Online retailer backed by Mike Ashley’s Frasers Group issues profit warning

Profit expectations have been lowered at an online retail group, whose largest shareholder is Mike Ashley’s Frasers Group, despite a positive set of half-year results.Lancashire-headquartered Studio Retail Group has warned its full-year adjusted pre-tax profits are now set to be between £35m and £40m, down from the previous range of £42m to £45m. In a statement issued to the London Stock Exchange, the group added that despite “short-term headwinds” its strategy for growth “remains intact and we maintain our £1bn revenue goal in the medium term”. READ MORE: Name revealed for landmark £36m office block with Europe’s biggest living wall The group also said it is “not immune to the well-publicised market headwinds and has had to manage challenges in product shipping which has driven up costs in this area”. The downgrade com …
Read more…….