The Very Group sees full year sales drop 7.3%

The Very Group has reported a 7.3% decrease in revenue to £2.1 billion for the full year ending 2 July 2022, compared with its "best-ever year" in FY21.

The owner of Very and Littlewoods saw its underlying EBITDA decrease 3% to £291.4 million, compared to £300.5 million in FY21. However, the group's profit before tax increased 2.2% to £63.9 million.

The Very Group also shared the following results:

• Very brand revenue down 4% to £1.79 billion against FY21.
• Very brand revenue up 2.6% against FY20.
• Very brand retail sales down 7.7% to £1.41 billion against FY21.
• Very brand retail sales up 15.3% against FY20.

In addition, the group saw fashion and sports sales increase by 6%, women's high street brands by 87% and designer brands by 50%. Electrical and home sales declined 12.7% and 22.3%, respectively.

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.

“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.”