The Very Group has posted its full-year results, showing relatively flat revenue and a mixed sales performance.
In the 52 weeks to July 1, The Very Group, comprising digital brands Very and Littlewoods, recorded “broadly flat” group revenue at £2.15bn.
Very UK revenue inched up 1.9% to £1.82bn, while Very Finance revenue grew 6.1% to £422.1m.
The company posted group profit before tax of £4.6m, down from £63.9m in 2022, impacted by “the heightened cost of funding to the company.”
Toys, gifts and beauty categories grew 13% year-on-year, and electrical sales increased by 3.3%.
Fashion and sports sales dropped 8.2% year-on-year while home declined 1.4%.
Group adjusted EBITDA slipped from £291.4m in 2022 to £276.5m in 2023, the result of “pricing investment and cost inflation” and mitigated by “good cost management and strong Very Finance contribution.”
The retailer also made investments in its technology transformation, expanded its Everyday own-brand range, and launched an AI platform with Amazon Web Services.
The Very Group chief executive Lionel Desclée said: “Despite challenging economic conditions, our adaptable business model has driven market-beating top-line growth, improved cash flow year-on-year, and our best-ever customer satisfaction score.
“It’s down to the investments we made in pricing and our digital customer experience, our cost discipline, and the commitment of our people in serving families in the UK and Ireland.”
Desclée added: “In the year ahead, we will continue to deliver a combination of investment-led growth – with a clear focus on improving our digital customer experience – and diligent cost management.
“While the market will remain challenging, we’re confident our proven and resilient business model, which combines multicategory online retail with flexible ways to pay, will continue to deliver for our customers.”
No comments yet