UK: Shop Direct full-year losses narrow to GBP57.7m
- Full-year pre-tax losses narrowed to GBP57.7m
- Group sales edged up 0.4% to GBP1.67bn
- Online sales rose 6%
Shop Direct Group, the UK's largest catalogue and online retailer and operator of the Littlewoods, Very and Isme businesses, has seen its full-year net losses narrow.
Pre-tax losses narrowed to GBP57.7m (US$92.2m) during the 12 months to the end of June, compared to GBP78.9m the year before, while EBITDA increased by 66% to GBP108.9m.
The company today (7 November) described its performance as "strong."
Full-year group sales, excluding VAT, edged up 0.4% to GBP1.67bn. Online grew 6%, with 75% of sales having been completed online during the year.
Very.co.uk and isme saw double-digit growth, buoyed by investment in own-brand
labels and expansion of its national brand portfolio.
Mark McMenemy, group finance and product director, said: "Despite the economic challenges, Shop Direct delivered a strong performance in 2011/12.
"We grew sales slightly despite increased pressures on customers, which demonstrates clearly the broad appeal of our brand, product and financial services offerings.
"By maintaining a clear focus on stock control, cash management and efficiency, we also ensured that we were able to mitigate the impact of increased promotional activity and significantly improve EBITDA performance during the year."
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