Very owner Shop Direct has posted a strong increase in its sales and profit.
In the year to 1st July, group sales increased by 5.6% on a like for like basis, or 3.7% on adjusted basis, to £1.93 billion after Very saw sales growth of 14.6%, or 12.6% on an adjusted basis, to £1.26 billion.
Underlying pre-tax profit climbed by 10.2%, or 6.6% on an adjusted basis, to £160.4 million.
Group chief executive at Shop Direct, Alex Baldock said: “We’re pleased to report our fifth successive year of record sales and underlying profits. Once again, Very and mcommerce were the big drivers of our growth.
“Our fashion performance stood out in a volatile market as we brought even more famous brands within reach of our customers. Spotting the athleisure trend early boosted sportswear and V by Very became an £150 million brand in its first full year.
“Our long-term investments in digital, data, personalisation and Very are coming good. And our obsession with winning the ‘three-second audition’ on smartphones also continues to pay off. We’re delivering one of the most relevant shopping experiences on a 4.7-inch screen, with our five-star apps, digital marketing expertise and leadership in personalisation.”
Very also said artificial intelligence is already boosting results for the business and that it is planning to launch one of UK retail’s first AI-powered chatbots for customer service.
Mr Baldock said: “We don’t expect the economic backdrop to get any easier, but we’ve started our new financial year in line with expectations and are confident of delivering another record year.”
