The Very Group has posted further losses although the group said it delivered a “resilient performance despite market pressures”.

The Very Group 2023 Christmas trading results

While group revenue fell slightly to £1.6bn, Very UK outperformed the wider market

In the 39 weeks to March 30, the retailer recorded a loss before tax of £2.1m as a result of “higher interest costs” than the year before. During the same period last year, it recorded a profit before tax of £11.7m.

Group revenue saw a slight decline of 0.8% to £1.6bn; the group said it had outperformed the wider market as revenue for Very UK grew 1% to £1.4bn.

Littlewoods revenue fell 11.9% to £174.5m, in line with group expectations of its continuing “managed decline strategy” for the brand. 

Very UK retail sales declined 0.4% year on year and group retail sales decreased 1.8%, notwithstanding an increase in group market share in the declining market. 

Toys, gifts and beauty was an area of strategic focus for Very Group, which saw growth of 4.9% for Very UK.

Personal care sales increased 20.4%, toys grew 9.1%, fragrance increased 8.7% and electricals grew 1.2%. However, fashion and sport saw a decline of 4.9% and the home category declined 1.7% at Very UK.

Pre-exceptional EBITDA increased 3.8% year on year to £197.4m.

The latest financial results follow the news in February that Very had secured a £125m investment from global investment firm Carlyle and international investment house IMI.

It also announced last week that former chancellor Nahdim Zahawi has been appointed non-executive chair. 

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