The Very Group posts ‘robust’ full year peformance
The Very Group has seen its pre-tax profit increase by 2.2% to £63.9 million in the year to 2 July 2022.
Group revenue was down 7.3% to £2.1 billion in comparison to the previous 12-month period which was the group’s best ever year. However, revenue was up 4.8% compared to pre-pandemic levels.
The Very Group’s brands include Very and Littlewoods. Very’s revenue was down 4% overall and Very retail sales fell by 7.7%. While the brand saw a resurgence in the fashion and sports category with sales up 6%, electrical and home sales declined by 12.7% and 22.3% respectively after strong prior year comparatives.
Ben Fletcher, chief financial officer at The Very Group, said: “I am pleased to report another robust performance, driven by ongoing structural growth in the Very brand, our integrated business model – which continues to prove resilient as we adapt to changing customer behaviour – and, of course, our amazing people. We also successfully managed costs, achieving a reduction relative to revenue despite inflationary pressures.”
“Throughout the year, we were there for millions of families who benefitted from our combination of leading brands and flexible payment options, from the return of fashion for the whole family, to entertaining the kids, updating homes, and accessing the latest games consoles and TVs. We did that while investing in our digital customer experience, modernising our technology, strengthening our Very Pay platform and increasing our product assortment through stockless fulfilment.”
During the year, The Very Group strengthened its leadership team with a number of appointments and promotions. This included Lionel Desclée being named as the group’s new chief executive and Dirk Van den Berghe as non-executive chair.
It also developed its tech stack to deliver long-term improvements in its digital customer experience.
Looking ahead to the key Christmas trading period, Fletcher said: “While the rising cost of living and other economic conditions present challenges for all retailers, we’re confident in our resilient and adaptable business model – which combines multicategory online retail with flexible ways to pay. We now turn our attention to delivering an amazing Christmas for the families we serve.”