Pre-tax losses decrease while total revenue slightly drops

  • The Very Group’s pre-tax losses narrowed to £2.1m in the 39-week period ended 30 March
  • Total revenue slightly decreased by 0.8% to £1.6bn
  • Very UK revenue increased by 1% to £1.4bn, representing 86% of sales
  • Littlewoods revenue declined 11.9% to £174.5m
  • Very Ireland revenue fell 5% to £52.1m
  • Group retail sales decreased by 1.8% year on year in Q3 FY23
  • Pre-exceptional EBITDA increased 3.8% year on year to £197.4m
  • Operating income reached £147m
  • Strong sales growth in personal care, toys, and fragrance categories
  • Group fashion and sports retail sales declined by 5.7%, with a decline of 4.9% at Very UK level
  • Senior government minister Nadhim Zahawi appointed as non-executive chair and board member

The Very Group has reported a narrowing of pre-tax losses to £2.1m in the 39-week period ended 30 March, despite sales dipping under challenging market conditions. Total revenue decreased by 0.8% to £1.6bn, with Very UK revenue increasing by 1% to £1.4bn, representing 86% of sales. Littlewoods revenue declined 11.9% to £174.5m, in line with expectations for the managed decline strategy. Very Ireland’s revenue fell 5% to £52.1m. Group retail sales dropped by 1.8% year on year during Q3 FY23, while Very UK retail sales decreased by 0.4%. The company experienced growth in key categories such as personal care (up 20.4%), toys (9.1%), and fragrance, partially offsetting the decline in gifts sales. Pre-exceptional EBITDA increased 3.8% year on year to £197.4m. Operating income reached £147m. Recently, Nadhim Zahawi, a senior government minister and MP, was appointed as non-executive chair and board member, replacing Aidan Barclay.

Factuality Level: 8
Factuality Justification: The article provides accurate and objective information about The Very Group’s financial performance, including pre-tax losses, revenue, sales figures for different segments, and growth in certain categories. It also mentions the appointment of a new non-executive chair. However, it lacks some context or background information on the company and market conditions.
Noise Level: 3
Noise Justification: The article provides relevant financial information about The Very Group’s performance and a brief overview of their sales in different categories. It also mentions the appointment of Nadhim Zahawi as non-executive chair. However, it lacks analysis or exploration of long-term trends or consequences of decisions.
Financial Relevance: Yes
Financial Markets Impacted: The Very Group’s financial performance and changes in its management structure
Financial Rating Justification: This article discusses the financial performance of The Very Group, including pre-tax losses, revenue, and EBITDA, as well as the appointment of a new non-executive chair. These topics are relevant to financial markets as they impact the company’s financial health and potential stock value.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: No extreme event is mentioned in the text.

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