The Very Group’s UK sales fell 2.5% in the 39 weeks to 29 March to £1.4bn, compared to £1.44bn the year prior, as it battled against a “tough market”.
The online retailer reported home sales were up 8.9%, while its sport offering jumped 24.6% excluding the impact of Nike moving to a direct-to-commerce model.
Sales in electricals, the group’s largest category, slumped 4.4%, which it said was a result of gaming product releases being weaker than the year prior.
Across the wider group, revenues were down 3.8% to £1.67bn due to a “tough retail climate across the UK”. Littlewoods sales plunged 15.1% decline in the period.
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Pre-exceptional EBITDA came in at £214.9m, marking a margin of 13.4%, rising 8.9% on last year. It also represented the highest margin reported by Very since it started quarterly reporting.
In a statement alongside its results, Very said: “As we continue to focus on higher margin sales and cost discipline through the remainder of FY25, we expect to see a continued strengthening of the profitability of our business.”
Last month, the retail group secured a £598m refinancing deal as it sought to strengthen its balance sheet and extend debt maturities.
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