Annual sales at Very Group fell back from record highs during COVID-19 but remained above pre-pandemic levels.
The Liverpool-headquartered online retailer credited fashion sales and revenue growth from its Very Finance division as driving “robust performance in a challenging market”.
The group, which operates digital retailers Very and Littlewoods, reported a 7.3% decrease in revenue to £2.1 billion for FY22, the 12 months to 2nd July 2022. Group revenue was 4.8% higher than FY20.
Very Finance revenue grew 10.7% year-on-year to £397.9 million while group profit before tax increased 2.2% to £63.9m compared with FY21.
The company has appointed Lionel Desclée as CEO, Sean Hallows as COO and Dirk Van den Berghe as non-executive chair in the last year.
“I am pleased to report another robust performance, driven by ongoing structural growth in the Very brand, our integrated business model – which continues to prove resilient as we adapt to changing customer behaviour – and, of course, our amazing people,” said CFO Ben Fletcher.
“We also successfully managed costs, achieving a reduction relative to revenue despite inflationary pressures.
“Throughout the year, we were there for millions of families who benefited from our combination of leading brands and flexible payment options, from the return of fashion for the whole family, to entertaining the kids, updating homes, and accessing the latest games consoles and TVs.
“We did that while investing in our digital customer experience, modernising our technology, strengthening our Very Pay platform and increasing our product assortment through stockless fulfilment.
“While the rising cost of living and other economic conditions present challenges for all retailers, we’re confident in our resilient and adaptable business model – which combines multicategory online retail with flexible ways to pay. We now turn our attention to delivering an amazing Christmas for the families we serve.”