Very profits plunge by 90% amid soaring costs

By City & Finance Reporter

Updated: 21:57 BST, 26 October 2023

Stylish: Very is promoted by actress Michelle Keegan

Annual profits at The Very Group plunged by more than 90% as sales flat-lined.

The group, which operates digital retailers Very and Littlewoods, posted profits of £4.6m for the year to July 1. It made £63.9m the year before.

The company, promoted by actress Michelle Keegan, sells clothes, footwear, electronics, furniture and gifts and is owned by the Barclay family.

It comes as the Barclays announced this week that they would make a £1billion offer to retain control of the Telegraph and Spectator publications.

Very’s sales in the year plateaued at £2.15billion, only a slight increase on the £2.1billion booked the year prior.

In the annual report, chief executive Lionel Desclee said ‘the market will remain challenging’.

Britons have felt the pinch due to soaring costs of living.

Desclee added: ‘We’re confident our proven and resilient business model, which combines multi category online retail with flexible ways to pay, will continue to deliver for our customers.’

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Very profits plunge by 90% amid soaring costs

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