOW / (OUTFLOW) FROM INVESTING ACTIVITIES			9.0	(115.8)	(116.2)


Lease payments			(71.5)	(61.9)	(176.2)
Finance costs paid			(27.6)	(14.5)	(32.8)
Borrowings drawn down			466.3	409.0	1,374.4
Borrowings repaid			(487.3)	(739.9)	(1,484.4)
Proceeds from sale and leaseback transactions	3		50.8	-	1.5
Dividends paid to non-controlling interests			-	-	(1.3)
Purchase of own shares	17		(80.4)	(78.5)	(193.2)
NET CASH OUTFLOW FROM FINANCING ACTIVITIES			(149.7)	(485.8)	(512.0)

NET DECREASE IN CASH AND CASH EQUIVALENTS			(27.3)	(104.4)	(120.3)
Exchange movement on cash balances			5.3	(1.9)	0.1
CASH AND CASH EQUIVALENTS INCLUDING OVERDRAFTS AT BEGINNING OF PERIOD			336.8	457.0	457.0
CASH AND CASH EQUIVALENTS INCLUDING OVERDRAFTS AT THE PERIOD END			314.8	350.7	336.8

The accompanying accounting policies and notes form part of these Interim Financial Statements.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE 26 WEEKS ENDED 23 OCTOBER 2022 (UNAUDITED)

		Share capital	Share premium⁽¹⁾	Treasury shares	Share scheme reserve	Foreign currency translation	Own share reserve	Retained earnings	Other⁽²⁾	Total attributable to owners of parent	Non-controlling interests	Total
		(£m)	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)

At 24 April 2022		64.1	874.3	(488.9)	14.1	35.6	(66.8)	1,778.1	(923.9)	1,286.6	22.0	1,308.6
Acquisitions		-	-	-	-	-	-	-	-		7.0	7.0
Purchase of own shares		-	-	(80.4)	-	-	-	-	-	(80.4)	-	(80.4)
Share scheme		-	-	-	5.9	-	-	-	-	5.9	-	5.9
TRANSACTIONS WITH OWNERS IN THEIR CAPACITY AS OWNERS		-	-	(80.4)	5.9	-	-	-	-	(74.5)	7.0	(67.5)
Profit for the financial period		-	-	-	-	-	-	212.4	-	212.4	7.2	219.6
	OTHER COMPREHENSIVE INCOME
Cash flow hedges - recognised in the period		-	-	-	-	-	-	-	24.6	24.6	-	24.6
Cash flow hedges - reclassified and reported in sales		-	-	-	-	-	-	-	(12.6)	(12.6)	-	(12.6)
Cash flow hedges - reclassified and reported in inventory/cost of sales		-	-	-	-	-	-	-	(19.6)	(19.6)	-	(19.6)
Cash flow hedges - taxation		-	-	-	-	-	-	-	2.2	2.2	-	2.2
Fair value adjustment in respect of long term financial assets - recognised		-	-	-	-	-	-	(69.7)	-	(69.7)	-	(69.7)
Remeasurements of defined benefit pension scheme		-	-	-	-	-	-	(1.2)	-	(1.2)	-	(1.2)
Deferred tax on remeasurements of defined benefit pension scheme		-	-	-	-	-	-	0.3	-	0.3	-	0.3
Translation differences - Group		-	-	-	-	(2.4)	-	-	-	(2.4)	-	(2.4)
Total comprehensive income for the period		-	-	-	-	(2.4)	-	141.8	(5.4)	134.0	7.2	141.2

At 23 October 2022		64.1	874.3	(569.3)	20.0	33.2	(66.8)	1,919.9	(929.3)	1,346.1	36.2	1,382.3

FOR THE 26 WEEKS ENDED 24 OCTOBER 2021 (UNAUDITED)

		Share capital	Share premium⁽¹⁾	Treasury shares	Share scheme reserve	Foreign currency translation	Own share reserve	Retained earnings	Other⁽²⁾	Total attributable to owners of parent	Non-controlling interests	Total
		(£m)	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)

At 25 April 2021		64.1	874.3	(295.7)	1.3	28.8	(66.7)	1,554.5	(967.7)	1,192.9	18.1	1,211.0
Acquisitions		-	-	-	-	-	-	1.9	-	1.9	(1.9)	-
Purchase of own shares		-	-	(78.5)	-	-	-	-	-	(78.5)	-	(78.5)
Share scheme		-	-	-	3.9	-	-	-	-	3.9	-	3.9
TRANSACTIONS WITH OWNERS IN THEIR CAPACITY AS OWNERS		-	-	(78.5)	3.9	-	-	1.9	-	(72.7)	(1.9)	(74.6)
Profit for the financial period		-	-	-	-	-	-	138.2	-	138.2	5.5	143.7
	OTHER COMPREHENSIVE INCOME
Cash flow hedges - recognised in the period		-	-	-	-	-	-	-	21.6	21.6	-	21.6
Cash flow hedges - reclassified and reported in inventory/cost of sales		-	-	-	-	-	-	-	3.6	3.6	-	3.6
Cash flow hedges - taxation		-	-	-	-	-	-	-	(7.2)	(7.2)	-	(7.2)
Fair value adjustment in respect of long term financial assets - recognised		-	-	-	-	-	-	80.5	-	80.5	-	80.5
Translation differences - Group		-	-	-	-	(11.4)	-	-	-	(11.4)	-	(11.4)
Total comprehensive income for the period		-	-	-	-	(11.4)	-	218.7	18.0	225.3	5.5	230.8

At 24 October 2021		64.1	874.3	(374.2)	5.2	17.4	(66.7)	1,775.1	(949.7)	1,345.5	21.7	1,367.2

FOR THE 52 WEEKS ENDED 24 APRIL 2022 (AUDITED)

		Share capital	Share premium⁽¹⁾	Treasury shares	Share scheme reserve	Foreign currency translation	Own share reserve	Retained earnings	Other⁽²⁾	Total attributable to owners of parent	Non-controlling interests	Total
		(£m)	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)

At 25 April 2021		64.1	874.3	(295.7)	1.3	28.8	(66.7)	1,554.5	(967.7)	1,192.9	18.1	1,211.0
Acquisitions		-	-	-	-	-	-	1.9	-	1.9	(1.9)	-
Share scheme		-	-	-	12.8	-	(0.1)	0.1	-	12.8	-	12.8
Dividends paid to non-controlling interests		-	-	-	-	-	-	-	-	-	(1.3)	(1.3)
TRANSACTIONS WITH OWNERS IN THEIR CAPACITY AS OWNERS		-	-	-	12.8	-	(0.1)	2.0	-	14.7	(3.2)	11.5
Profit for the financial period		-	-	-	-	-	-	249.8	-	249.8	7.1	256.9
	OTHER COMPREHENSIVE INCOME
Purchase of own shares		-	-	(193.2)	-	-	-	-	-	(193.2)	-	(193.2)
Cash flow hedges - recognised in the period		-	-	-	-	-	-	-	52.1	52.1	-	52.1
Cash flow hedges - reclassified and reported in inventory/cost of sales		-	-	-	-	-	-	-	7.5	7.5	-	7.5
Cash flow hedges - taxation		-	-	-	-	-	-	-	(15.8)	(15.8)	-	(15.8)
Fair value adjustment in respect of long term financial assets - recognised		-	-	-	-	-	-	(8.1)	-	(8.1)	-	(8.1)
Remeasurements of defined benefit pension scheme		-	-	-	-	-	-	(26.8)	-	(26.8)	-	(26.8)
Deferred tax on remeasurements of defined benefit pension scheme		-	-	-	-	-	-	6.7	-	6.7	-	6.7
Translation differences - Group		-	-	-	-	6.8	-	-	-	6.8	-	6.8
Total comprehensive income for the period		-	-	(193.2)	-	6.8	-	221.6	43.8	79.0	7.1	86.1

At 24 April 2022		64.1	874.3	(488.9)	14.1	35.6	(66.8)	1,778.1	(923.9)	1,286.6	22.0	1,308.6

(1) The share premium account is used to record the excess proceeds over nominal value on the issue of shares.

(2) Other reserves comprise permanent contribution to capital, capital redemption reserve, reverse combination reserve and the hedging reserve. All movements in the period related to the hedging reserve.

The accompanying accounting policies and notes form part of these Interim Financial Statements.

NOTES TO THE FINANCIAL INFORMATION

FOR THE 26 WEEKS ENDED 23 OCTOBER 2022

1. BASIS OF PREPARATION

Non-Statutory

The results for the first half of the financial year have not been audited or reviewed by external auditors. The financial information in the Group's Annual Report and Financial Statements for the 52 week period ended 24 April 2022 is prepared in accordance with UK-adopted International Accounting Standards in conformity with the requirements of the Companies Act 2006 and which have been delivered to the Registrar of Companies. The Interim Results have been prepared on the basis of the policies set out in the 2022 Annual Report and in accordance with International Accounting Standard (IAS) 34 'Interim Financial Reporting' as adopted by the UK and the Disclosure Guidance and Transparency Rules of the UK's Financial Conduct Authority (DTR). The Interim Results do not include all of the information required for full annual statements and should be read in conjunction with the 2022 Annual Report.

Going Concern

The Directors have reviewed the current financial performance and liquidity of the business, including modelling a number of downside scenarios. The Group is still profitable, highly cash generative and has considerable financial resources. The Group is able to operate within its banking facilities and covenants of £980.0m until November 2024 and £930.0m until November 2025, with the possibility to extend this by a further year and is well placed to take advantage of strategic opportunities as they arise. As a consequence, the Directors believe that the Group is well placed to manage its business risks successfully despite the continued uncertain economic outlook.

Management have assessed the level of trading and have forecast and projected a conservative base case scenario and also a number of even more conservative scenarios taking into account the Group's open positions in relation to Hugo Boss options. These forecasts and projections show that the Group will be able to operate within the current facility and its covenant requirements (being interest cover and net debt to EBITDA ratios). Management also have a number of mitigating actions which could be taken if required such as putting on hold discretionary spend, liquidating certain assets on the balance sheet and paying down the Revolving Credit Facility.

Having thoroughly reviewed the Group's performance and having made suitable enquiries, the Directors are confident that the Group has adequate resources to remain in operational existence for at least 12 months from the date of approval of these financial statements. Trading would need to fall significantly below levels observed during the pandemic to require mitigating actions or a relaxation of covenants. On this basis, the Directors continue to adopt the going concern basis for the preparation of these Unaudited Interim Financial Statements which is a period of at least twelve months from the date of approval of these Unaudited Interim Financial Statements.

New accounting standards, interpretations and amendments adopted by the Group

The principal accounting policies have remained unchanged from the prior financial information for the 52 weeks ended 24 April 2022. Several amendments apply for the first time during the period but have not resulted in any changes to the Group's accounting policies or have any other material impact on the financial position or performance of the Group. The Group continues to monitor the potential impact of new standards and interpretations which have been or may be endorsed and require adoption by the Group in future reporting periods. The Group does not consider that any standards, amendments or interpretation issued by the UK Endorsement Board, but not yet applicable, will have a significant impact on the financial statements.

Risks and uncertainties

The Board has considered the risks and uncertainties for the remaining half of the financial year and determined that the risks and the level of risks presented in the FY22 Annual Report, noted below, also remain relevant for the rest of the financial year and that there aren't any further risks or uncertainties to add at this stage:

· Strategy

· Third-party brand relationships, key suppliers and supply chain management

· Global macro-economic conditions, events (pandemic) or political factors

· Treasury, liquidity and credit risks

· Customer

· Legal and regulatory compliance

· Technology capability and infrastructure renewal

· Cyber risks, data loss and data privacy

· Business continuity management and incident response

· Group entities and extended enterprise

· People, talent management and succession

· Environmental, social & governance (ESG)

· Property

Detailed explanations of the principal risks and uncertainties can be found in the Principal Risks and Uncertainties section of the FY22 Annual Report.

2. CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES

Climate Change

We have considered the potential impact of climate change in preparing these financial statements. Tackling climate change is a global imperative and measures which support climate change initiatives and our wider ESG agenda continue to be key components of our strategic direction, supporting sustainability, the broader social agenda and consumer choice. The risks associated with climate change have been deemed to be arising in the medium to long term and we are working to mitigate these risks as detailed within the TCFD section of the FY22 Annual Report.

We have considered climate change as part of our cash flow projections within going concern, impairment assessments and viability, and the impact of climate change is not deemed to have a significant impact on these assessments currently and therefore they are not deemed to be a key source of estimation uncertainty. The Group will continue to monitor the impacts of climate change over the coming years.

Critical Accounting Judgements and Key Sources of Estimation Uncertainty

The critical accounting estimates and judgements made by the Group regarding the future or other key sources of estimation, uncertainty and judgement that may have a significant risk of giving rise to a material adjustment to the carrying values of assets and liabilities within the next financial period are:

Critical Accounting Judgements

The following are the critical judgements made in applying the accounting policies of the group that have the most significant effect on the amounts recognised in the financial statements:

Determining Related Party Relationships

Management determines whether a related party relationship exists by assessing the nature of the relationship by reference to the requirements of IAS 24, Related Party Disclosures. This is in order to determine whether significant influence exists as a result of control, shared directors or parent companies, or close family relationships. The level at which one party may be expected to influence the other is also considered for transactions involving close family relationships.

Control and Significant Influence Over Certain Entities

Under IAS 28 Investments in Associates and Joint Ventures if an entity holds 20% or more of the voting power of the investee, it is presumed that the entity has significant influence, unless it can clearly demonstrate that this is not the case. During the period the Group has held greater than 20% of the voting rights of Mulberry Group Plc, whereby management consider that the Group does not have significant influence over this entity for combinations of the following reasons:

· The Group does not have any representation on the board of directors of the investee;

· There is no participation in decision making and strategic processes, including participation in decisions about dividends or other distributions;

· There have been no material transactions between the entity and the investee company;

· There has been no interchange of managerial personnel;

· No non-public essential technical management information is provided to the investee

In assessing the level of control that management have over certain entities, management will consider the various aspects that allow management to influence decision making. This includes the level of share ownership, board membership, the level of investment and funding and the ability of the Group to influence operational and strategic decisions and effect its returns through the exercise of such influence. If management were to consider that the Group does have significant influence over the entity then the equity method of accounting would be used and the percentage shareholding multiplied by the results of the investee in the period would be recognised in profit or loss.

The Group holds 49% of the share capital of Four (Holdings) Limited which is accounted for as an associate using the equity method. The Group does not have any representation on the board of directors and no participation in decision making about relevant activities such as establishing operating and capital decisions, including budgets, appointing or remunerating key management personnel or service providers and terminating their services or employment. However, in prior periods the Group has provided Four (Holdings) Limited with a significant loan. At the reporting date, the gross amount owed by Four (Holdings) Limited for this loan totalled £60.0m (£21.6m net of amounts recognised in respect of loss allowance). The Group is satisfied that the existence of these transactions provides evidence that the entity has significant influence over the investee but in the absence of any other rights, in isolation it is insufficient to meet the control criteria of IFRS 10, as the Group does not have power over Four (Holdings) Limited.

Cash Flow Hedging

The Group uses a range of forward and option contracts that are entered into at the same time, they are in contemplation with one another and have the same counterparty. A judgement is made in determining whether there is an economic need or substantive business purpose for structuring the transactions separately that could not also have been accomplished in a single transaction. Management are of the view that there is a substantive distinct business purpose for entering into the options and a strategy for managing the options independently of the forward contracts. The forward and options contracts are therefore not viewed as one instrument and hedge accounting for the forwards is permitted.

Under IFRS 9 in order to achieve cash flow hedge accounting, forecast transactions (primarily Euro denominated sales and USD denominated purchases) must be considered to be highly probable. The hedge must be expected to be highly effective in achieving offsetting changes in cash flows attributable to the hedged risk. The forecast transaction that is the subject of the hedge must be highly probable and must present an exposure to variations in cash flows that could ultimately affect profit or loss. Management have reviewed the detailed forecasts and growth assumptions within them and are satisfied that forecasts in which the cash flow hedge accounting has been based meet the criteria per IFRS 9 as being highly probable forecast transactions. Should the forecast levels not pass the highly probable test, any cumulative fair value gains and losses in relation to either the entire or the ineffective portion of the hedged instrument would be recognised in the Consolidated Income Statement.

Management considers various factors when determining whether a forecast transaction is highly probable. These factors include detailed sales and purchase forecasts by channel, geographical area and seasonality, conditions in target markets and the impact of expansion in new areas. Management also consider any change in alternative customer sales channels that could impact on the hedged transaction.

If the forecast transactions were determined to be not highly probable and all hedge accounting was discontinued, amounts in the Hedging reserve of up to £49.9m (24 April 22: £55.3m) would be shown in Finance Income.

Key Sources of Estimation Uncertainty

The critical estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Provision For Obsolete, Slow Moving or Defective Inventories

The Directors have applied their knowledge and experience of the retail industry in determining the level and rates of provisioning required in calculating the appropriate inventory carrying values. Specific estimates and judgements applied in relation to assessing the level of inventory provisions required are considered in relation to the following areas:

· Continuity inventory

· Seasonal inventory lines - specifically seasons that have now finished

· Third party versus own brand inventory

· Ageing of inventory

· Sports Retail or Premium Lifestyle

· Local economic conditions

· Divisional specific factors

· Increased cost of inventory and lower margins with the devaluation of the Pound

· Over-stock and out of season inventory as a result of macro-economic factors

Provision estimates are forward looking and are formed using a combination of factors including historical experience, management's knowledge of the industry, group discounting, sales pricing protocols and the overall assessment made by management of the risks in relation to inventory. Management use a number of internally generated reports to monitor and continually re-assess the adequacy and accuracy of the inventory provision. The additional cost of repricing inventory and handling charges in relation to relocating inventory (tunnelling) are considered in arriving at the appropriate percentage provision. The assessment involves significant estimation uncertainty, therefore in order to check that the assumptions applied remain valid, management produces a range of outcomes and the provision is set within this range.

Key assumptions used to create the estimates are:

· Discounting - Based on historical experience and managements anticipated future discounting including the continuing impact of the pandemic, Brexit, global supply chain challenges and macro-economic factors

· Tunnelling - Cost of handling stock for reworking and repacking

· Repricing - Labour cost associated with repricing units of stock

· Shrinkage - Stock lost

Total Group inventory provision at 23 October 2022 is 14.9% (24 April 2022: 15.2%) of gross inventory. A 1% change in the provision as a percentage of gross inventory would impact profit before tax by approx. £17.2m (24 April 2022: £15.5m). Management do not consider it appropriate to disclose sensitivities for key assumptions in isolation as in practice changes in one assumption would lead to an offset in another.

Property Related Provisions

Property related estimates and judgements are continually evaluated and are based on historical experience, external advice and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Dilapidations

The Group provides for its legal responsibility for dilapidation costs following advice from chartered surveyors and previous experience of exit costs (including strip out costs and professional fees). Management use a reference estimate of £100,000 (FY22: £100,000) for large leasehold stores, £50,000 (FY22: £50,000) for smaller leasehold stores (£25,000 per store for Game UK and Game Spain stores) and $/€50,000 (FY22: $/€50,000) for non-UK stores. Management do not consider these costs to be capital in nature and therefore dilapidations are not capitalised, except for in relation to the sale and leaseback of Shirebrook for which a material dilapidations provision was capitalised in FY20.

A 10% increase in dilapidation cost per store would result in an approx. £8.3m (FY22: £8.5m) reduction in profit before tax.

Other Provisions

Provisions are made for items where the Group has identified a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

Legal and regulatory provisions relate to management's best estimates of provisions required for legal and regulatory claims and ongoing non-UK tax enquiries. Other provisions relate to management's best estimates of provisions required for restructuring, employment and commercial. Where applicable these are inclusive of any estimated penalties, interest and legal costs.

In relation to the non-UK tax enquiries management have made a judgement to consider all claims collectively, applying the following key estimates to the gross amounts (excluding re-imbursement assets):

· 10% penalty (FY22: 10%). A 5% increase to 15% would result in approx. £6.5m increase in the provision (FY22: approx. £6.5m increase).

· 3% interest on the liability (FY22: 3%). A 1% increase to 4% would result in approx. £14.0m increase in the provision (FY22: approx. £14.0m increase).

Management are satisfied that the judgement to consider all claims collectively is the only reasonable approach because they are all dependant on the outcome of a court ruling on the interpretation of the non-UK tax enquiries. Management are satisfied that with regard to timing, a reasonable range of outcomes are all greater than one year and so are satisfied with including the provisions as non-current.

Other Receivables and Amounts Owed By Related Parties

Other receivables and amounts owed by related parties are stated net of provision for any impairment. Management have applied estimates in assessing the recoverability of working capital and loan advances made to investee companies. Matters considered include the relevant financial strength of the underlying investee company to repay the loans, the repayment period and underlying terms of the monies advanced, forecast performance of the underlying borrower, and where relevant, the Group's intentions for the companies to which monies have been advanced. Management have applied a weighted probability to certain potential repayment scenarios, with the strongest weighting given to expected default after two years.

Impairment of Assets

a) IFRS 16 right-of-use assets and associated plant and equipment

IFRS 16 defines the lease term as the non-cancellable period of a lease together with the options to extend or terminate a lease, if the lessee were reasonably certain to exercise that option. The Group will assess the likelihood of extending lease contracts beyond the break date by taking into account current economic and market conditions, current trading performance, forecast profitability and the level of capital investment in the property.

IFRS 16 states that the lease payments shall be discounted using the lessee's incremental borrowing rate where the rate implicit in the lease cannot be readily determined. Accordingly, all lease payments have been discounted using the incremental borrowing rate (IBR). The IBR has been determined by using a synthetic credit rating for the Group which is used to obtain market data on debt instruments for companies with the same credit rating, this is split by currency to represent each of the geographical areas the Group operates within and adjusted for the lease term.

The weighted average discount rates based on incremental borrowing rates used throughout the period across the Group's lease portfolio are shown below. The discount rate for each lease is dependent on lease start date, term and location.

Lease Term	UK	Europe		Rest of World
Up to 5 years	2.6% - 4.9%		1.0% - 3.0%		2.9% - 5.2%
Greater than 5 years and up to 10 years	3.2% - 5.4%		1.9% - 3.6%		4.1% - 5.6%
Greater than 10 years and up to 20 years	3.4% - 5.4%		2.2% - 3.8%		4.3% - 5.6%
Greater than 20 years	3.5% - 5.4%		2.5% - 4.1%		4.6% - 5.8%

The right of use assets are assessed for impairment at each reporting period in line with IAS 36 to review whether the carrying amount exceeds its recoverable amount. For impairment testing purposes the Group has determined that each store is a separate CGU. The recoverable amount is calculated based on the Group's latest forecast cash flows which are then extrapolated to cover the period to the break date of the lease taking into account historic performance and knowledge of the current market, together with the Group's views on future profitability of each CGU. The key assumptions in the calculations are the sales growth rates, gross margin rates, changes in the operating cost base and the pre-tax discount rate derived from the Group's weighted average cost of capital using the capital asset pricing model, the inputs of which include a risk-free rate, equity risk premium and a risk adjustment (Beta). Given the number of assumptions used, the assessment involves significant estimation uncertainty.

Impairments in the period have been recognised for the amount of £38.7m (FY22 H1: £55.2m) due to the ongoing challenges in the retail sector on the forecast cash flows of the CGU, including price increases and the cost-of-living squeeze on customers. This is broken down as follows:

· £23.6m (FY22 H1: £29.5m) against the right-of-use asset (£6.4m UK Sports Retail segment, £14.2m Premium Lifestyle segment, and £3.0m International Retail segment); and

· £15.1m (FY22 H1: £25.7m) against plant and equipment (£3.1m UK Sports Retail segment, £8.9m Premium Lifestyle segment, £3.1m International Retail segment).

The key assumptions, which are equally applicable to each CGU, in the cash flow projections used to support the carrying amount of the right of use asset are consistent with the cashflow projections for the Freehold land and Buildings impairment assessment (see below).

In line with IAS 36 Impairment of Assets, management have considered whether any amounts should be recognised for the reversal of prior period impairment losses with £nil (FY22: £nil) being recognised in the period.

A sensitivity analysis has been performed in respect of sales, margin and the new store exemption as these are considered to be the most sensitive of the key assumptions:

Forecast:	Impact of change in assumption:	Impairment increase / (decrease) £m
Sales year 1	5% - improvement	(10.0)
Sales year 1	5% - reduction	7.8
Existing Gross Margin year 1 >40%	100bps - improvement	(5.6)
Existing Gross Margin year 1 >40%	100bps - reduction	2.9
New store exemption ⁽¹⁾	Change from 1 to 2 years	(32.2)
Operating costs increase year 1	Change from 3% to 6%	3.2

(1) Stores which have been open for less than one year are not reviewed for impairment.

b) Freehold land and buildings, long-term leasehold, investment property and associated plant and equipment

Freehold land and buildings and long-term leasehold assets are assessed at each reporting period for whether there is any indication of impairment in line with IAS 36.

An asset is impaired when the carrying amount exceeds its recoverable amount. IAS 36 defines recoverable amount as the higher of an asset's or cash-generating unit's fair value less costs of disposal and its value in use, the Group has determined that each store is a separate CGU.

Impairments in the period have been recognised in the amount of £11.5m (FY22 H1: £80.1m) due to the ongoing challenges in the retail sector on the forecast cash flows of the CGU. This is broken down as follows:

· £6.4m (FY22 H1: £79.9m) against freehold land and buildings (£4.2m UK Sports Retail segment, £2.2m Premium Lifestyle segment)

· £3.5m (FY22 H1: £nil) against long-term leasehold (£3.5m Premium Lifestyle segment); and

· £1.6m (FY22 H1: £0.2m) plant and equipment (£0.7m UK Sports Retail segment, £0.9m Premium Lifestyle segment).

In line with IAS 36 Impairment of Assets, management have considered whether any amounts should be recognised for the reversal of prior period impairment losses with £nil (FY21: £nil) being recognised in the period.

Value In Use (VIU)

The value in use is calculated based on a five year cash flow projections. These are formulated by using the Group's forecast cash flows of each individual CGU, taking into account historic performance of the CGU, and then adjusting for the Group's current views on future profitability of each CGU. The key assumptions in the calculations are the sales growth rates, gross margin rates, changes in the operating cost base and the pre-tax discount rate derived from the Group's weighted average cost of capital using the capital asset pricing model, the inputs of which include a risk-free rate, equity risk premium and a risk adjustment (Beta). Given the number of assumptions used, the assessment involves significant estimation uncertainty.

The key assumptions, which are equally applicable to each CGU, in the cash flow projections used to support the carrying amount of the freehold land and buildings were as follows:

Key assumptions	Year 1	Year 2	Year 3	Year 4	Year 5
Sales decline	-5%	-4%	-3%	-2%	-2%
Existing gross margin > 40%	-175bps	-150bps	-125bps	-100bps	-75bps
Operating costs increase per annum	3%	3%	3%	3%	3%
Discount rate (post tax) of 8.7%
Terminal growth rate of 2%
Properties purchased within a year, or stores which have been open for less than one year, are not reviewed for impairment

A sensitivity analysis has been performed in respect of sales and margin as these are considered to be the most sensitive of the key assumptions.

Forecast:	Impact of:	Impairment increase / (decrease) £m
Sales year 1	5% improvement to 0%	(1.6)
Sales year 1	5% reduction to 10%	4.3
Existing Gross Margin year 1 > 40%	100bps - improvement	(0.6)
Existing Gross Margin year 1 > 40%	100bps - reduction	1.4
Operating costs increase year 1	Change from 3% to 6%	1.6

Fair value less costs of disposal

For those CGUs where the value in use is less than the carrying value of the asset, the fair value less costs of disposal has been determined using both external and internal market valuations. This fair value is deemed to fall in to Level 3 of the fair value hierarchy as per IFRS 13. The property portfolio consists of vacant, Frasers Group occupied and third party tenanted units, one property can include all three types. The following valuation methodology has been adopted for each:

Scenario	Valuation methodology	Key assumptions
Vacant units	Estimated Rental Value (ERV) and suitable reversionary yield applied to reflect the market to generate a net capital value. A deduction to the capital value generated is then made based on the void period with applicable rates payable for the unit and rent-free incentive.	Void period and rent free band - two bands applied depending on circumstances: • 1 year void, 2 years rent free; or • 2 years void, 3 years rent free. Yield bands - ranging from 5.5% - 14.0%
Frasers Group occupied	Will be assumed the unit is vacant given there is no legally binding inter-company agreement in place. Therefore, a void and rent free incentive period assumed, the cost amount then deducted from the capital value generated by the ERV and reversionary yield. Although we consider the commercial reality is that fair value less costs to sell will be higher than vacant possession this very conservative assumption is in line with both technical accounting rules and that of our management experts.	Void period and rent free band - two bands applied depending on circumstances: • 1 year void, 2 years rent free; or • 2 years void, 3 years rent free. Yield bands - ranging from 5.5% - 14.0%
Third party tenanted	ERV is applied reflecting the market for the applicable unit. An appropriate reversionary yield is applied reflecting the risk of tenant and renewal to generate a capital value. This will also provide a net initial yield based off the current passing rent.	Yields bands - ranging from 6.0% to 11.0%

A 10% increase in the market valuation amounts used in the impairment calculations would result in a decrease in impairment of £1.3m (FY22 H1: £4.3m).

The total recoverable amount of the assets that were impaired at the period end was £29.5m (FY22 H1: £60.3m), with £21.6m (FY22 H1: £40.3m) of this being based on their fair value less costs of disposal and £7.9m (FY22 H1: £20.0m) being based on their value in use.

Credit Customer Receivables

The Group's credit customer receivables are recognised on balance sheet at amortised cost (i.e. net of provision for expected credit loss). At 23 October 2022, trade receivables with a gross value of £355.3m (FY22 H1: £nil) were recorded on the balance sheet, less a provision for impairment of £115.0m (FY22 H1: £nil). Further details are provided in Note 10.

Expected credit loss

An appropriate allowance for expected credit loss in respect of trade receivables is derived from estimates and underlying assumptions such as the Probability of Default and the Loss Given Default, taking into consideration forward looking macro-economic assumptions. The assessment involves significant estimation uncertainty. Changes in the assumptions applied such as the value and frequency of future debt sales in calculating the Loss Given Default, and the estimation of customer repayments and Probability of Default rates, as well as the weighting of the macro-economic scenarios applied to the impairment model could have a significant impact on the carrying value of trade receivables. These assumptions are continually assessed for relevance and adjusted appropriately. Revisions to estimates are recognised prospectively.

Post model adjustment

The impairment model was not designed to take into account changes to customer payment and default performance arising as a result of the current cost of living crisis where levels of price inflation greatly exceed income growth, as the existing model uses unemployment rates as the principal determinant in considering forward looking macro-economic assumptions.

It is our expectation that SRL's customer base has seen and will continue to see a significant reduction in real earnings as a result of the current cost of living crisis and, whilst the adverse impact payment and arrears performance has been less severe than anticipated to date, it will continue to be felt in the future. Judgement has therefore been exercised in applying a post model adjustment of £20.0m (24 April 2022: £40.0m) to the output of the impairment model in arriving at the provision. This reflects management's best estimate based on the information available to them and has been calculated using broadly the same methodology as that used at 24 April 2022, although the probability weightings applied to the relevant scenarios have been modified to reflect management's latest view of the risks to customer payment and default performance posed by the current macro-economic outlook. We note that the unprecedented level of uncertainty around the cost of living and the UK economy as a whole, and the impact this will have on Studio's customer base, will continue to cause challenges in assessing bad debt on a forward-looking basis.

3. SEGMENTAL ANALYSIS

Management has determined to present its segmental disclosures consistently with the presentation in the 2022 Annual Report with the exception of merging the European Retail and Rest of World Retail segments in to a new International Retail segment. The prior period numbers have been re-categorised for this change. Management considers operationally that the UK Retail divisions (UK Sports Retail and Premium Lifestyle) are run as one business unit in terms of allocating resources, inventory management and assessing performance. Under IFRS 8 we have not at this reporting date met the required criteria with enough certainty to aggregate these operating segments. We will continually keep this under review at subsequent reporting dates. We continue to monitor the impacts of Covid-19, Brexit, and the continued uncertainties this has brought relating to the political and economic environments, and market and currency volatility in the countries we operate in. European and other international countries have been identified as operating segments and have been aggregated into a single operating segment as permitted under IFRS 8. The decision to aggregate these segments was based on the fact that they each have similar market characteristics, similar long-term financial performance expectations, and are similar in each of the following respects:

• The nature of the products;

• The type or class of customer for the products; and

• The methods used to distribute the products.

In accordance with paragraph 12 of IFRS 8 the Group's operating segments have been aggregated into the following reportable segments:

1) UK Retail:

i) UK Sports Retail - includes core sports retail store operations in the UK, plus all the Group's sports retail online business (excluding Bob's Stores & Eastern Mountain Sports which were disposed of during the period, Malaysia and Baltics), the gyms, the Group's Shirebrook campus operations, freehold property owning companies excluding Premium Lifestyle fascia properties, GAME UK stores and online operations, Studio Retail Limited, and retail store operations in Northern Ireland.

ii) Premium Lifestyle - includes the results of the premium and luxury retail businesses FLANNELS, Cruise, van mildert, Jack Wills, House of Fraser and Sofa.com along with the related websites, the Missguided and I Saw it First websites, and freehold property owning companies where trading is purely from Premium Lifestyle fascias.

2) International Retail - includes all of the Group's sports retail stores, management and operating in Europe and Asia, including the Group's European Distribution Centres in Belgium and Austria, European freehold property owning companies, GAME Spain stores, and Baltics & Asia e-commerce offerings. The Mysale acquisition will be reported in this segment. International Retail also includes the results of the US based retail activities until the disposal in May 2022.

3) Wholesale & Licensing - includes the results of the Group's portfolio of internationally recognised brands such as Everlast, Karrimor, and Slazenger.

It is management's current intention to run the Group as three operating segments being UK Retail (including UK Sports Retail and Premium Lifestyle), International Retail, and Wholesale & Licensing. Management is satisfied that the UK Sports Retail and Premium Lifestyle segments will meet the criteria permitted under IFRS 8 to aggregate as one segment in due course.

Segmental information for the 26 weeks ended 23 October 2022 (unaudited):

	UK Sports Retail	Premium Lifestyle	UK Retail Total	International Retail	Total Retail	Wholesale & Licensing	Eliminations	Group Total
	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)
Sales to external customers	1,526.1	533.5	2,059.6	492.2	2,551.8	86.2	-	2,638.0
Sales to other segments	-	-	-	-	-	40.9	(40.9)	-
Revenue	1,526.1	533.5	2,059.6	492.2	2,551.8	127.1	(40.9)	2,638.0
Gross profit	642.3	223.2	865.5	204.9	1,070.4	37.3	-	1,107.7
Operating profit before foreign exchange, exceptional items, property and other related impairments, profit on sale of properties, and gain on sale of discontinued operation	111.6	41.9	153.5	37.3	190.8	7.4	-	198.2
Realised foreign exchange gain / (loss)	47.7	(0.1)	47.6	(5.5)	42.1	1.7	-	43.8
Property and other related impairments	(14.4)	(29.7)	(44.1)	(6.1)	(50.2)	-	-	(50.2)
Profit on sale of properties	84.5	-	84.5	6.7	91.2	-	-	91.2
Gain on sale of discontinued operation	-	-	-	26.3	26.3	-	-	26.3
Operating profit	229.4	12.1	241.5	58.7	300.2	9.1	-	309.3

Investment income	27.2	-	27.2	-	27.2	-	-	27.2
Investment costs	(40.4)	-	(40.4)	-	(40.4)	-	-	(40.4)
Finance income	24.2	-	24.2	0.5	24.7	-	-	24.7
Finance costs	(33.1)	(0.9)	(34.0)	(2.2)	(36.2)	-	-	(36.2)
Profit before taxation	207.3	11.2	218.5	57.0	275.5	9.1	-	284.6
Taxation								(65.0)
Profit for the period								219.6

Total assets	4,880.9	1,319.0	6,199.9	671.1	6,871.0	382.3	(2,858.6)	4,394.7
Total liabilities	(3,647.2)	(1,400.9)	(5,048.1)	(748.1)	(5,796.2)	(74.8)	2,858.6	(3,012.4)

Property, Plant & Equipment asset additions	85.6	20.0	105.6	12.9	118.5	0.3	-	118.8
Right-of-use asset additions	23.8	2.3	26.1	17.1	43.2	-	-	43.2

During the period a number of freehold and long leasehold retail parks & properties were sold. Total proceeds received were £222.4m (£199.5m UK Sports Retail, £23.0m International Retail) resulting in a profit on disposal of £91.2m (£84.5m UK Sports Retail, £6.7m International Retail) being recognised in the Income Statement.

Sales to other segments are priced at cost plus a 10% mark-up.

Segmental information for the 26 weeks ended 24 October 2021 (unaudited)

	UK Sports Retail	Premium Lifestyle	UK Retail Total	International Retail	Total Retail	Wholesale & Licensing	Eliminations	Group Total
	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)
Sales to external customers	1,367.1	427.9	1,795.0	465.4	2,260.4	79.4	-	2,339.8
Sales to other segments	-	-	-	-	-	45.0	(45.0)	-
Revenue	1,367.1	427.9	1,795.0	465.4	2,260.4	124.4	(45.0)	2,339.8
Gross profit	599.0	204.3	803.3	209.6	1,012.9	33.0	-	1,045.9
Operating profit before foreign exchange, exceptional items and property and other related impairments	174.5	70.2	244.7	81.7	326.4	4.1	-	330.5
Realised foreign exchange gain / (loss)	0.7	(0.5)	0.2	1.1	1.3	3.2	-	4.5
Property and other related impairments	(51.0)	(79.3)	(130.3)	(5.0)	(135.3)	-	-	(135.3)
Operating profit / (loss)	124.2	(9.6)	114.6	77.8	192.4	7.3	-	199.7

Investment income	28.8	-	28.8	-	28.8	-	-	28.8
Investment costs	(38.8)	-	(38.8)	-	(38.8)	-	-	(38.8)
Finance income	12.6	-	12.6	-	12.6	-	-	12.6
Finance costs	(14.0)	(0.6)	(14.6)	(1.5)	(16.1)	(0.2)	-	(16.3)
Profit / (loss) before taxation	112.8	(10.2)	102.6	76.3	178.9	7.1	-	186.0
Taxation								(42.3)
Profit for the period								143.7

Total assets	3,470.90	565.6	4,036.5	550.1	4,586.6	341.7	(1,189.0)	3,739.3
Total liabilities	(2,138.6)	(692.5)	(2,831.1)	(609.5)	(3,440.6)	(120.5)	1,189.0	(2,372.1)

Property, Plant & Equipment asset additions	65.0	40.7	105.7	6.4	112.1	0.6	-	112.7
Right-of-use asset additions	5.0	15.3	20.3	15.5	35.8	-	-	35.8

Sales to other segments are priced at cost plus a 10% mark-up.

Segmental information for the 52 weeks ended 24 April 2022 (audited):

	UK Sports Retail	Premium Lifestyle	UK Retail Total	International Retail	Total Retail	Wholesale & Licensing	Eliminations	Group Total
	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)
Sales to external customers	2,640.1	1,056.6	3,696.7	940.5	4,637.2	168.1	-	4,805.3
Sales to other segments	-	-	-	-	-	80.1	(80.1)	-
Revenue	2,640.1	1,056.6	3,696.7	940.5	4,637.2	248.2	(80.1)	4,805.3
Gross profit	1,136.8	474.8	1,611.6	414.0	2,025.6	63.1	-	2,088.7
Operating profit before foreign exchange, exceptional items and property and other related impairments	289.4	124.0	413.4	144.2	557.6	6.9	-	564.5
Exceptional	(1.3)	-	(1.3)	-	(1.3)	-	-	(1.3)
Realised foreign exchange gain / (loss)	(1.1)	(0.1)	(1.2)	(3.7)	(4.9)	(0.9)	-	(5.8)
Property and other related impairments	(103.4)	(103.5)	(206.9)	(20.1)	(227.0)	-	-	(227.0)
Operating profit	183.6	20.4	204.0	120.4	324.4	6.0	-	330.4

Investment income	43.8	-	43.8	-	43.8	-	-	43.8
Investment costs	(19.7)	-	(19.7)	-	(19.7)	-	-	(19.7)
Finance income ⁽¹⁾	36.8	-	36.8	2.0	38.8	-	(8.5)	30.3
Finance costs ⁽¹⁾	(42.8)	(10.0)	(52.8)	(4.9)	(57.7)	-	8.5	(49.2)
Profit before taxation	201.7	10.4	212.1	117.5	329.6	6.0	-	335.6
Taxation								(78.7)
Profit for the period								256.9

Total assets	4,161.9	1,002.1	5,164.0	569.9	5,733.9	349.7	(1,940.9)	4,142.7
Total liabilities	(2,908.9)	(1,098.9)	(4,007.8)	(673.8)	(4,681.6)	(93.4)	1,940.9	(2,834.1)

Property, Plant & Equipment asset additions	228.1	63.6	291.7	30.7	322.4	0.8	-	323.2
Right-of-use asset additions	27.8	25.0	52.8	47.7	100.5	0.4	-	100.9
Intangible assets acquired	7.0	-	7.0	-	7.0	-	-	7.0

(1) Includes inter-company related finance income in UK Sports Retail and the equivalent finance cost in Premium Lifestyle that eliminates on consolidation.

Sales to other segments are priced at cost plus a 10% mark-up.

Other segment items included in the income statement for the 26 weeks ended 23 October 2022:

	UK Sports Retail	Premium Lifestyle	UK Retail Total	International Retail	Total Retail	Wholesale & Licensing	Group Total
	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)
Property, plant & equipment depreciation	52.3	15.1	67.4	7.8	75.2	0.7	75.9
Property, plant & equipment impairment	8.0	15.5	23.5	3.1	26.6	-	26.6
IFRS 16 ROU depreciation	20.0	2.4	22.4	14.6	37.0	-	37.0
IFRS 16 ROU impairment	6.4	14.2	20.6	3.0	23.6	-	23.6
Investment property depreciation	2.6	-	2.6	-	2.6	-	2.6
IFRS 16 disposal and modification/remeasurement of lease liabilities	(1.5)	(0.7)	(2.2)	(1.2)	(3.4)	-	(3.4)
Intangible amortisation	-	-	-	-	-	3.3	3.3
Intangible impairment	4.7	20.5	25.2	2.3	27.5	-	27.5

Other segment items included in the income statement for the 26 weeks ended 24 October 2021:

	UK Sports Retail	Premium Lifestyle	UK Retail Total	International Retail	Total Retail	Wholesale & Licensing	Group Total
	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)
Property, plant & equipment depreciation	62.2	11.7	73.9	3.4	77.3	0.6	77.9
Property, plant & equipment impairment	26.2	76.5	102.7	3.1	105.8		105.8
IFRS 16 ROU depreciation	24.9	3.0	27.9	10.7	38.6	-	38.6
IFRS 16 ROU impairment	25.0	2.7	27.7	1.8	29.5	-	29.5
Investment property depreciation	1.3	-	1.3	-	1.3	-	1.3
IFRS 16 disposal and modification/remeasurement of lease liabilities	(4.8)	(0.9)	(5.7)	(0.2)	(5.9)	-	(5.9)
Intangible amortisation	-	-	-	-	-	3.4	3.4
Intangible impairment	-	-	-	-	-	4.4	4.4

Other segment items included in the income statement for the 52 weeks ended 24 April 2022:

	UK Sports Retail	Premium Lifestyle	UK Retail Total	International Retail	Total Retail	Wholesale & Licensing	Group Total
	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)
Property, plant & equipment depreciation	122.2	22.9	145.1	22.6	167.7	1.3	169.0
Property, plant & equipment impairment	51.7	94.0	145.7	3.5	149.2	-	149.2
IFRS 16 ROU depreciation	47.8	6.4	54.2	23.0	77.2	0.4	77.6
IFRS 16 ROU impairment	50.7	9.5	60.2	16.6	76.8	-	76.8
Investment property depreciation	5.9	-	5.9	-	5.9	-	5.9
Investment property impairment	1.0	-	1.0	-	1.0	-	1.0
IFRS 16 disposal and modification/remeasurement of lease liabilities	(14.2)	(3.9)	(18.1)	(10.2)	(28.3)	-	(28.3)
Intangible amortisation	1.0	-	1.0	-	1.0	6.5	7.5
Intangible impairment	1.3	-	1.3	-	1.3	4.4	5.7

The following table reconciles the reported profit before tax to the Adjusted PBT as it is one of the main measures used by the Chief Operating Decision Maker when reviewing performance:

Reconciliation of Reported PBT to Adjusted PBT for the 26 week period ended 23 October 2022 (unaudited):

	UK Sports Retail	Premium Lifestyle	UK Retail Total	International Retail	Total Retail	Wholesale & Licensing	Group Total
	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)
Reported PBT	207.3	11.2	218.5	57.0	275.5	9.1	284.6
Fair value adjustment to derivatives included within Finance (income) / costs	(12.4)	-	(12.4)	-	(12.4)	-	(12.4)
Fair value (gains)/losses and profit on disposal of equity derivatives	32.0	-	32.0	-	32.0	-	32.0
Realised FX (gain) / loss	(47.7)	0.1	(47.6)	5.5	(42.1)	(1.7)	(43.8)
Share scheme	4.9	-	4.9	-	4.9	1.8	6.7
Adjusted PBT	184.1	11.3	195.4	62.5	257.9	9.2	267.1

Reconciliation of Reported PBT to Adjusted PBT for the 26 week period ended 24 October 2021 (unaudited):

	UK Sports Retail	Premium Lifestyle	UK Retail Total	International Retail	Total Retail	Wholesale & Licensing	Group Total
	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)
Reported PBT	112.8	(10.2)	102.6	76.3	178.9	7.1	186.0
Fair value adjustment to derivatives included within Finance (income) / costs	(10.7)	-	(10.7)	-	(10.7)	-	(10.7)
Fair value (gains)/losses and profit on disposal of equity derivatives	15.6	-	15.6	-	15.6	-	15.6
Realised FX (gain) / loss	(0.7)	0.5	(0.2)	(1.1)	(1.3)	(3.2)	(4.5)
Share scheme	6.0	-	6.0	-	6.0	-	6.0
Adjusted PBT	123.0	(9.7)	113.3	75.2	188.5	3.9	192.4

Reconciliation of Reported PBT to Adjusted PBT for the 52 week period ended 24 April 2022 (audited):

	UK Sports Retail	Premium Lifestyle	UK Retail Total	International Retail	Total Retail	Wholesale & Licensing	Group Total
	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)
Reported PBT	201.6	10.4	212.0	117.6	329.6	6.0	335.6
Exceptional items	1.3	-	1.3	-	1.3	-	1.3
Fair value adjustment to derivatives included within Finance (income) / costs	(7.6)	-	(7.6)	-	(7.6)	-	(7.6)
Fair value (gains)/losses and profit on disposal of equity derivatives	(9.9)	-	(9.9)	-	(9.9)	-	(9.9)
Realised FX loss / (gain)	1.1	0.1	1.2	3.7	4.9	0.9	5.8
Share scheme	10.4	-	10.4	-	10.4	4.2	14.6
Adjusted PBT	196.9	10.5	207.4	121.3	328.7	11.1	339.8

4. EXCEPTIONAL ITEMS

26 weeks ended
23 October 2022

(unaudited)

(£m)

26 weeks ended
24 October 2021

(unaudited)

(£m)

52 weeks ended

24 April 2022

(audited)

(£m)

Impairments

1.3

The prior period impairment relates to goodwill, whereby the discounted present value of future cash flows do not support the full value of the assets. Given the recurring nature of goodwill impairments being recognised by the Group, the current period goodwill impairments of £11.6m have been included in administrative expenses.

5. INVESTMENT INCOME

	26 weeks ended 23 October 2022 (unaudited) (£m)	26 weeks ended 24 October 2021 (unaudited) (£m)	52 weeks ended 24 April 2022 (audited) (£m)
Profit on disposal of equity derivatives	-	23.2	23.2
Premium received on equity derivatives	17.4	5.4	13.2
Fair value gain on equity derivatives	8.4	-	6.4
Dividend income	1.4	0.2	1.0
	27.2	28.8	43.8

The prior period profit on disposal of equity derivative financial instruments largely relates to Hugo Boss contracts for difference. The premium received on derivative financial instruments largely relates to Hugo Boss options. The fair value gain on derivative financial instruments largely relates to options.

6. INVESTMENT COSTS

	26 weeks ended 23 October 2022 (unaudited) (£m)	26 weeks ended 24 October 2021 (unaudited) (£m)	52 weeks ended 24 April 2022 (audited) (£m)
Fair value loss on equity derivatives	38.4	38.8	19.7
Loss on disposal of equity derivatives	2.0	-	-
	40.4	38.8	19.7

The fair value loss on derivative financial instruments largely relates to Hugo Boss options.

7. FINANCE INCOME

	26 weeks ended 23 October 2022 (unaudited) (£m)	26 weeks ended 24 October 2021 (unaudited) (£m)	52 weeks ended 24 April 2022 (audited) (£m)
Bank interest receivable	3.3	0.1	4.5
Interest on retirement benefit obligations	-	-	0.1
Other finance income	0.4	-	1.7
Fair value adjustment to derivatives	21.0	12.5	24.0
	24.7	12.6	30.3

The fair value adjustment to derivatives largely relates to movement in the fair value of interest rate swaps.

8. FINANCE COSTS

	26 weeks ended 23 October 2022 (unaudited) (£m)	26 weeks ended 24 October 2021 (unaudited) (£m)	52 weeks ended 24 April 2022 (audited) (£m)
Interest on bank loans and overdrafts	16.8	4.8	13.6
Other interest	3.7	4.0	7.0
IFRS 16 lease interest	7.1	5.7	12.2
Fair value adjustment to derivatives	8.6	1.8	16.4
	36.2	16.3	49.2

The fair value adjustment to derivative financial instruments relates to differences between the fair value of forward foreign currency contracts and written options that were not designated for hedge accounting from one period end to the next.

9. EARNINGS PER SHARE ATTRIBUTABLE TO THE EQUITY SHAREHOLDERS

Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders of the parent by the weighted average number of ordinary shares outstanding during the year.

For diluted earnings per share, the weighted average number of shares, 460,090,844 (24 October 2021: 489,203,650, 24 April 2022: 471,975,282), is adjusted to assume conversion of all dilutive potential ordinary shares under the Group's share schemes, being nil (24 October 2021: 10,125, 24 April 2022: nil), to give the diluted weighted average number of shares of 460,090,844 (24 October 2021: 489,213,775, 24 April 2022: 471,975,282).

BASIC AND DILUTED EARNINGS PER SHARE

	26 weeks ended 23 October 2022 (unaudited) Basic and diluted, continuing operations	26 weeks ended 23 October 2022 (unaudited) Basic and diluted, discontinued operations	26 weeks ended 23 October 2022 (unaudited) Basic and diluted, total	26 weeks ended 24 October 2021 (unaudited) Basic and diluted, continuing operations	26 weeks ended 24 October 2021 (unaudited) Basic and diluted, discontinued operations	26 weeks ended 24 October 2021 (unaudited) Basic and diluted, total	26 weeks ended 24 April 2022 (audited) Basic and diluted, continuing operations	26 weeks ended 24 April 2022 (audited) Basic and diluted, discontinued operations	26 weeks ended 24 April 2022 (audited) Basic and diluted, total
	£m	£m	£m	£m	£m	£m	£m	£m	£m
Profit for the period	186.1	26.3	212.4	122.7	15.5	138.2	224.1	25.7	249.8
	Number in millions			Number in millions			Number in millions
Weighted average number of shares	460.1	460.1	460.1	489.2	489.2	489.2	472.0	472.0	472.0
	Pence per share	Pence per share	Pence per share	Pence per share	Pence per share	Pence per share	Pence per share	Pence per share	Pence per share
Earnings per share	40.4	5.7	46.1	25.0	3.2	28.2	47.5	5.4	52.9

ADJUSTED EARNINGS PER SHARE

The adjusted earnings per share reflects the underlying performance of the business compared with the prior period and is calculated by dividing adjusted earnings by the weighted average number of shares for the period. Adjusted earnings is used by management as a measure of profitability within the Group. Adjusted earnings is defined as profitfor the period attributable to equity holders of the parent for each financial period but excluding the post-tax effect of certain non-trading items. Tax has been calculated with reference to the effective rate of tax for the Group.

The Directors believe that the adjusted earnings and adjusted earnings per share measures provide additional useful information for shareholders on the underlying performance of the business and are consistent with how business performance is measured internally. Adjusted earnings is not a recognised profit measure under IFRS and may not be directly comparable with adjusted profit measures used by other companies.

	26 weeks ended 23 October 2022 (unaudited) Basic	26 weeks ended 23 October 2022 (unaudited) Diluted	26 weeks ended 24 October 2021 (unaudited) Basic	26 weeks ended 24 October 2021 (unaudited) Diluted	52 weeks ended 24 April 2022 (audited) Basic	52 weeks ended 24 April 2022 (audited) Diluted
	£m	£m	£m	£m	£m	£m
Profit for the period	212.4	212.4	138.2	138.2	249.8	249.8
Pre-tax adjustments to profit / (loss) for the period for the following items:
Exceptional items	-	-	-	-	1.3	1.3
Fair value adjustment to derivatives included within Finance (income) / costs	(12.4)	(12.4)	(10.7)	(10.7)	(7.6)	(7.6)
Fair value (gains) / losses and (profit) / loss on disposal of equity derivatives	32.0	32.0	15.6	15.6	(9.9)	(9.9)
Realised foreign exchange (gain) / loss	(43.8)	(43.8)	(4.5)	(4.5)	5.8	5.8
Share scheme	6.7	6.7	6.0	6.0	14.6	14.6
Tax adjustments on the above items	11.0	11.0	3.8	3.8	0.3	0.3
Adjusted profit for the period	205.9	205.9	148.4	148.4	254.3	254.3
	Number in millions		Number in millions		Number in millions
Weighted average number of shares	460.1	460.1	489.2	489.2	472.0	472.0
	Pence per share		Pence per share		Pence per share
Adjusted earnings per share	44.8	44.8	30.3	30.3	53.9	53.9

10. TRADE AND OTHER RECEIVABLES

	26 weeks ended 23 October 2022 (unaudited) (£m)	26 weeks ended 24 October 2021 (unaudited) (£m)	52 weeks ended 24 April 2022 (audited) (£m)
Gross credit customer receivables	355.3	-	372.7
Allowance for expected credit loss on credit customer receivables	(115.0)	-	(138.5)
Net credit customer receivables	240.3	-	234.2
Trade receivables	70.4	53.6	56.4
Deposits in respect of derivative financial instruments	389.7	117.3	243.9
Amounts owed by related parties	26.8	27.3	24.2
Other receivables	126.4	215.9	170.2
Prepayments	88.4	76.6	112.5
	942.0	490.7	841.4

The Directors consider that the carrying amount of trade and other receivables approximates to their fair value. The maximum exposure to credit risk at the reporting date is the carrying value of each class of asset above, plus any cash balances. Other receivables also include unremitted sales receipts.

Deposits in respect of derivative financial instruments are collateral to cover margin requirements for derivative transactions held with counterparties. The collateral requirement changes with the market (which is dependent on share price, interest rates and volatility) and further purchases / sales of underlying investments held.

Included within other receivables is the reimbursement asset totalling £nil (24 October 2021: £118.3m, 24 April 2022: £88.3m). Other receivables also includes rent deposits and deposits on fixed asset additions.

Credit Customer Receivables

Certain of the Group's trade receivables are funded through a securitisation facility that is secured against those receivables. The finance provider will seek repayment of the finance, as to both principal and interest, only to the extent that collections from the trade receivables financed allows and the benefit of additional collections remains with the Group. At the period end, receivables of £269.1m (24 April 2022: £287.2m) were eligible to be funded via the securitisation facility, and the facilities utilised were £134.5m (24 April 2022: £143.6m).

Other information

The average credit period taken on sales of goods is 254 days (24 April 2022: 219 days). On average, interest is charged at 3.5% per month on the outstanding balance.

The Group will undertake a reasonable assessment of the creditworthiness of a customer before opening a new credit account or significantly increasing the credit limit on that credit account. The Group will only offer credit limit increases for those customers that can reasonably be expected to be able to afford and sustain the increased repayments in line with the affordability and creditworthiness assessment. There are no customers who represent more than 1% of the total balance of the Group's trade receivables.

Where appropriate, the Group will offer forbearance to allow customers reasonable time to repay the debt. Studio will ensure that the forbearance option deployed is suitable in light of the customer's circumstances (paying due regard to current and future personal and financial circumstances). Where repayment plans are agreed, the Group will ensure that these are affordable to the customer and that unreasonable or unsustainable amounts are not requested. At the balance sheet date there were 24,159 accounts with total gross balances of £15.6m (24 April 2022: 24,711 with total gross balances of £16.2m) on repayment plans. Provisions are assessed as detailed above.

During the current period, overdue receivables with a gross value of £27.2m were sold to third party debt collection agencies. As a result of the sales, the contractual rights to receive the cash flows from these assets were transferred to the purchasers. Any gain or loss between actual recovery and expected recovery is reflected within the impairment charge.

Allowance for expected credit loss

The following tables provide information about the exposure to credit risk and ECLs for trade receivables from individual customers as at 23 October 2022:

	(Unaudited) 23 October 2022			(Audited) 24 April 2022			24 February 2022 (acquisition date)
	Trade receivables (£m)	Trade receivables on forbearance arrangements (£m)	Total (£m)	Trade receivables (£m)	Trade receivables on forbearance arrangements (£m)	Total (£m)	Trade receivables (£m)	Trade receivables on forbearance arrangements (£m)	Total (£m)
Ageing of trade receivables
Not past due	257.2	14.2	271.4	272.1	14.3	286.4	298.4	13.6	312.0
Past due
0 - 60 days	22.9	1.4	24.3	36.7	1.8	38.5	36.8	1.5	38.3
60 - 120 days	8.9	-	8.9	20.0	0.1	20.1	14.9	-	14.9
120+ days	50.7	-	50.7	27.7	-	27.7	17.8	-	17.8
Gross trade receivables	339.7	15.6	355.3	356.5	16.2	372.7	367.9	15.1	383.0
Allowance for expected credit loss	(104.2)	(10.8)	(115.0)	(127.3)	(11.2)	(138.5)	(118.5)	(10.5)	(129.0)
Carrying value	235.5	4.8	240.3	229.2	5.0	234.2	249.4	4.6	254.0

24 April 2022 to 23 October 2022
	Stage 1 (£m)	Stage 2 (£m)	Stage 3 (£m)	Total (unaudited) (£m)
Gross trade receivables	238.5	45.0	71.8	355.3
Allowance for doubtful debts:
24 April 2022	(60.4)	(25.7)	(52.4)	(138.5)
Impairment credit/(charge)	21.3	1.1	(22.4)	-
Utilisation in period	1.1	7.6	14.8	23.5
Closing balance	(38.0)	(17.0)	(60.0)	(115.0)
Carrying value	200.5	28.0	11.8	240.3

	24 April 2022 to 23 October 2022 (unaudited) (£m)
Impairment charge impacting on provision	-
Recoveries	5.0
Other	(1.2)
Impairment credit	(3.8)

Sensitivity analysis

Management judgement is required in setting assumptions around probabilities of default, cash recoveries and the weighting of macro-economic scenarios applied to the impairment model, which have a material impact on the results indicated by the model.

A 1% increase/decrease in the probability of default would increase/decrease the provision amount by approximately £2.6m (FY22: £2.2m).

A 1% increase/decrease in the assumed recoveries rate would result in the impairment provision decreasing/increasing by approximately £1.0m (FY22: £1.1m).

These sensitivities reflect management's assessment of reasonably possible changes to key assumptions which could result in a material adjustment to the level of provision within the next financial year.

11. PROVISIONS

26 weeks ended 23 October 2022 (unaudited)

	Legal and regulatory (£m)	Property related (£m)	Financial services related (£m)	Total (£m)
At 24 April 2022	230.2	161.2	41.6	433.0
Acquired through business combinations	-	2.3	-	2.3
Amounts provided	0.5	30.8	-	31.3
Amounts utilised / reversed	-	(30.1)	(10.4)	(40.5)
At 23 October 2022	230.7	164.2	31.2	426.1

26 weeks ended 24 October 2021 (unaudited)

	Legal and regulatory (£m)	Property related (£m)	Other (£m)	Total (£m)
At 25 April 2021	215.8	144.1	1.3	361.2
Amounts provided	3.8	18.7	-	22.5
Amounts utilised / reversed	(1.4)	(29.9)	(0.5)	(31.8)
At 24 October 2021	218.2	132.9	0.8	351.9

52 weeks ended 24 April 2022 (audited)

	Legal and regulatory (£m)	Property related (£m)	Financial services related (£m)	Other (£m)	Total (£m)
At 25 April 2021	215.8	144.1	-	1.3	361.2
Acquired through business combinations	7.1	2.7	42.4	-	52.2
Amounts provided	17.7	53.7	-	-	71.4
Amounts utilised / reversed	(10.4)	(39.3)	(0.8)	(1.3)	(51.8)
At 24 April 2022	230.2	161.2	41.6	-	433.0

Legal and regulatory provisions relate to management's best estimate of the potential impact of claims including legal, commercial, regulatory and ongoing non-UK tax enquiries. The timing of the outcome of non-UK tax inquiries and legal claims made against the Group is dependent on factors outside the Group's control and therefore the timing of settlement is uncertain. After taking appropriate legal advice, the outcomes of these claims are not expected to give rise to material loss in excess of the amounts provided. Included within Legal and regulatory provisions, are amounts relating to the Group's ongoing discussions with HMRC with regard to agreeing a new Partial Exemption Special Method (the means by which the recovery of input VAT on costs relating to the company's financial services activities is restricted). As at 23 October 2022, the company held a provision of £6.8m (24 April 2022: £6.9m) which represents management's best estimate of the likely increase in the level of restriction on the recovery of input VAT over and above that which has already been restricted in the company's quarterly VAT returns. We note that management's best estimate is one of a number of different outcomes so the amounts provided may differ to the final costs incurred by the company in respect of this matter.

A reimbursement asset of £nil (24 April 2022: £88.3 and 24 October 2021: £118.3m) has been recognised separately within debtors relating to ongoing non-UK tax enquiries.

Included within property related provisions are provisions for dilapidations in respect of the Group's retail stores and warehouses. Further details of managements estimates are included in note 2.

Included above is a provision of £31.2m (24 April 2022: £41.6m) for probable outflows in respect of the financial services business.

As a regulated business, one of the group's subsidiaries Studio Retail Limited has an obligation to proactively review its business to ensure that appropriate outcomes were delivered to customers. Based on work undertaken as at the balance sheet date it is considered likely that some level of remediation will be required to fully satisfy this obligation.

The provision recognises the inherent uncertainties in any such remediation including a number of customers who might have been impacted, the proportion of those who were adversely affected by the legacy decisions, the possible remediation payable, and overlays these uncertainties with a risk-based consideration of the proportion of the population identified above that suffered adverse outcomes, and the period over which such adverse outcomes may have been suffered. Assumptions have been overlaid in respect of the timing and mechanism for undertaking any remediation.

At this stage a detailed analysis of the relevant customer cohorts has not yet been completed and as such there are a range of outcomes which could result in a settlement which is significantly lower or higher than the amount estimated. This variation could be significant and therefore highly material for a user of these accounts. This range of outcomes is expected to narrow as the work to substantiate each of the uncertainties set out above is completed. It is anticipated this work will be completed within the 12 month fair value measurement period in line with IFRS3.

The timing of any potential outflows is also uncertain, but we have assumed that these take place within two years.

The recognition of a provision by the Group is not an admission of liability for the payment of this amount, but rather to comply with the directors' obligations to prepare financial statements that give a true and fair view of the performance and financial position of the Group in accordance with IFRS.

12. FINANCIAL INSTRUMENTS

(a) Financial assets and liabilities by category and fair value hierarchy

The fair value hierarchy for financial assets and liabilities, which are principally denominated in Sterling or US Dollars, were as follows:

(Unaudited)	Level 1 (£m)	Level 2 (£m)	Level 3 (£m)	Other (£m)	Total (£m)
FINANCIAL ASSETS - 23 October 2022
Amortised cost:
Trade and other receivables*	-	-	-	826.8	826.8
Cash and cash equivalents	-	-	-	314.8	314.8
Amounts owed by related parties	-	-	-	26.8	26.8

FVOCI:
Long Term Financial Assets (Equity Instruments) - designated	241.4	-	-	-	241.4

Derivative financial assets (FV):
Foreign forward purchase and sales contracts, and interest rate swaps	-	130.3	-	-	130.3
Derivative financial assets - contracts for difference & equity options	-	1.3	-	-	1.3
	-	131.6	-	-	131.6
FINANCIAL LIABILITIES - 23 October 2022
Amortised cost:
Non-current borrowings	-	-	-	(813.9)	(813.9)
Trade and other payables**	-	-	-	(801.8)	(801.8)
IFRS 16 lease liabilities	-	-	-	(659.9)	(659.9)

Derivative financial liabilities (FV):
Foreign forward and written options purchase and sales contracts - unhedged	-	(40.4)	-	-	(40.4)
Derivative financial liabilities - contracts for difference & equity options	-	(140.4)	-	-	(140.4)
	-	(180.8)	-	-	(180.8)

*Prepayments of £88.4m are not included as a financial asset.
**Other taxes including social security costs of £37.1m are not included as a financial liability.

(Unaudited)	Level 1 (£m)	Level 2 (£m)	Level 3 (£m)	Other (£m)	Total (£m)
FINANCIAL ASSETS - 24 October 2021
Amortised cost:
Trade and other receivables*	-	-	-	386.8	386.8
Cash and cash equivalents	-	-	-	350.7	350.7
Amounts owed by related parties	-	-	-	27.3	27.3

FVOCI:
Long Term Financial Assets (Equity Instruments) - designated	352.4	-	-	-	352.4

Derivative financial assets (FV):
Foreign forward purchase and sales contracts, and interest rate swaps	-	61.4	-	-	61.4
	-	61.4	-	-	61.4

FINANCIAL LIABILITIES - 24 October 2021
Amortised cost:
Non-current borrowings	-	-	-	(375.0)	(375.0)
Trade and other payables**	-	-	-	(719.7)	(719.7)
IFRS 16 lease liabilities	-	-	-	(684.7)	(684.7)

Derivative financial liabilities (FV):
Foreign forward and written options purchase and sales contracts - unhedged	-	(7.6)	-	-	(7.6)
Derivative financial liabilities - contracts for difference & equity options	-	(20.8)	-	-	(20.8)
	-	(28.4)	-	-	(28.4)

*Prepayments of £76.6m are not included as a financial asset.
**Other taxes including social security costs of £69.7m are not included as a financial liability.

(Audited)	Level 1 (£m)	Level 2 (£m)	Level 3 (£m)	Other (£m)	Total (£m)
FINANCIAL ASSETS - 24 April 2022
Amortised cost:
Trade and other receivables*	-	-	-	704.7	704.7
Cash and cash equivalents	-	-	-	336.8	336.8
Amounts owed by related parties	-	-	-	24.2	24.2

FVOCI:
Long Term Financial Assets (Equity Instruments) - designated	206.6	-	-	-	206.6

Derivative financial assets (FV):
Foreign forward purchase and sales contracts, and interest rate swaps	-	116.5	-	-	116.5
	-	116.5	-	-	116.5

FINANCIAL LIABILITIES - 24 April 2022
Amortised cost:
Non-current borrowings	-	-	-	(827.9)	(827.9)
Trade and other payables**	-	-	-	(721.7)	(721.7)
IFRS 16 lease liabilities	-	-	-	(620.6)	(620.6)

Derivative financial liabilities (FV):
Foreign forward and written options purchase and sales contracts - unhedged	-	(31.3)	-	-	(31.3)
Derivative financial liabilities - contracts for difference & equity options	-	(75.9)	-	-	(75.9)
	-	(107.2)	-	-	(107.2)

*Prepayments of £112.5m are not included as a financial asset.
**Other taxes including social security costs of £8.1m are not included as a financial liability.

(b) Financial assets and liabilities

Fair value hierarchy

The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

• Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;

• Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and

• Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.

Contracts for difference are classified as Level 2 as the fair value is calculated using quoted prices for listed shares and commodities at contract inception and the period end.

Foreign forward purchase and sales contracts and options are classified as Level 2, the Group enters into these derivative financial instruments with various counterparties, principally financial institutions with investment grade credit ratings. Foreign exchange forward contracts and options are valued using valuation techniques, which employ the use of market observable inputs. The most frequently applied valuation techniques include forward pricing and swap models using present value calculations. The models incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, and yield curves of the respective currencies.

Long-term financial assets such as equity instruments are classified as Level 1 as the fair value is calculated using quoted prices.

The fair value of equity derivative agreements are included within the derivative financial assets balance of £1.3m (24 October 2021: £nil, 24 April 2022: £nil) and derivative financial liabilities balance of £140.4m (24 October 2021: £20.8m, 24 April 2022: £75.9m). The derivative financial assets and derivative financial liabilities as at 23 October 2022 relate to strategic investments held of between 0.9% and 24.7% of investee share capital.

Sold options are classified as Level 2 as the fair value is calculated using other techniques, where inputs are observable.

Trade receivables / payables, amounts owed from related parties, other receivables / payables, cash and cash equivalents and current / non-current borrowings are held at amortised cost.

The maximum exposure to credit risk as at 23 October 2022 is the carrying value of each class of asset in the Balance Sheet, except for amounts owed from related parties which is the gross carrying amount of £62.6m (24 October 2021: £62.4m, 24 April 2022: £62.6m).

(c)(i) Hedged currency instruments

The most significant exposure to foreign exchange fluctuations relates to purchases made in foreign currencies, principally the US Dollar, and online sales in Euros. The Group's policy is to reduce substantially the risk associated with foreign currency spot rates by using forward fixed rate currency purchase contracts, taking into account any foreign currency cash flows. The Group does not hold or issue derivative financial instruments for trading purposes, however if derivatives, including both forwards and written options, do not qualify for hedge accounting they are accounted for as such and accordingly any gain or loss is recognised immediately in the Income Statement. Management are of the view that there is a substantive distinct business purpose for entering into the written options and a strategy for managing the written options independently of the forward contracts. The forward and written options contracts are therefore not viewed as one contract and hedge accounting for the forwards is permitted under IFRS 9.

Hedge effectiveness is determined at inception of the hedge relationship and at every reporting period end through the assessment of the hedged items and hedging instrument to determine whether there is still an economic relationship between the two.

The critical terms of the foreign currency forwards entered into exactly match the terms of the hedged item. As such the economic relationship and hedge effectiveness are based on the qualitative factors and the use of a hypothetical derivative where appropriate. Hedge ineffectiveness may arise where the critical terms of the forecast transaction no longer meet those of the hedging instrument, for example if there was a change in the timing of the forecast sales transactions from what was initially estimated or if the volume of currency in the hedged item was below expectations leading to over-hedging. Differences can arise when the initial value on the hedging instrument is not zero.

The hedged items and the hedging instrument are denominated in the same currency and as a result the hedging ratio is always one to one.

All derivative financial instruments used for hedge accounting are recognised initially at fair value and reported subsequently at fair value in the statement of financial position. To the extent that the hedge is effective, changes in the fair value of derivatives designated as hedging instruments in cash flow hedges are recognised in other comprehensive income and included within the cash flow hedge reserve in equity. Any ineffectiveness in the hedge relationship is recognised immediately in profit or loss.

At the time the hedged item affects profit or loss, any gain or loss previously recognised in other comprehensive income is reclassified from equity to profit or loss and presented as a reclassification adjustment within other comprehensive income. If a forecast transaction is no longer expected to occur, any related gain or loss recognised in other comprehensive income is transferred immediately to profit or loss. If the hedging relationship ceases to meet the effectiveness conditions, hedge accounting is discontinued, and the related gain or loss is held in the equity reserve until the forecast transaction occurs.

The fair value of hedged contracts as at 23 October 2022 was:

	23 October 2022 (unaudited) (£m)	24 October 2021 (unaudited) (£m)	24 April 2022 (audited) (£m)
Assets
US Dollar purchases - GBP	41.3	9.6	32.9
US Dollar purchases - EUR	17.0	7.6	12.8
Euro sales	34.4	41.1	54.2
Total	92.7	58.3	99.9
Liabilities
US Dollar purchases - GBP	-	2.0	-
Total	-	2.0	-

The details of hedged forward foreign currency purchase contracts and contracted forward rates were as follows:

	23 October 2022 (unaudited)			24 October 2021 (unaudited)			24 April 2022 (audited)
	Currency (millions)	GBP (millions)	Rates	Currency (millions)	GBP (millions)	Rates	Currency (millions)	GBP (millions)	Rates
US Dollar purchases (USD / GBP)	240.0	170.2	1.41	720.0	516.8	1.36 - 1.41	480.0	340.4	1.41
US Dollar purchases (USD / EUR)	90.0	60.8	1.26 - 1.31	150.0	104.0	1.21 - 1.31	120.0	78.6	1.26 - 1.31
Euro sales (EUR / GBP)	(696.0)	(672.0)	0.98 - 1.08	(360.0)	(353.1)	0.99 - 1.08	(600.0)	(574.5)	0.99 - 1.08

The timing of the contracts is as follows:

Currency	Hedging against	Currency value	Timing	Rates
USD / GBP	USD inventory purchases	USD 240m	FY23	1.41
USD / EUR	USD inventory purchases	USD 90m	FY23-FY24	1.26-1.31
EUR / GBP	Euro sales	EUR 696m	FY23-FY26	0.98-1.08

Hedge ineffectiveness may arise where the critical terms of the forecast transaction no longer meet those of the hedging instrument, for example if there was a change in the timing of the forecast sales transactions from what was initially estimated or if the volume of currency in the hedged item was below expectations leading to over-hedging.

Fair value movement on hedged contracts - recognised in the period:

	23 October 2022 (unaudited) (£m)		24 October 2021 (unaudited) (£m)		24 April 2022 (audited) (£m)
	Change in the fair value of the currency forward	Change in the fair value of the hedged item	Change in the fair value of the currency forward	Change in the fair value of the hedged item	Change in the fair value of the currency forward	Change in the fair value of the hedged item
US Dollar purchases - GBP	25.1	(25.1)	9.0	(9.0)	30.6	(30.6)
US Dollar purchases - EUR	7.6	(7.6)	5.4	(5.4)	9.6	(9.6)
Euro sales	(8.1)	8.1	7.2	(7.2)	11.9	11.9
Total recognised	24.6	(24.6)	21.6	(21.6)	52.1	(52.1)

At 23 October 2022 £231.0m of purchase contracts (24 October 2021: £620.8m, 24 April 2022: £419.0m) and £672.0m of forward sales contracts (24 October 2021: £353.1m, 24 April 2022: £574.5m) qualified for hedge accounting and the gain on fair valuation of these contracts of £24.6m (24 October 2021: £21.6m, 24 April 2022: £52.1m) has therefore been recognised in other comprehensive income.

At 23 October 2022, £20.0m hedged purchase contracts had a maturity of greater than 12 months (24 October 2021: £231.5m, 24 April 2022: £38.6m) and £550.8m of hedged sales had a maturity of greater than 12 months (24 October 2021: £231.9m, 24 April 2022: £332.1m).

The movements through the Hedging reserve are:

	USD/GBP	EUR/GBP	USD/EUR	Total Hedge Movement	Deferred Tax	Total Hedging Reserve
As at 25 April 2021 (audited)	(4.9)	17.0	2.2	14.3	(2.8)	11.5
Recognised	9.0	7.2	5.4	21.6	-	21.6
Reclassified in inventory/ cost of sales	3.6	-	-	3.6	-	3.6
Deferred tax	-	-	-	-	(7.2)	(7.2)
As at 24 October 2021 (unaudited)	7.7	24.2	7.6	39.5	(10.0)	29.5
Recognised	21.6	4.7	4.2	30.5	-	30.5
Reclassified in inventory / cost of sales	3.7	-	0.2	3.9	-	3.9
Deferred tax	-	-	-	-	(8.6)	(8.6)
As at 24 April 2022 (audited)	33.0	28.9	12.0	73.9	(18.6)	55.3
Recognised	25.1	(8.1)	7.6	24.6	-	24.6
Reclassified in sales	-	(12.6)	-	(12.6)	-	(12.6)
Reclassified in inventory / cost of sales	(16.8)	-	(2.8)	(19.6)	-	(19.6)
Deferred tax	-	-	-	-	2.2	2.2
As at 23 October 2022 (unaudited)	41.3	8.2	16.8	66.3	(16.4)	49.9

(c)(ii) Unhedged currency instruments

The sterling principal amounts of unhedged written currency option contracts and the contracted rates were as follows:

	23 October 2022 (unaudited) (£m)	24 October 2021 (unaudited) (£m)	24 April 2022 (audited) (£m)
US Dollar swaps - GBP	-	72.3	-
Contracted rates USD / GBP	-	1.37-1.42	-
US Dollar purchases - EUR	60.8	82.2	78.6
Contracted rates USD / EUR	1.26-1.31	1.26-1.31	1.26-1.31
Euro sales	(672.0)	(494.5)	(715.9)
Contracted rates EUR / GBP	0.98-1.08	0.99-1.08	0.99-1.08

The loss on fair value of the written options and swaps of £9.1m has been included within finance costs (24 October 2021: £1.8m, 24 April 2022: £28.9m).

At 23 October 2022, £40.0m of unhedged purchase contracts had a maturity at inception of greater than 12 months (24 October 2021: £61.3m, 24 April 2022: £78.6m) and £550.8m of unhedged sales contracts had a maturity at inception of greater than 12 months (24 October 2021: £231.9m, 24 April 2022: £715.9m).

These contracts form part of the Treasury management activities, which incorporates the risk management strategy for areas that are not reliable enough in timing and amount to qualify for hedge accounting. This includes acquisitions, disposals of overseas subsidiaries, related working capital requirements, dividends and loan repayments from overseas subsidiaries and purchase and sale of overseas property. Written options carry additional risk as the exercise of the option lies with the purchaser. The options involve the Group receiving a premium on inception in exchange for accepting that risk and the outcome is that the bank may require the Group to sell Euros or buy USD. However, the Group is satisfied that the use of options as a Treasury management tool is appropriate.

The FY23 H1 values above excludes short term swaps of GBP/EUR of Euro 70m which are required for Treasury management purposes only (24 October 2021: GBP/USD of USD 100.0m, 24 April 2022: USD/GBP of USD 40m and EUR/USD of EUR 40m short term swaps).

(d) Interest rate swaps

The Group uses interest rate swaps to manage its exposure to interest rate movements on its bank borrowings. The Group has two contracts in place that fix interest payments on variable rate debt. The first contract covers notional amount of £250.0m and fixes the interest rate at 0.985% per annum until 29 May 2026. The second contract covers a notional amount of £100.0m and fixes the interest rate at 0.45% per annum until 2 September 2024. The fair value of these interest rate swaps is an asset of £37.6m (24 April 2022: £16.6m, 24 October 2021: £1.8m). The fair value gain of £21.0m has been recognised in finance income classified as fair value adjustments to derivatives.

Capital Management

The capital structure of the Group consists of equity attributable to the equity holders of the parent company, comprising issued share capital (less treasury shares), share premium, retained earnings and cash and borrowings.

It is the Group's policy to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain the development of the business.

In respect of equity, the Board has decided that, in order to maximise flexibility in the near term with regards to a number of inorganic growth opportunities under review, not to return any cash by way of a dividend at this time.

The Board is committed to keeping this policy under review and to evaluating alternative methods of returning cash to shareholders when appropriate.

The objective of Group Share Schemes is to encourage employee share ownership and to link employee's remuneration to the performance of the Company. It is not designed as a means of managing capital.

In respect of cash and borrowings, the Board regularly monitors the ratio of net debt to LTM Reported EBITDA⁽¹⁾, as part of covenant compliance (the objective is to keep this figure below 3.0), the working capital requirements and forecasted cash flows, however no minimum or maximum ratios are set outside of covenant compliance.

(1)	LTM EBITDA is the last twelve months historic Reported EBITDA excluding IFRS 16.

Based on this analysis, the Board determines the appropriate return to equity holders whilst ensuring sufficient capital is retained within the Group to meet its strategic objectives, including but not limited to, acquisition opportunities.

These capital management policies have remained unchanged from the prior year.

13. ACQUISITIONS

i. On 16 May 2022 the Group acquired the entire share capital of leading Danish sport retailer Sportmaster Danmark ApS ('Sportmaster') for cash consideration of £0.9m which is deemed to be the fair value of the consideration. The acquisition will help to grow the Group's retail presence in Denmark. At the date of acquisition, included within Borrowings was £15.3m owed by Sportmaster Danmark ApS to its parent company Sportmaster Operations PTE. Ltd. As part of the transaction, a debt transfer took place which transferred this loan to the Group which becomes the new lender and the fair value adjustment against borrowings relates to this. The fair value adjustment to intangible assets, property, plant & equipment assets, and inventory relates to management's assessment of the price that would be paid for the acquired assets in an orderly transaction between market participants at the acquisition date. The asset and liability values at acquisition are detailed below. Due to the recent timings of the acquisition and the availability of information, the fair values attributable to the assets and liabilities acquired are provisional. The acquisition accounting will be finalised as part of the FY23 Annual Report.

Sportmaster	Book Value (£m)	Fair Value adjustment (£m)	Provisional fair values (unaudited) (£m)
Property, plant and equipment	23.2	(5.0)	18.2
Intangible assets	2.4	(2.4)	-
Inventories	19.8	3.1	22.9
Cash and cash equivalents	2.1	-	2.1
Trade and other receivables	9.2	-	9.2
Trade and other payables	(22.9)	-	(22.9)
Borrowings	(22.3)	15.3	(7.0)
Lease liability	(21.6)	-	(21.6)
Provisions	(2.3)	-	(2.3)
Goodwill	-	2.3	2.3
Net (liabilities) / assets acquired	(12.4)	13.3	0.9

ii. On 1 June 2022 the Group acquired certain intellectual property, freehold property and inventory of the online women's fashion retailer Missguided Limited (in administration), Mennace Limited (in administration) and Missguided (IP) Limited for £30.8m which is deemed to be the fair value of the consideration. The acquisition will add additional expertise to the Group's digital women's fashion offering. The fair value adjustments to intangible assets, property, plant & equipment, and inventory relates to management's assessment of the price that would be paid for the acquired assets in an orderly transaction between market participants at the acquisition date. The asset and liability values at acquisition are detailed below. The intangible assets acquired relate to the IP/Brand. Due to the recent timings of the acquisition and the availability of information, the fair values attributable to the assets and liabilities acquired are provisional. The acquisition accounting will be finalised as part of the FY23 Annual Report.

Missguided	Book Value (£m)	Fair Value adjustment (£m)	Provisional fair values (unaudited) (£m)
Property, plant and equipment	4.4	1.6	6.0
Intangible assets	-	11.7	11.7
Inventories	17.0	(12.2)	4.8
Goodwill	-	8.3	8.3
Net assets acquired	21.4	9.4	30.8

iii. On 28 July 2022 the Group acquired the entire share capital of online fashion retailer I Saw It First Limited for cash consideration of £1. At the date of acquisition, I Saw It First Limited owed £13.0m to its shareholders. As part of the transaction, a debt transfer took place which transferred this loan to the Group which becomes the new lender and the fair value adjustment against borrowings relates to this. The asset and liability values at acquisition are detailed below. Due to the recent timings of the acquisition and the availability of information, the fair values attributable to the assets and liabilities acquired are provisional. The acquisition accounting will be finalised as part of the FY23 Annual Report.

I Saw It First	Book Value (£m)	Fair Value adjustment (£m)	Provisional fair values (unaudited) (£m)
Property, plant and equipment	0.7	-	0.7
Inventories	5.0	-	5.0
Cash and cash equivalents	1.8	-	1.8
Trade and other receivables	1.2	-	1.2
Trade and other payables	(9.2)	-	(9.2)
Borrowings	(13.0)	13.0	-
Goodwill	-	0.5	0.5
Net assets acquired	(13.5)	13.5	-

iv. On 17 August 2022 the Group made a cash offer to acquire the entire issued and to be issued ordinary share capital of Mysale Group plc ('Mysale') not already held by Frasers Group at a price of 2 pence per MySale share. On 26 September 2022 the Group announced that the offer had become a mandatory cash offer and on 18 October 2022 the mandatory offer became unconditional. The deadline for acceptance of the offer was 1 November 2022 and at that date the Group owned or had received valid acceptances in respect of 95.35% of Mysale's issued share capital. The shareholding passed 50% on 13 October 2022 and at the period end, the Group held 66.48% of Mysale's issued share capital and therefore it has been treated as a subsidiary and consolidated in the results of Frasers Group Plc with the acquisition date provisionally being treated as 13 October 2022. The acquisition will accelerate the Group's global growth strategy, enhance its operational capabilities and its offering to consumers and provide a platform from which to explore further opportunities for investment in retail opportunities in Australia and the surrounding regions. The fair value adjustment to intangible assets relates to management's assessment of the price that would be paid for the acquired assets in an orderly transaction between market participants at the acquisition date. The asset and liability values at acquisition are detailed below. Due to the recent timings of the acquisition and the availability of information, the fair values attributable to the assets and liabilities acquired are provisional. The acquisition accounting will be finalised as part of the FY23 Annual Report.

Mysale	Book Value (£m)	Fair Value adjustment (£m)	Provisional fair values (unaudited) (£m)
Property, plant and equipment	2.3	-	2.3
Intangible assets	12.9	(12.9)	-
Inventories	2.3	-	2.3
Cash and cash equivalents	1.7	-	1.7
Trade and other receivables	1.7	-	1.7
Trade and other payables	(10.1)	-	(10.1)
Lease liability	(2.2)	-	(2.2)
Non-controlling interests	-	(7.0)	(7.0)
Goodwill	-	25.1	25.1
Net assets acquired	8.6	5.2	13.8

v. On 23 September 2022 the Group acquired the trade and assets of Sneakerboy PTY Limited for £1.0m. The asset and liability values at acquisition are detailed below. Due to the recent timings of the acquisition and the availability of information, the fair values attributable to the assets and liabilities acquired are provisional. The acquisition accounting will be finalised as part of the FY23 Annual Report.

Sneakerboy

Book Value
(£m)

Fair Value adjustment
(£m)

Provisional fair values

(unaudited)

(£m)

Inventories

1.0

Net assets acquired

1.0

Summary of FY23 acquisitions

The following table summarises the fair values of consideration paid:

Sportmaster
(£m)

Missguided
(£m)

I Saw It First

(£m)

Mysale

(£m)

Sneakerboy

(£m)

Total

(unaudited)
(£m)

Cash consideration

0.9

30.8

13.8

1.0

46.5

The asset and liability values of all the acquisitions are summarised below.

Total acquisitions	Provisional fair values (unaudited) (£m)
Property, plant and equipment	27.2
Intangible assets	11.7
Inventories	36.0
Cash and cash equivalents	5.6
Trade and other receivables	12.1
Trade and other payables	(42.2)
Borrowings	(7.0)
Lease liability	(23.8)
Provisions	(2.3)
Non-controlling interests	(7.0)
Goodwill	36.2
Net assets acquired	46.5

Since the date of control, the following amounts have been included within the Group's Financial Statements for the period:

	Sportmaster (£m)	Missguided (£m)	I Saw It First (£m)	Mysale (£m)	Sneakerboy (£m)	Total (unaudited) (£m)
Revenue	36.3	5.2	5.6	-	-	47.1
Operating loss	(6.6)	(1.2)	(5.8)	-	-	(13.6)
Loss before tax	(7.0)	(1.2)	(5.8)	-	-	(14.0)

Had the acquisitions been included from the start of the period the following amounts would have been included within the Group's Financial Statements for the period:

	Sportmaster (£m)	Missguided (£m)	I Saw It First (£m)	Mysale (£m)	Sneakerboy (£m)	Total (unaudited) (£m)
Revenue	43.3	5.2	17.1	18.8	3.6	88.0
Operating loss	(7.9)	(1.2)	(8.4)	(2.1)	(0.2)	(19.8)
Loss before tax	(8.2)	(1.2)	(8.4)	(2.4)	(0.3)	(20.5)

There were no contingent liabilities acquired as a result of the above transactions.

Reconciliation of net cash outflow from investing activities:

	Sportmaster (£m)	Missguided (£m)	I Saw It First (£m)	Mysale (£m)	Sneakerboy (£m)	Total (unaudited) (£m)
Cash consideration	(0.9)	(30.8)	-	(13.8)	(1.0)	(46.5)
Fair value of cash and cash equivalents acquired	2.1	-	1.8	1.7	-	5.6
Purchase of subsidiaries, net of cash acquired	1.2	(30.8)	1.8	(12.1)	(1.0)	(40.9)

14. CASH INFLOW FROM OPERATING ACTIVITIES

	26 weeks ended 23 October 2022 (unaudited) (£m)	26 weeks ended 24 October 2021 (unaudited) (£m)	52 weeks ended 24 April 2022 (audited) (£m)
Profit before taxation	284.6	186.0	335.6
Net finance costs	11.5	3.7	18.9
Net investment costs / (income)	13.2	10.0	(24.1)
Operating profit	309.3	199.7	330.4
Depreciation of property, plant and equipment	112.9	116.5	246.6
Depreciation on investment properties	2.6	1.3	5.9
Gain on disposal and modification/remeasurement of lease liabilities	(3.4)	(5.9)	(28.3)
Amortisation of intangible assets	3.3	3.4	7.5
Impairment of tangible and intangible assets and investment properties	77.7	139.7	232.7
Profit on disposal of property, plant and equipment	(91.2)	(0.6)	(10.8)
Gain on bargain purchase	-	-	(4.8)
Profit on disposal of discontinued operation	(26.3)	-	-
Share based payment charge in equity (excluding deferred tax)	4.6	-	9.2
Pension contributions less income statement charge	0.4	-	(1.6)
Operating cash inflow before changes in working capital	389.9	454.1	786.8
(Increase) / decrease in receivables	(99.3)	79.6	(33.3)
Increase in inventories	(152.3)	(109.7)	(155.0)
Increase in payables	43.3	143.5	7.5
(Decrease) / increase in provisions	(9.8)	(7.7)	22.9
Cash inflows from operating activities	171.8	559.8	628.9

15. POST BALANCE SHEET EVENTS

On 4 November 2022, the Group increased its investment in Hugo Boss resulting in the total interests as follows:

· 3,025,000 shares of common stock, representing 4.3% of Hugo Boss's total share capital

· 21,139,000 shares of common stock via the sale of put options, representing 30.03% of Hugo Boss's total share capital

On 7 November 2022, the Group commenced a share buyback programme with the aggregate purchase price of shares acquired under the programme of no greater than £70.0m and the maximum number of shares that may be purchased under the programme of 10m ordinary shares with a nominal value of 10p each. The purpose of the programme is to reduce the share capital of the Company. To the date of this report, 2,413 ordinary shares of 10p each for consideration of less than £0.1m have been acquired through the programme.

On 17 November 2022 the Group acquired the trade and assets of CBS Arena for cash consideration of £15.8m. Due to the proximity of the acquisition date to the date these financial statements are authorised for issue, the initial accounting for the business combination is incomplete and so the disclosures required by IFRS 3 Business Combinations cannot be made at this stage.

16. CAPITAL COMMITMENTS

The Group had capital commitments of £111.5m as at 23 October 2022 (24 October 2022: £68.5m, 24 April 2022 £145.0m) relating to warehouse automation, aircraft, other plant and machinery, and property purchases.

17. PURCHASE OF OWN SHARES

On 25 April 2022 and 20 June 2022 the Group commenced share buyback programmes with the aggregate purchase price of all shares acquired under these programmes of no greater than £105.0m and the maximum number of shares that may be purchased under the programmes of 15m ordinary shares with a nominal value of 10p each. The purposes of the programmes was to reduce the share capital of the Company. 11,884,438 ordinary shares of 10p each for consideration of £80.4m were acquired through these programmes.

18. SALE OF DISCONTINUED OPERATION

On 25 May 2022 the Group disposed of its US retail businesses trading as Bobs Stores ("Bobs") and Eastern Mountain Sports ("EMS"). The disposal took place through sale of 100% of the share capital of Roberts 50 USA LLC and its subsidiaries. As per IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, this disposal group was classified as a discontinued operation in the current and prior period, and held for sale in the 25 April 2022 Consolidated Statement of Financial Position. Proceeds of £51.4m were received and a profit on disposal of £26.3m has been recognised in the Consolidated Income Statement. Given the proximity of the disposal to the FY22 year-end, the amounts included in the Cash Flow Statement in the period relating to this discontinued operation are not considered to be material.

19. RELATED PARTY TRANSACTIONS

The Group has taken advantage of the exemptions contained within IAS 24 - "Related Party Disclosures" from the requirement to disclose transactions between Group companies as these have been eliminated on consolidation.

The Group entered into the following material transactions with related parties:

26 weeks ended 23 October 2022 (unaudited):

Related party	Relationship	Sales (£m)	Purchases (£m)	Trade and other receivables (£m)	Trade and other payables (£m)
Four (Holdings) Limited & subsidiaries⁽¹⁾	Associate	0.1	36.3	23.0	-
Mash Holdings Limited	Parent company	-	-	0.2	-
Mike Ashley⁽²⁾	Majority shareholder	1.1	-	-	-
Rangers Retail Limited	Associate	-	-	-	0.1
Tymit Limited	Associate	-	-	3.6	-

(1) The outstanding balance with Four (Holdings) Limited reflects the funding related to Agent Provocateur. Management consider that the underlying results of Four (Holdings) Limited supports the recoverability of the receivables balance. The results of Four (Holdings) Limited are not material on the basis of net assets and profit before tax, subsequently detailed disclosures have not been presented under IFRS 12.

(2) Use of the Company jet and helicopter are charged at commercial rates.

26 weeks ended 24 October 2021 (unaudited):

Related party	Relationship	Sales (£m)	Purchases (£m)	Trade and other receivables (£m)	Trade and other payables (£m)
Four (Holdings) Limited & subsidiaries⁽¹⁾	Associate	0.3	32.1	23.7	-
Mash Holdings Limited	Parent company	-	-	0.2	-
Mike Ashley⁽²⁾	Plc Director	0.7	-	-	-
N M Design London Limited	Connected persons	-	0.2	-	-
Rangers Retail Limited	Associate	-	-	-	0.1

(2) Use of the Company jet and helicopter are charged at commercial rates.

52 weeks ended 24 April 2022 (audited):

Related party	Relationship	Sales (£m)	Purchases (£m)	Trade and other receivables (£m)	Trade and other payables (£m)
Four (Holdings) Limited & subsidiaries⁽¹⁾	Associate	2.6	63.7	24.0	-
Mash Holdings Limited	Parent company	-	-	0.2	-
Mike Ashley⁽²⁾	Plc Director	1.5	-	-	-
N M Design London Limited	Connected persons	-	0.2	-	-
Rangers Retail Limited	Associate	-	-	-	0.1
MM Prop Consultancy Limited & M.P.M Elevation Limited	Connected persons	-	21.0	-	-

(2) Use of the Company jet and helicopter are charged at commercial rates.

N M Design London Limited is a company in which Nicola Murray, Michael Murray's mother, is a director. N M Design London Limited perform design work for the Group in relation to some of the Group's sites.

The trade and other receivables balance with Four (Holdings) Limited includes a loan balance of £60.0m (gross of amounts recognised in respect of loss allowance) which attracts interest at a rate of 3% within current assets (FY22 H1: £60.0m, FY22: £60.0m). This has been accounted for at amortised cost in accordance with IFRS 9. The carrying value has been determined by assessing the recoverability of the receivable balance, discounted at an appropriate market rate of interest. £nil was recognised in the period in respect of doubtful debts. The sales amounts in relation to Four (Holdings) Limited relates to the interest charge on the loan and the purchases relate to the purchase of clothing products.

At the period end the Group does not have significant influence over, but holds greater than 20% of the voting rights of Mulberry Group plc. The latest equity amounts and results are shown below:

	Mulberry Group plc
	26 weeks ended 1 October 2022 (£m)
Share Capital	3.0
Share Premium	12.2
Retained Earnings & other reserves	24.7
Total equity	39.9

(Loss) for the period	(4.0)

The Group does not consider it has the power to participate in the financial and operating policy decisions of the entity and so management do not consider the Group to be able to exert significant influence over this entity as per IAS 28 Investments in Associates and Joint Ventures and IAS 24 Related Party Disclosures.

On 1 May 2022 Michael Murray was appointed as CEO. Prior to his appointment MM Prop Consultancy Limited and the Group finalised the terms on which any relevant prior consultancy services agreements terminated. The Board has now completed its assessment of the unsettled value created by MM Prop Consultancy Limited to the Group, with the assistance of independent third party experts.

GLOSSARY

ALTERNATIVE PERFORMANCE MEASURES

Excluding acquisitions, disposals and currency neutral performance measure reconciliation:

	UK Sports Retail	Premium Lifestyle	International Retail ⁽¹⁾	Wholesale & Licensing	Group Total
	Revenue
FY23 H1 Reported	1,526.1	533.5	492.2	86.2	2,638.0
Adjustments for acquisitions, disposals and currency neutral	(200.7)	(10.8)	(44.8)	-	(256.3)
FY23 H1 Excluding acquisitions, disposals and currency neutral	1,325.4	522.7	447.4	86.2	2,381.7

FY22 H1 Reported	1,367.1	427.9	465.4	79.4	2,339.8
Adjustments for acquisitions, disposals and currency neutral	-	-	(55.8)	7.9	(47.9)
FY22 H1 Excluding acquisitions, disposals and currency neutral	1,367.1	427.9	409.6	87.3	2,291.9

% Variance	(3.1%)	22.2%	9.2%	(1.3%)	3.9%

	Adjusted PBT
FY23 H1 Reported	184.1	11.3	62.5	9.2	267.1
Adjustments for acquisitions, disposals and currency neutral	(12.8)	27.1	(12.5)	-	1.8
FY23 H1 Excluding acquisitions, disposals and currency neutral	171.3	38.4	50.0	9.2	268.9

FY22 H1 Reported	123.0	(9.7)	75.2	3.9	192.4
Adjustments for acquisitions, disposals and currency neutral	-	-	(18.4)	0.8	(17.6)
FY22 H1 Excluding acquisitions, disposals and currency neutral	123.0	(9.7)	56.8	4.7	174.8

% Variance	39.3%	495.9%	(12.0%)	95.7%	53.8%

Reconciliation of Adjusted PBT performance measure, 5 year record:

	26 weeks ended 23 October 2022	26 weeks ended 24 October 2021	26 weeks ended 25 October 2020	26 weeks ended 27 October 2019	26 weeks ended 28 October 2018
	PBT (£'m)	PBT (£'m)	PBT (£'m)	PBT (£'m)	PBT (£'m)
REPORTED PBT	284.6	186.0	106.1	90.2	74.4
Exceptional items	-	-	(3.7)	3.3	-
Fair value adjustments to derivatives included within Finance (income) / costs	(12.4)	(10.7)	8.6	3.2	5.9
Fair value (gains) / losses and profit on disposal of equity derivatives	32.0	15.6	(2.9)	(3.0)	1.8
Realised foreign exchange (gain) / loss	(43.8)	(4.5)	7.4	(4.8)	(17.6)
Share scheme	6.7	6.0	-	-	-
ADJUSTED PBT	267.1	192.4	115.5	88.9	64.5

KEY PERFORMANCE INDICATORS

Performance Measure	Closest equivalent statutory measure	Reconciling items to statutory measure	Definition and purpose
Group revenue	-	-	The Board considers that this measure is a key indicator of the Group's growth
Reported PBT	-	-	Reported PBT shows both the Group's trading and operational efficiency, as well as the effects on the Group of external factors as shown in the fair value movements in strategic investments and foreign exchange.
Adjusted PBT	Profit before taxation	Adjusting items (see Glossary reconciliation above). The adjusting items are those deemed by the Board to be volatile and therefore difficult to forecast.	Adjusted PBT shows how well the Group is managing its ongoing trading performance and controllable costs and therefore the overall performance of the Group.
Cash inflow from operating activities before working capital	-	-	Cash inflow from operating activities before workings capital is considered an important indicator for the business of the cash available for investment in the Elevation strategy. The change to this KPI from cash inflow from operating activities is due to the acquisition of SRL and the distortion in working capital caused by the consumer credit business.
Net assets	-	-	The Board considers that this measurement is a key indicator of the Group's health.
Number of retail stores	-	-	The Board considers that this measure is an indicator of the Group's growth. The Group's Elevation strategy is replacing older stores and often this can result in the closure of two or three stores to be replaced by one larger new generation store.

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END

IR BKOBKDBDBFBK

TIDM	FRAS
Share Price	786.50p-1.44%

Date	8 Dec 2022
Time	07:00:04
Category	Results
ID	9865I

TIDM	FRAS
Share Price	786.50p-1.44%

Date	8 Dec 2022
Time	07:00:04
Category	Results
ID	9865I

t

Company Information

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Company Information

RNS Metadata

Interim Results - 26 weeks to 23 October 2022

GLOSSARY

ALTERNATIVE PERFORMANCE MEASURES