UK's Very Group posts revenue of $2.72 bn in FY23

30 May '24

1 min read

UK's Very Group posts revenue of $2.72 bn in FY23

Pic: The Very Group

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The Very Group has reported FY23 revenue of £2.147 billion, a slight 0.1 per cent YoY decrease.
App sales rose to 44.5 per cent of total online sales, up 5.3 percentage points.
Adjusted EBITDA fell 5.1 per cent to £276.5 million, with a 12.9 per cent margin.
Active customers increased by 2.5 per cent to 3.68 million, and NPS reached a record high of 35.9.

The Very Group, a multi-brand online retailer in the UK and Ireland, has reported a revenue of £2.147 billion (approximately $2.72 billion) in fiscal 2023 (FY23), marking a slight year-on-year (YoY) decrease of 0.1 per cent, compared to £2.148 billion in FY22. A significant highlight of FY23 was the increase in app sales mix, which constituted 44.5 per cent of total online sales. This reflects a growth of 5.3 percentage points YoY.

The adjusted EBITDA for FY23 stood at £276.5 million, a decline of 5.1 per cent YoY. The adjusted EBITDA margin was recorded at 12.9 per cent, down by 0.7 percentage points YoY, the company said in a press release.

The Very Group reported a total of 3.68 million active customers in the UK, showing a 2.5 per cent YoY increase. The company achieved its best-ever group-level net promoter score (NPS) of 35.9.

“During FY23, our customers and our business have faced fresh challenges, but our people have continued to work tirelessly, bringing their passion and energy to serve our customers every day. This is evident in our resilient FY23 performance with record-breaking customer satisfaction and growing market share for our Very UK business,” said Dirk Van Den Berghe, chairman.

Fibre2Fashion News Desk (DP)

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