Improvements in customer experience contributed to the group's best-ever net promoter score, which rose by 8.2 points to reach 35.9, the company said in a press release.
On the profitability front, the group posted a robust adjusted EBITDA of £276.5 million, down slightly from £291.4 million in FY22. Despite inflationary pressures, the group's adjusted EBITDA margin remained flat year-on-year (YoY) at 12.9 per cent.
In terms of product categories, fashion and sports saw an 8.2 per cent decline year-on-year (YoY), although within this category, casual womenswear and casual menswear showed strength, growing by 4.8 per cent and 1 per cent, respectively. Meanwhile, the home category experienced a 1.4 per cent decline. Within this, strong performances in textiles (up 5.3 per cent) and upholstery (up 9.6 per cent) were offset by declines in home accessories (down 6 per cent).
In a strategic move to bolster its product offering, the group expanded its Everyday brand by adding 900 quality lines that cover women's, men's, and kids' fashion as well as homeware.
“Despite challenging economic conditions, our adaptable business model has driven market-beating top-line growth, improved cash flow year-on-year (YoY), and our best-ever customer satisfaction score. It’s down to the investments we made in pricing and our digital customer experience, our cost discipline, and the commitment of our people in serving families in the UK and Ireland,” said Lionel Desclee, CEO of the Very Group.
ALCHEMPro News Desk (DP)
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