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Shop Direct slumps to loss after PPI hit

Shop Direct, the parent company of Very and Littlewoods, has recorded a £10.7m loss after being hit by £100m in payment protection insurance costs.

The group reported a loss for the nine months to 31 March 2018 on total revenues – including retail and financial services – of £1.51bn. This was despite a good set of results from Very, which the group said “continued to outpace the online retail market”.

Very revenue grew 10.6% to £1.06bn, up from £963m in the nine months to 31 March 2017. Growth was attributed to the combination of famous brands, mobile-first customer experience and options to spread the cost of purchases using credit. 

The growth at Very, which included and, offset decline at Littlewoods, whose revenues fell by 15% to £445m for the same period

Retail revenue grew 1.2%. In a statement Shop Direct said: “We continued to benefit from our department store model, which provides resilience against adverse movements in individual product categories. Clothing and footwear revenue growth of 0.6% was driven by childrenswear and sportswear.”




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