Liverpool-based online retail and financial services firm The Very Group, operator of digital retailers Very and Littlewoods, announced that its revenue slipped 7.3% to £2.148 billion for the 52 weeks ended July 2, 2022, compared with its best-ever year in FY21.
Profit before tax increased 2.2% to £63.9 million, including exceptional items of £41.5 million.
Very revenue fell 4% to £1.79 billion, and Very Finance rose 10.7% to £397.9 million.
The Very Group in July appointed Lionel Desclée, former president and CEO of Walmart Japan, as its group CEO.
The Very Group owners, the Barclay family, recently brought back plans to float the online retailer on the stock market for up to £4 billion.
The Very Group chief financial officer Ben Fletcher said: “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.
“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 benefitted 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.”