Shop Direct posts 6.3% Christmas growth, appoints interim CEO
Shop Direct, which operates Very, Littlewoods and Very Exclusive brands, revealed its total group revenue increased by 6.3% during the seven weeks up to December 2017.
The performance was driven by 16.8% growth in the Very brand, in what the group says is its “largest and fastest growing retail brand”.
Littlewoods was down by 12.6% but the company said “it was in line with the strategy of profitable, managed decline for the brand”.
Electrical was up 16% on the previous year driven by growth in gaming and smart tech, with mobile sales also up by 18%.
Derek Harding has also been appointed interim group CEO alongside his current role of group finance director. He takes over from current group CEO, Alex Baldock, who will leave the business at the end of January 2018.
Commenting on his departure Baldock said: “It’s been a privilege to lead this team and I’m immensely proud of what we’ve achieved together; turning a dusty old catalogue retailer into a growing, profitable and innovative retailer. Derek is an outstanding leader, and as I hand him the reins I know that Shop Direct will continue to thrive.”
Harding said: “Shop Direct has achieved one of retail’s most successful transformations over the last five years, thanks to the commitment of our people, the support of our shareholders and Alex’s leadership.
“Looking ahead to 2018, the market remains tough and highly promotional. We’ll keep trading hard and investing in what makes us special to deliver another positive year.”
