Very Group reports ‘flat’ revenue as fashion sales fall

The Very Group, which operates digital retailers Very and Littlewoods, has reported flat revenue at £ 2.15 billion for the full year ended 1st July, while revenues at Very UK increased 1.9 per cent to £ 1.82 billion.

While adjusted EBITDA margin stayed constant at 12.9 per cent, group adjusted EBITDA decreased to £ 276.5 million. In a press statement, the business stated that their earnings before taxes dropped to £ 4.6 million from £ 63.9 million in FY ’22.

Commenting on the full-year results, Lionel Desclée, CEO 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.”

In a promotional market, the group’s fashion and sports division saw an 8.2 per cent decline, but was annualised against a step increase in FY ’22 that was prompted by the UK’s response to the Omicron Covid-19 version. Casual menswear increased by 1 per cent and casual womenswear by 4.8 per cent within the category. With textiles up 5.3 per cent and upholstery up 9.6 per cent, home was down 1.4 per cent.