The Very Group’s full-year results for the 52 weeks ended 28 June 2025 (FY25) showed significant earnings growth, which the retailer attributes to a strong performance in both its retail and financial services businesses and “diligent cost discipline.”
The Very Group’s overall FY25 performance
However, group revenue for the year was down 1.8% year-on-year to £2.087.4bn ($2.78bn) compared with £2.125.3bn in FY24, which it says “reflects a focus on profitability over volume in a challenging market.”
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The Very Group’s UK revenue is described as stable with a slight decline of 0.2% to £1.83bn (compared to £1.84bn in FY24).
The retailer overall enjoyed an increase in adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of 15.9% to £307.1m compared to £264.9m in FY24.
This equated to an adjusted EBITDA margin of 14.7% versus 12.5% in FY24 and is described as its highest ever earnings margin to date.
Its group operating profit before exceptional items was £246.2m (compared to £218.5m in FY24).
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By GlobalDataIts group loss before tax was £505.4m compared to £16.3m in FY24.
Group gross margin grew 1.0% in the year to 36.6%, which it says reflects a strong financial services performance and the changes to its retail sales mix, notably through the increase in higher margin home sales.
Operating costs, excluding fair value adjustments, fell £36.4m year on year, reducing by 0.9% as a percentage of revenue to 22.3% (from 23.2% in FY24), which is the lowest in the Group’s history.
Struggle for fashion and sports segment while home thrives
Very.co.uk’s category performance saw its fashion and sports segment decline 3.7% due to a “heavily discounted and challenging market”.
However, Very did expand its fashion and sports brand portfolio in FY25 with the introduction of leading names such as New Balance, Decathlon and Sweaty Betty.
FY25 marked a better year for its home category, which grew 9.9% year on year and reflected a strong demand for home accessories, textiles and bedroom furniture following category transformation. It also saw strong performances in toys (up 4.3%) and beauty (up 5.2%) following targeted investment in these categories.
The Very Group CEO describes FY25 as a year of progress despite a challenging backdrop
The Very Group’s CEO Robbie Feather says: “FY25 was a year of real progress for Very. As a multicategory digital retailer and flexible payments provider, we have a unique business model which continues to resonate with the families we serve.”
He added that “despite a challenging economic backdrop, we’re delighted with our performance, driven by our unrelenting focus on improving all aspects of our offer and customer experience. We ensured we had the right products at the right time, at the right prices, and with the right payment options. Together with disciplined cost control, we were able to deliver significant earnings growth across the year.”
