Very Group records ‘resilient’ performance as profit grows but revenue dips

In the 52 weeks to June 29, the retailer’s group revenue declined 1% to £2.13bn and Very UK revenue increased 0.7% to £1.84bn.

The group said pre-exceptional operating profit grew 17.1% to £218.3m due to “resilient top line and careful cost management” – its highest level since the full year 2019.

Electrical continues to be Very UK’s largest category by sales, which grew 0.9% year on year. Standout products include Apple items, mobiles, tablets and wearable tech.

Toys, gifts and beauty categories grew 3% year on year, with sales across toys growing 7.7% and personal care rising 15.5%.

Fashion and sport declined 5.5% annually, and garden fell 16.5%. Very Finance revenue increased 3.1% to £435m.

The group made developments with its multi-year tech investment roadmap, including rolling out AI-powered product discovery across the Very website and app.

Very Group chief executive Robbie Feather said: “Our unique business model, combining multicategory digital retail with flexible ways to pay, is more relevant than ever for our customers.

“In a challenging environment, our results reflect a resilient retail performance that remained ahead of the UK online non-food market, as well as a continued strong Very Finance performance. 

“This top-line resilience coupled with our continual focus on strong cost management, has driven robust earnings growth in the year. Our results are thanks to the inherent strength of our business model and our loyal and growing customer base. 

“This is underpinned by the tireless work of our people and the benefits of our customer-focused investment. We are relentlessly focused on our customers’ needs and are adept at continuous transformation to make sure we meet and beat their expectations. 

“We continue to invest in finding new ways to serve our customers, enhancing their shopping experience and giving them access to our wide range of products covering almost every area of life. This is then supported by the convenience and breadth of our flexible ways to pay. 

“We can look back on our FY24 performance with pride and I am confident that we have a great platform on which to build further.”