The Very Group posts flat sales as profit drops
The Very Group has posted broadly flat revenue in the year to 1 July following challenging market conditions.
While group revenue came in at £2.15 billion, revenue at Very UK increased by 1.9% to £1.82 billion following a strong performance in the toy, gift, and beauty categories, where sales grew by 13% year-on-year.
Meanwhile, pre-tax profit came in at £4.6 million compared to £63.9 million a year earlier due to the heightened cost of funding to the business.
The group continued to transform its ecommerce operations with more elements migrated to its Skyscape ecommerce platform. It also launched an AI platform in partnership with Amazon Web Services to transform retail forecasting operations.
Lionel Desclée, chief executive 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.
“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.”
Looking ahead, he added: “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.”
