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The Very Group posts decline in revenue and widened loss in first quarter

The Very Group has posted a 4.9% decrease in first quarter group revenue to £450.2 million as the business continued to face a challenging market in…

FASHION

The Very Group posts decline in revenue and widened loss in first quarter

28 November, 2024 | by Angela Beevers

The Very Group has posted a 4.9% decrease in first quarter group revenue to £450.2 million as the business continued to face a challenging market in the period.

Accounting for 87% of sales, the flagship brand Very UK delivered a 3.8% decline in sales to £392.1 million in the 13 week period to 28 September.

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Sales in the electrical category dropped by 4.4% while sales in the toys, gifts and beauty category fell by 4.1%.

Meanwhile. the home category saw growth of 2.8% compared to the prior year, although fashion and sports sales decreased by 8.6%.

The group reported a pre-tax loss of £22.9 million for the period compared to a loss of £5.8 million at the same time in the prior year. However, adjusted EBITDA rose by 7.8% year-on-year to £56.7 million.

The Very Group said in a statement: “Whilst we have seen challenges in the retail market, particularly within fashion and sports, our home sales have improved which also generate a high margin.

“As we continue to focus on higher margin sales and cost discipline, we expect to see a strengthening of the profitability of our business in FY25.”