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The Very Group has revealed that its loss-before-tax rose to £22.9m in the 13 weeks ended 28 September 2024, an increase of £5.8m.
Alongside this, Very saw its sales fall 5% to £450.2m, with revenue for Very UK falling 3.8% to £392.1m and Littlewoods revenue down 14.4% to £45m.
Very retail sales dropped 4.6% to £286.4m, as a result of an 8.6% dip in fashion and sport resulting from the “heavily discounted and contracting market”.
Furthermore, beauty and home sales rose 4.2% and 2.5% respectively over the period, while electrical dropped 4.4%.
Robbie Feather, The Very Group CEO, 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.”
