The Very Group has successfully grown its full-year profits on pre-pandemic figures, although its revenue was slightly down on its bumper, 2021 lockdown results.
The group, which operates digital retailers Very and Littlewoods, saw pre-tax profit edge up 2.2 per cent to £63.9 million in the 52 weeks to July 2.
Very revenue grew 12.6 per cent, and group revenue was up 4.8 per cent at £2.1bn, compared with pre-pandemic results. When pitched against its best-ever year in FY21, Very Group sales was down 7.3 per cent .
Very retail sales declined 7.7 per cent compared with the same period last year, but grew 15.3 per cent on a two-year basis. Fashion and sports made a resurgence as customers returned to more normal shopping habits, with Very fashion sales growing 6 per cent year-on-year.
The demand for electrical goods dropped with sales down 12.7 per cent. However, Very Group reported a double digit growth compared to pre-pandemic across all sub-categories.
Homewares declined 22.3 per cent against a strong lockdown performance in furniture categories.
Very Group 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 changing customer behaviour – and, of course, our amazing people.”
In July, The Very Group appointed former Walmart exec Lionel Desclée as new chief executive, following Henry Birch’s resignation after four-and-a-half years.
Desclée, who was president and chief executive of Walmart’s Japanese business for three years, joined Very Group from McKinsey & Company.