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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 Very.co.uk and veryexclusive.co.uk, 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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