The Very Group’s fashion and sports sales declined 4.5% in the 39 weeks ending 28 March 2026, with GlobalData retail analyst Ashley Adeyemi stating the fashion segment continues to “drag the category into negative territory”.
She argues that the impact of Nike’s previous move towards direct-to-consumer “no longer explains the full magnitude of underperformance”, despite the disruption it caused to the retailer’s sports offering.
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“Nike’s return to the platform this year is an opportunity, particularly given the momentum building around the 2026 World Cup, but Very will need to demonstrate it can build a fashion proposition capable of competing with the pace, cultural relevance and price point of ultra-fast-fashion pureplays.”
The comments come as The Very Group reported a 0.3% increase in group revenue to £1.608.1m for the period, while Very UK revenue rose 1.9% to £1.431m.
Adeyemi says the retailer’s recovery remained too reliant on stronger-performing categories such as Home, which grew 6.3% year on year following continued investment across the division, including the addition of DUSK.com and more than 450 brands.
She adds that weakening consumer confidence following the escalation of conflict in the Middle East could place further pressure on The Very Group’s core customer base.
“The results capture only the earliest weeks of disruption from the escalation of conflict in the Middle East, with UK consumer confidence recording its sharpest month-on-month decline in March since the first covid lockdown. Very’s core customer base will be the most vulnerable to that deterioration, and demand for value-oriented retailers with flexible payment options remains structurally supportive.”
She notes that the popularity of Very Pay for financing higher-ticket home purchases had helped support basket sizes and contributed to a 0.6 percentage point increase in gross margin to 35.7%.
Adeyemi also highlights the growing importance of the retailer’s financial services business, which grew 8% to £348.9m during the period. Excluding the finance arm, Very UK retail revenue increased only 0.1%.
She says Very Group’s expanding range of flexible payment options showed how dependent the business remained on financial services to support performance, particularly as more consumers choose to spread payments over 12 months rather than six.
“With Carlyle’s £2bn sale process ongoing, demonstrating that growth extends beyond Home and the finance arm will be an important part of the story Very needs to tell,” Adeyemi adds.
