The Very Group has seen its pre-tax profit increase by 2.2% to £63.9 million in the year to 2 July 2022.
Group revenue was down 7.3% to £2.1 billion in comparison to the previous 12-month period which was the group’s best ever year. However, revenue was up 4.8% compared to pre-pandemic levels.
The Very Group’s brands include Very and Littlewoods. Very’s revenue was down 4% overall and Very retail sales fell by 7.7%. While the brand saw a resurgence in the fashion and sports category with sales up 6%, electrical and home sales declined by 12.7% and 22.3% respectively after strong prior year comparatives.
During the year, The Very Group strengthened its leadership team with a number of appointments and promotions. This included Lionel Desclée being named as the group’s new chief executive and Dirk Van den Berghe as non-executive chair.
It also developed its tech stack to deliver long-term improvements in its digital customer experience.
