The Very Group losses narrow to £2.1m
Total revenue for the group slightly decreased by 0.8% to £1.6bn, yet Very UK revenue, which represents 86% of sales, increased by 1% to £1.4bn
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The Very Group pre-tax losses narrowed to £2.1m in the 39-week period ended 30 March, down from a loss of £11.7m the prior year, despite sales dipping amid tough market conditions.
Total revenue for the group slightly decreased by 0.8% to £1.6bn, yet Very UK revenue, which represents 86% of sales, increased by 1% to £1.4bn.
Littlewoods revenue declined 11.9% to £174.5m, which the group said was in line with expectations as the managed decline strategy for this brand continues. Very Ireland revenue fell 5% to £52.1m.
Very UK retail sales fell slightly by 0.4% year on year compared with Q3 FY23, while group retail sales decreased year on year by 1.8%.
The group said that 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 sale of gifts. Group fashion and sports retail sales declined by 5.7% year on year, with a decline of 4.9% at a Very UK level.
Pre-exceptional EBITDA increased 3.8% year on year to £197.4m, despite the ongoing tough market conditions. Operating income for the period reached £147m.
Earlier this month, the group also announced the appointment of senior government minister and MP Nadhim Zahawi as non-executive chair and board member. Zahawi, who recently announced he will stand down as an MP at the next general election, will replace current non-executive chair Aidan Barclay.
