Home Business NewsBusinessBusiness Growth Very Group profits top £2bn during pandemic

Very Group profits top £2bn during pandemic

by LLB Finance Reporter
13th Aug 20 2:24 pm

The online retailer Vert Group have said that sales during the pandemic surged reaching revenues topping the £2bn milestone.

The online retailer Very.co.uk, recently rebranded from Shop Direct said that sales soared by 36% higher in the first quarter to the end of June.

The group had a “significant” fall in fashion sales that affected cash margins, but electrical sales were 78% higher, whilst growth for home categories hit 53%.

Overall group retail sales rose by 28% in the fourth quarter, which included Littlewoods. Revenues soared past £2bn for the first time in the fourth quarter, and in the year to 30 June, the Very Group now expect to return to pre-tax profits.

Underlying earnings are expected to be in the range of £255m to £270m.

Chief executive Henry Birch told the PA news agency, “We, like every other company in the UK, didn’t know what to expect and we modelled a scenario of minus 25% sales for the quarter ahead.

“We have clearly blown that out of the water.”

You may also like

Leave a Comment

CLOSE AD

Sign up to our daily news alerts