Sales topped 拢2bn at online retailer The Very Group听for the first time听in the last financial year.听
The Liverpool-headquartered firm reported听retail sales growth of 36% at听Very.co.uk听in the final quarter听鈥� off the back of a 65% increase in website visits听鈥撎�leading听to full-year growth of over 10%听
The growth was primarily听driven by growth in electrical and home categories of 78% and 53% respectively.听听听
痴别谤测.肠辞.耻办鈥檚听share of the UK non-food market grew by over 1% to almost 3%, with its top five performing departments gaming, vision, computing, garden tools/DIY and small domestic appliances.听听听
Overall Group retail sales (including Littlewoods) grew by 28% in Q4 compared with the prior year.听
Although electrical and home grew strongly, the significant decline in fashion, which has relatively higher margin rates, resulted in overall cash margin at a similar level to prior year.听
The firm opened its state-of-the-art听Skygate fulfilment centre, 850,000sq ft of automated warehousing space which it says enables a product to go from order to dispatch in 30 minutes, on 23rd听March.听听
The centre听processed its one-millionth outbound customer order in July.听
鈥淒espite operational challenges caused by COVID, we adapted and pressed on with the migration to our听Skygate听fulfilment centre, which will create game changing new benefits for our customers and our business,鈥澨齭aid CEO Henry听Birch.听
鈥淓conomic conditions will continue to be challenging, but we believe we are more relevant than ever for customers, who are increasingly buying online.鈥�听
In July fast fashion retailer boohoo came under fire following听a newspaper investigation into factory conditions听during a localised lockdown in Leicester.听
The Very Group said there has been strict implementation of social distancing and additional cleaning and safety measures across its sites, including Skygate in the East Midlands.听Its 800 contact centre staff and over 1,000 head office staff are continuing to work remotely.听听听
Birch said听the firm听had听鈥減rioritised the safety of our people鈥� during the pandemic, which also saw spikes in the North West,听but also 鈥渄elivered an uninterrupted service for new and existing customers, who chose us as their preferred shopping destination during lockdown鈥�.听
The Very Group听did听not听furlough any staff as a result of coronavirus, nor access any of the government鈥檚 assistive loan schemes.听听
鈥淭hanks to the tireless efforts of our colleagues, we performed听very听strongly in Q4 despite the challenges of COVID-19,鈥澨�added Birch.听
鈥淎s in the financial crisis, our business model proved adaptable and resilient in the face of volatile conditions and changing consumer buying patterns.听听听
鈥淲e experienced peak trading levels and recruited unprecedented levels of new customers as our online multicategory model supported by financial services came to the fore.鈥�听
The group claims a strong liquidity and cash position, with year-end cash headroom of over 拢200m.听Full–year underlying听EBITDA听is听expected to be in the range of 拢255–270m.听
COVID-19