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Profits soar 512% at Shop Direct

Pre-tax profits have jumped 512% to £40.4m at Shop Direct as mobile sales and growth at Very.co.uk have soared.

Profit before tax and amortisation more than doubled to £64.6m for the year to June 30 as group sales increased by 3% to £1.74bn.

Very.co.uk has now become the biggest brand in the group with sales soaring by 23.1% to more than £700m. But sales at Littlewoods.com and KandCo.com dropped by 7.6%.

Some 84% of sales across the group were completed online during the year, compared to 78% last year and 44% of online sales were made using mobile devices, up from 27% in 2013.

Alex Baldock, group chief executive said the results were driven by the “outstanding growth” of Very.co.uk and the “unrelenting boom” in m-commerce.

He continued: “Mobile continues to be a game changer for us, with more than half of our online sales now from smartphones and tablets. It’s clear that our strategy is working and we’ve made some big strides toward building a world class digital retailer. But we’re nowhere near the full potential of this business, there’s a ton more to do, and we’ll continue to invest heavily to get it done.”

As reported by Drapers last month, the business will launch its new luxury etail site Very Exclusive during London Fashion Week in February.

Readers' comments (2)

  • It is a commendable result, but profit is a mere 4% of revenue. That's before tax.

    Headline looks good.

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  • Your headline makes it sound like a wonder performance! Why not tell the truth -Profit up but still poor against a huge turnover?

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