Very Group reports flat FY23 sales, profit drops

The Very Group, which operates digital retailers Very and Littlewoods, has reported flat revenue at 2.15 billion pounds for the full year ended July 1, while revenues at Very UK increased 1.9 percent to 1.82 billion pounds.

Group adjusted EBITDA dropped to 276.5 million pounds, while adjusted EBITDA margin remained flat at 12.9 percent. The company said in a release that profit before tax declined to 4.6 million pounds versus 63.9 million pounds in FY22.

Commenting on the full year results, Lionel Desclée, CEO at The Very Group, 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.”

Fashion and sports sales slide at Very group

The group’s fashion and sports segment declined 8.2 percent in a promotional market while annualising against a step up driven by the UK’s response to the Omicron Covid-19 variant in FY22.

Within the category, casual womenswear rose 4.8 percent and casual menswear was up 1 percent.

Home was down 1.4 percent with textiles up 5.3 percent and upholstery increasing 9.6 percent. Home accessories category declined 6 percent and garden was down 12.7 percent.

Meanwhile, toys, gifts and beauty under Very.co.uk grew 13 percent driven by a 20.6 percent increase in toys and 25 percent in personal care. Electrical category was up 3.3 percent, underpinned by small domestic appliances such as air fryers, up 52.4 percent and mobiles, tablets and wearable tech, up 7 percent.

The group expanded its own brand range, Everyday, adding 900 lines. Spanning women’s, men’s, and kids’ fashion, as well as homeware, 85 percent of Everyday fashion items are available for 30 pounds or less.