24 May 2024, 14:31
By Furniture News Oct 19, 2021

Very announces significant furniture sales growth

The Very Group, which operates online retail brands Very.co.uk, Littlewoods.com and LittlewoodsIreland.ie, has announced its results for the year ended 3rd July 2021.

Very's retail sales were up +24.9% to £1535.6m, driving +13% group revenue growth to a record £2317.1m.

Home sales were up +26.7%) – including in home accessories (+27.9%), textiles (+27.0%) and furniture (+33.1%), the latter of which was driven by beds (+43.9%).

Customer numbers increased +12.4% to 3.82 million (group customers by +7.6% to 4.82 million).

Group profit before tax was £81.7m (up +68.8% YoY), reflecting increased Very retail sales and improved cost management.

The group finished the year in strong financial health, with underlying operating cash flow of £245m. 

Group CEO Henry Birch comments: “I am pleased to report outstanding group performance, including record revenue, continued profit growth and strong cashflow generation.

“Whether working remotely, educating and entertaining the kids, updating their homes or simply wanting to look and feel good, we’ve given millions of families the items they need via an extensive range of flexible payment products. 

“We’ve done this while moving our company forward operationally and strategically, from continuous digital customer experience improvements and developing our Very Pay platform to extending next-day delivery cutoff thanks to our highly automated fulfilment centre.

“I am most proud, however, of our colleagues. Through their dedication, adaptability and ingenuity, they consistently delivered for our customers while adjusting to new ways of working, with many facing personal tests.

“The current environment is not without challenge, but our pandemic experience has shown us that our multi-category offer, combining leading brands with our Very Pay platform, is relevant to an increasingly wide number of customers. We are in good shape to face any future uncertainty, and remain confident that we are well positioned to take advantage of a market and customer behaviour that is moving towards our model.”

The group also strengthened its executive team with the appointment of former BBC technology director Matt Grest as chief information officer, while Robbie Feather, former CEO of Fenwick, is set to join the business as retail MD later this year.

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