Very Group sees quarterly profits rise to £13.5m
The group added that it is beginning to see a ‘shift back to a more typical basket’
The Very Group has revealed its pre-tax profits for the 12-week period ending 2 October 2021 increased to £13.5m, up from £8.6m the previous year.
The retail group said the performance comes after group sales increased by 3.9% to £484.1m. Its flagship site, Very.co.uk, saw revenues surge 9.6% to £403.8m, however this was slightly offset by sales at its Littlewoods brand decreasing 17.7% to £80.3m.
The group added that it is beginning to see a “shift back to a more typical basket”. It’s biggest growth came in fashion and sports, with sales increasing by 14.5% in Q1 FY22 YTD. This was driven by “particularly strong performances” in ladies’ high street brands, as well as men’s and women’s casualwear.
It said sportswear also “remains a key proposition”, with growth of 7.3% in Q1 FY22 YTD. In addition, it said electrical revenues increased by 5.3% in Q1 FY22 YTD, driven by significant growth in gaming which “offset a contraction in vision and smart home’ following strong performances last year.
The group also revealed that its EBITDA before exceptional items rose 21.7% year on year to £70.1m.