Very Group revenue passes £2 billion mark for first time
Very Group has seen its annual group revenue pass the £2 billion mark for the first time after fourth quarter retail sales grew by 36% at Very.co.uk.
The group said the uplift was driven by respective growth of 78% and 53% in Very’s electrical and home categories where the top five performing departments were gaming, vision, computing, small domestic appliances, and garden tools and DIY. It also benefited from a 65% increase in website visits.
Overall group retail sales, including those at Littlewoods, climbed by 28% in the quarter compared to the same period in the previous year.
Henry Birch, chief executive at The Very Group, said:“Thanks to the tireless efforts of our colleagues, we performed very strongly in Q4 despite the challenges of Covid-19. We prioritised the safety of our people and delivered an uninterrupted service for new and existing customers, who chose us as their preferred shopping destination during lockdown.
“As in the financial crisis, our business model proved adaptable and resilient in the face of volatile conditions and changing consumer buying patterns. We experienced peak trading levels and recruited unprecedented levels of new customers as our online multi-category model supported by financial services came to the fore.”
In light of the strong performance, the group has not used the Government’s Coronavirus Jobs Retention Scheme and is now expecting underlying EBITDA to be in the range of £255 million to £270 million in the year to 30 June 2020.
Birch said: “Economic conditions will continue to be challenging, but we believe we are more relevant than ever for customers, who are increasingly buying online. We are well positioned to continue the strong trading into the new financial year and will continue to invest to ensure we are at the forefront of whatever the new normal may be.”
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