the same group has revealed a 6.7% decline in revenue in its interim first-quarter results, citing industry challenges and “economic headwinds.”
In a business update, the UK-based group commented: “As we continue to push through the economic headwinds and industry challenges that began in FY22, our business has continued to show its ability. recovery from difficult conditions. Despite the adverse economic environment, our business has generated profitability and profits.”
Total revenue decreased 3% to £469.4 million.
The report also includes the following findings:
Very Group retail sales decreased by 6.7% Very Group total revenue decreased by 3% to £469.4 million Very UK retail sales decreased by 5.1% In the first quarter of FY23, it delivered £171m gross profit Statutory gross margin rate of 36.4%, 2.0% pts below last year Overall operating cost decreased year-on-year as a percentage of revenue, by 24.2%
Looking at individual categories, fashion and sports retail sales declined 9.6%. Electrical (which is the largest category with 44% of retail sales) fell 5.1%, despite 23% growth in small appliance sales that reflects demand for products like deep fryers.
Housing income was also down, 8.8% year-on-year driven by lower garden furniture sales. However, Toys, Gifts and Beauty registered stable sales, with growth of 3.4%.
Source: news.google.com