Very Group posts Q3 loss but claims “resilient performance”
The Very Group has posted a year-on-year loss of 0.8% in revenue to £1.667 billion for the 39 weeks to 30 March 2024, but has said it has delivered a “resilient performance in the year to date, despite market pressures”.
The top line performance supported the delivery of positive pre-exceptional EBITDA of £197.4 million, an increase of 3.8% year on year. As a result of higher interest costs compared to the prior year, loss before tax for the period stood at £2.1 million.
Group fashion and sports retail sales declined by 5.7% year on year, with a decline of 4.9% at Very UK, representing a slowing of the decline seen in previous quarters. That decline was “driven by a heavily promotional environment for fashion”. Premium fashion, however, performed well year-on-year, with growth of 19.4%.
Toys, gifts and beauty, which it highlighted as areas of “strategic focus” last year, grew 2.5% across the group and 4.9% at Very UK.
There were particularly strong sales in certain key categories, with growth of 20.4% for personal care, 9.1% for toys and 8.7% for fragrance, partially offset by a decline in the sale of gifts.
Earlier this month it was confirmed that former chancellor Nadhim Zahawi has been appointed as new Non-Executive Chair of the Very Group.
Zahawi, who recently announced he would stand down as an MP at the next general election, will replace Aidan Barclay, who assumed the role on an interim basis in February 2024 following the departure of Dirk Van den Berghe at the end of his contract term.
