Very Group has announced a widening of its pre-tax losses to £22.9 million for the 13 weeks ending 28 September, up from £5.8 million in the same period last year.
The ecommerce giant reported a 5% decline in group sales, amounting to £450.2 million. Sales for its flagship Very UK brand fell 3.8% to £392.1 million, while Littlewoods experienced a 14.4% drop in sales to £45 million.
Retail sales for Very decreased by 4.6%, with notable declines in fashion and sports categories, down 8.6%, attributed to a highly competitive and discount-driven market. On the other hand, beauty and home sales grew 4.2% and 2.5%, respectively, while electrical sales declined by 4.4%.
Despite the challenging market conditions, the group remains optimistic about its FY25 outlook, forecasting a strengthening of profitability. Very Group CEO Robbie Feather stated, “Our unique business model, combining multi-category digital retail with flexible payment options, has never been more relevant for our customers. Our results reflect a resilient retail performance that remains ahead of the UK online non-food market, along with a strong Very Finance performance.”
Feather emphasized that ongoing cost management and a loyal customer base are key drivers of the group’s continued resilience, contributing to robust earnings growth.