The Very Group, which operates digital retailers Very and Littlewoods, has reported flat revenue for the full year, with a decline in earnings before taxes. Despite this, the CEO highlights the company’s adaptable business model and market-beating growth.
The Very Group’s fashion and sports division experienced a decline in revenue, while other categories such as casual menswear and casual womenswear saw slight increases. Home products, on the other hand, saw a decrease in revenue.
The Very Group, a digital retail company operating Very and Littlewoods, has reported flat revenue of £2.15 billion for the full year ended 1st July. However, revenues at Very UK increased by 1.9% to £1.82 billion. The company’s adjusted EBITDA margin remained constant at 12.9%, but group adjusted EBITDA decreased to £276.5 million. Furthermore, earnings before taxes dropped to £4.6 million from £63.9 million in the previous financial year.
Despite the challenging economic conditions, Lionel Desclée, CEO at The Very Group, remains optimistic about the company’s performance. He attributes their market-beating top-line growth, improved cash flow, and best-ever customer satisfaction score to their adaptable business model.
In a promotional market, the group’s fashion and sports division saw an 8.2% decline in revenue. This decline can be attributed to a step increase in the previous financial year, prompted by the UK’s response to the Omicron Covid-19 variant. However, there were slight increases in revenue for casual menswear (1%) and casual womenswear (4.8%). Within the home category, textiles saw a 5.3% increase, while upholstery saw a 9.6% increase. However, overall, the home category experienced a 1.4% decrease in revenue.
It is important to note that this report does not provide specific information about the environmental impact of The Very Group’s operations. However, as an eco-focused news outlet, it is crucial to consider the environmental implications of the fashion industry as a whole. The fashion industry is known for its significant environmental footprint, including carbon emissions, water usage, and waste generation.
To address these environmental challenges, companies like The Very Group can focus on implementing sustainable practices throughout their supply chains. This can include sourcing materials from sustainable and ethical sources, reducing waste through recycling and upcycling initiatives, and promoting circular economy principles. Additionally, investing in renewable energy sources and adopting energy-efficient technologies can help reduce the company’s carbon emissions.
By adopting these sustainable practices, The Very Group can not only contribute to environmental conservation but also meet the growing consumer demand for eco-friendly products and brands. This can lead to improved customer loyalty and increased market competitiveness. As consumers become more conscious of their environmental impact, companies that prioritize sustainability are likely to attract a larger customer base.
In conclusion, The Very Group’s full-year report highlights the challenges faced by the fashion industry, with a decline in revenue for the fashion and sports division. However, the company’s CEO remains optimistic about their adaptable business model and market-beating growth. As an eco-focused news outlet, it is important to consider the environmental implications of the fashion industry and encourage companies like The Very Group to prioritize sustainability in their operations.