Very Group has posted revenue of £2.1bn for the 52 weeks to July 2nd. This represented a 7.7 per cent fall on the previous year’s results which benefited from periods of store lockdowns which drove consumers to buy more online. However, it was 15.1 per cent higher than the year prior to that, which was pre-pandemic.
The business, which operates both the Vry and Littlewoods brands, had benefited from growth in its customer finance revenues together with 6 per cent uplift in fashion and sports product revenues, however the electricals category had declined by 12.7 per cent.
CFO Ben Fletcher 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 chaging customer behaviour – and, of course, our amazing people.”
He added: “While the 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.”
The business has also seen a change of CEO with Lionel Desclee replacing Henry Birch.