The Very Group, the Liverpool-based owner of Very and Littlewoods, has reported the highest earnings in its history for the year to 27 June 2026. Adjusted EBITDA before securitisation interest rose 3.4% to £317.5m, and the margin reached a record 15.2%. Sales barely moved, though. Group revenue was broadly flat at £2.09bn, fashion and sports sales fell 4.6%, and the growth came from homeware, from credit and from cutting costs.
The figures were published in a company statement and results presentation dated 22 October and reported on Friday by Drapers, Retail Week, Just Style and TheIndustry.fashion. They are the first full-year numbers since Carlyle, the US private equity firm, took control of the business in November 2025. They also arrive a month after Carlyle reportedly halted an auction of the group when bidders would not meet a £2bn asking price.
For the 4.1 million people who shop with Very, the results matter in practical ways. They show how the retailer now makes its money, where its delivery offer is heading before Black Friday and Christmas, and how its Very Pay credit book is changing in the first year of tighter UK rules on buy now, pay later.
In short
- Record earnings: adjusted EBITDA before securitisation interest rose 3.4% to £317.5m, at the top of the £310m to £320m guidance range, with a record 15.2% margin.
- Flat sales: group revenue slipped 0.1% to £2,085.8m; Very UK revenue rose 1.3% to £1.86bn, while Littlewoods fell 11% and Very Ireland fell 7.6%.
- Home beats fashion: home sales grew 6.4% (home accessories up 21.5%) as fashion and sports fell 4.6%; sports alone grew 9.7% after Nike returned in spring 2026.
- Credit does the heavy lifting: Very Finance revenue rose 7.1% to £464.5m, more customers chose to spread payments over 12 months rather than 6, and bad debt rose to 4.7% of the debtor book.
- Shopper changes: Very is trialling free home delivery on orders over £75, has added access to around 15,000 InPost lockers, and is testing instalment plans called “Very Plans”.
What did The Very Group report for 2025/26?
The headline number is adjusted EBITDA before securitisation interest of £317.5m, up from £307.1m a year earlier. The company says this is its third consecutive year of growth on that measure and its best earnings performance on record. At the half-year stage the group had guided to a range of £310m to £320m, so the result landed in the upper part of its own forecast.
Revenue told a quieter story. Group revenue was £2,085.8m against £2,087.4m in the previous year, a fall of 0.1%. Very UK, by far the largest part of the business, grew revenue 1.3% to £1,856.7m. Littlewoods, the older catalogue brand that the group has been running down in favour of Very, fell 11% to £170.5m, and Very Ireland fell 7.6% to £58.6m.
Profitability improved because the group made more on each pound of sales and spent slightly less to run the business. Gross margin rose 0.8 percentage points to 37.4%, and operating costs fell to 22.1% of revenue from 22.3%. The group also reduced debt by £150m and cut its net leverage from 3.62 times earnings to 2.80 times.
The key numbers at a glance
| Measure | FY26 (to 27 June 2026) | FY25 | Change |
|---|---|---|---|
| Group revenue | £2,085.8m | £2,087.4m | -0.1% |
| Very UK revenue | £1,856.7m | £1,832.5m | +1.3% |
| Littlewoods revenue | £170.5m | £191.5m | -11.0% |
| Very Ireland revenue | £58.6m | £63.4m | -7.6% |
| Very Finance revenue | £464.5m | £433.6m | +7.1% |
| Gross margin | 37.4% | 36.6% | +0.8 pts |
| Adjusted EBITDA (pre-securitisation interest) | £317.5m | £307.1m | +3.4% |
| Adjusted EBITDA (post-securitisation interest) | £213.7m | £190.0m | +12.5% |
| Adjusted free cash flow | £141.1m | £147.6m | -4.4% |
| Net leverage | 2.80x | 3.62x | -0.82x |
Source: The Very Group FY26 results presentation and company statement. Very Finance revenue is reported within group revenue, not in addition to it.
Why “record earnings” and “flat sales” are both true
Retail results often look contradictory because the earnings measure sits several steps below the sales line. At Very, three things lifted earnings without lifting sales: a richer mix of higher-margin products, a bigger and better-yielding credit book, and tight control of distribution and head office costs.
A fourth factor sits below the headline measure. The group renewed its securitisation facility, the arrangement that funds the customer credit book, in February 2026. Securitisation interest fell 11.4% to £103.8m from £117.1m, which is why adjusted EBITDA after that interest rose much faster, by 12.5% to £213.7m.
Which products are UK shoppers buying from Very?
The category split is the clearest guide to what Very’s customers are actually spending on. On the company’s figures for Very UK, home sales grew 6.4%, toys and beauty grew 3.2%, electricals fell 0.4% and fashion and sports fell 4.6%. Across the whole group, including Littlewoods and Ireland, retail revenue fell 1.7% to £1,598.0m.
Within home, the company says home accessories rose 21.5% and bedroom furniture rose 6.6%. Drapers reported that home was “the standout category”. In toys and beauty, boys’ toys rose 17% and fragrance rose 4.8%. Electricals slipped because the previous year included several big gaming launches that were not repeated, according to the presentation.
| Category | Very UK growth FY26 | Whole group growth FY26 | Share of group retail sales FY26 | Share FY25 |
|---|---|---|---|---|
| Fashion and sports | -4.6% | -5.7% | 28.5% | 29.6% |
| Electricals | -0.4% | -1.7% | 44.2% | 44.2% |
| Home | +6.4% | +4.2% | 15.5% | 14.6% |
| Toys and beauty | +3.2% | +1.4% | 11.8% | 11.6% |
Source: The Very Group FY26 results presentation. The group moved gift sales from “toys, gifts and beauty” into “fashion and sports” from the first quarter of FY26 and restated the comparatives.
Electricals are still the backbone
Electricals make up 44.2% of group retail sales, unchanged on the year. That is unusual for a business that started life as a clothing catalogue, and it explains why Very competes as much with Currys, Argos and Amazon UK as with Next or Asos. Big-ticket electricals are also the products most often bought on credit, which links the retail side directly to Very Pay.
The Nike effect in sports
Sports was a bright spot inside the weaker fashion category, growing 9.7%. The company says it “re-onboarded” Nike in spring 2026 and expects the brand to support growth in the new financial year. It also added Salomon and Montterrain, and built sports nutrition into a new category with brands such as Science in Sport and Optimum Nutrition.
Why is fashion falling at Very while home grows?
Very described the fashion market as “challenging”, and its numbers match what the rest of UK online fashion has reported this autumn. Clothing is the category where shoppers have the most choice, where discounting is fiercest, and where low-cost marketplaces have grown fastest.
The wider data has been weak. The Office for National Statistics said on Friday that retail sales volumes in Great Britain fell 0.4% in September, with non-store retailing down 2.2% as warm weather held back autumn and winter clothing. Our report on UK retail sales falling in September sets out how online spending dipped as a share of the total.
Very’s own answer has been to lean on own-brand ranges and home. It relaunched its own-label offer as The Very Collection, with around 23,000 options across fashion and home, and added more than 80 brands during the year, including Estée Lauder, DUSK and Scoville. Home carries a higher margin than most other categories, according to the company, so a mix shift towards home lifts profit even when total sales stand still.
How Very compares with other UK online retailers this season
| Retailer | Latest reported period | Revenue trend | Profit signal |
|---|---|---|---|
| The Very Group | Year to 27 June 2026 | Flat at £2.09bn (-0.1%) | Record adjusted EBITDA £317.5m |
| Debenhams Group | Half-year to 31 August 2026 | Revenue -3% to £409.6m; GMV +1.8% | Statutory pre-tax profit £28.3m, first since 2021 |
| Asos | Latest full year | Group revenue -14.7% to £2,464.8m | Still restructuring |
| Shein Distribution UK | FY2025 accounts | Turnover +25.9% to £2.58bn | Pre-tax profit £45.2m |
Sources: company results and Companies House filings as previously reported by shopappy.com. Periods differ, so the table shows direction of travel rather than a like-for-like ranking.
The comparison shows a split in UK online retail. Established players such as Very and the former Boohoo business are protecting profit through cost control and mix, while revenue growth has moved to low-price marketplaces. Shein’s UK revenue overtaking Asos is the sharpest example of that shift.
How much of Very’s business is now credit?
Very is a retailer with a large consumer lender attached. Very Finance, which runs the Very Pay account and the Littlewoods equivalent, earned £464.5m of revenue in the year, up 7.1%. That is around 22% of group revenue, and Drapers reported that customer credit accounts for around 90% of sales made through the business.
The group’s total debtor book, the money customers owe on their accounts, grew 1.8% to £1,745.6m. For Very UK the average book rose 3.8% to £1,547.3m. The company says the growth followed changes it made to customer minimum payment rates in 2025, which means balances are being repaid more slowly and therefore earn interest for longer.
Interest income rose to 24.3% of the debtor book from 23.1%. In plain terms, for every £100 owed to Very on average across the year, the group earned about £24.30 in interest. That yield is the single biggest reason profit grew faster than sales.
The shift from 6 to 12 months
One line in the cash flow notes says a lot about household budgets. The company says its buy now, pay later accrual increased “driven by consumer trends, with more customers choosing to spread the cost of their purchases over 12 months rather than 6”. Very Pay’s buy now, pay later option lets customers defer payment for a set period; if the balance is not cleared in time, interest is normally charged from the date of purchase under the account terms.
Longer deferral periods are useful for families buying a fridge or a games console before Christmas. They also mean more customers carrying a balance for longer, which is why the next number matters.
Bad debt is rising, but from a low base
Bad debt rose to 4.7% of the average group debtor book from 4.0% a year earlier. The company says the increase was partly due to higher retail trading and partly due to the minimum payment changes. It also notes that the figure remains well below the pre-pandemic rate of around 7% and within its credit risk appetite.
For shoppers, the practical point is that Very’s credit checks and collections are a core part of its business model. Anyone using Very Pay should treat it as a credit account, check the end date of any deferral, and plan to clear the balance before interest is added.
What does tighter BNPL regulation mean for Very Pay customers?
The Very Group’s results cover a year in which UK rules on buy now, pay later changed. From 15 July 2026, interest-free deferred payment credit, the type offered by Klarna, Clearpay and PayPal at checkout, came under Financial Conduct Authority regulation for the first time. The FCA’s rules require affordability checks, clear upfront information, support for borrowers in difficulty, and access to the Financial Ombudsman Service for agreements taken out after that date.
Very Pay is different. It is a revolving credit account, similar in structure to a store card, and the group’s lending was already regulated consumer credit before the July change. That means the new BNPL rules mostly raise the bar for Very’s checkout competitors rather than for Very itself. Retailers that relied on unregulated third-party BNPL now have to work with authorised lenders, while Very has run its own regulated credit operation for years.
The broader direction of travel is the same across Europe. In the EU, a new consumer credit directive brings BNPL into scope from 20 November 2026, which affects Very Ireland’s market. For UK shoppers, the differences between products are worth understanding before peak season.
Very Pay compared with third-party BNPL
| Feature | Very Pay account | Third-party BNPL at checkout (UK, from 15 July 2026) |
|---|---|---|
| Type of credit | Revolving store credit account | Deferred payment credit, usually 12 or fewer instalments within 12 months |
| Regulated by the FCA | Yes, as consumer credit | Yes, since 15 July 2026 |
| Interest | Charged on balances unless cleared within any promotional period | Interest-free if paid on schedule |
| Deferral options | Customers increasingly choose 12 months rather than 6, per the company | Typically pay in 3 or pay in 30 days |
| Where it can be used | Very (and Littlewoods on its own account) | Any retailer that offers the provider |
| Ombudsman access | Yes | Yes, for agreements taken out after 15 July 2026 |
Sources: The Very Group FY26 results; FCA policy on deferred payment credit as reported by the regulator and trade press. Check your own account terms for rates and deferral periods.
New credit products in testing
The company says it has begun testing “Very Plans”, a new suite of instalment products, and has formally introduced Sigma.iQ, a set of tools that tailor credit offers and payment options to individual customers. The group says the instalment plans are “informed by our growing understanding of what our customers want”. It has not published pricing or a national launch date, so shoppers should expect gradual trials rather than an overnight change.
What changes for Very delivery and returns?
Delivery is where the results touch everyday shoppers most directly. In its outlook, the group says its new strategy is “already being put into action”, including “trialling free to home delivery on orders over £75”. Very has typically charged for standard home delivery or sold a paid annual delivery pass, so a free threshold, even on trial, is a notable change ahead of Black Friday on 27 November.
The company has not said how many customers are in the trial, how long it will run, or whether it applies to every category. Shoppers who do not see the offer at checkout are likely to be outside the test group. Free delivery thresholds are becoming a standard tool for UK online retailers trying to lift basket size, as seen when Primark confirmed UK home delivery with its own threshold rules.
InPost lockers for deliveries and returns
Very has also introduced parcel lockers into its fulfilment operation. According to the company statement, a partnership with InPost UK gives customers access to around 15,000 lockers for both deliveries and returns. Lockers suit people who are out at work, live in flats, or want to avoid a missed delivery card, and they usually allow returns without printing a label.
For a retailer that delivered 41.1 million items in the year, lockers also reduce the cost of failed first-time doorstep deliveries. Distribution costs fell 0.5% to £163.9m and stayed flat at 7.9% of revenue, which the company puts down to optimising its fulfilment network.
A new website platform
The group completed its move to a new cloud-based platform called Skyscape in summer 2026. More than 95% of online traffic ran through it by the end of the financial year, according to the presentation. For shoppers, the most visible effects are likely to be in personalisation, as the group said earlier this month that it had extended AI-powered personalisation across the site.
Why did Carlyle’s £2bn sale of Very stall?
The results are the first full set of numbers under Carlyle. The US private equity firm took control of The Very Group in November 2025 following a financial restructuring, reportedly for a nominal £1, ending the Barclay family’s long ownership. Retail Gazette and others have reported that a sale process was a condition of that takeover.
In September 2026, Sky News reported that the auction was close to being scrapped because bidders, including China’s JD.com, would not meet Carlyle’s £2bn minimum price. Retail Gazette reported that JD.com was reluctant to pursue another deal before completing its acquisition of Ceconomy, the German owner of MediaMarkt, and that Elliott Advisors was among financial investors that showed early interest. Drapers repeated on Friday that the process was unlikely to go ahead, leaving Carlyle as owner for the foreseeable future.
Neither Carlyle nor The Very Group has publicly confirmed the reports. The FY26 numbers do, however, look like the kind a seller would want to show: record earnings, lower leverage and debt facilities extended to 2029 and beyond. They also show why buyers may have balked at £2bn for a business whose sales are flat and whose profit depends heavily on consumer credit.
What the balance sheet shows
Net debt excluding securitisation fell to £613.4m from £778.1m, and the group’s fixed-rate notes stood at £577.4m. Securitisation borrowings, which fund the customer credit book, were £1,528.4m. Net cash and bank balances rose to £50.8m from £40.3m. The company says all of its key debt facilities have been extended “out to 2029 and beyond”, removing near-term refinancing pressure.
What did Robbie Feather say about the year ahead?
Robbie Feather, chief executive of The Very Group, called FY26 “the best earnings performance in the group’s history”. In comments reported by Drapers, he said the business enters FY27 “with strong momentum and a refreshed strategy focused on building an even stronger retail and credit proposition, broadening our appeal to win new families and exploring new avenues for growth”.
The outlook section of the presentation adds more detail. The group says “both the online non-food retail and consumer credit markets continue to grow” and that “there remains significant demand for value-oriented retailers that provide flexible payment solutions”. It also warns that “the economic environment still presents challenges”.
The company did not give a numerical profit forecast for FY27 in the published materials. Its disclaimer says nothing in the presentation should be read as concrete guidance for future periods.
On customer satisfaction, Very reported a Net Promoter Score of 43.9, up 1.6 points and the highest it has recorded. Net Promoter Score measures how likely customers say they are to recommend a business. It is a self-reported company metric rather than an independent rating, but the improvement is consistent with fewer delivery problems after the fulfilment changes.
What should Very shoppers do before Black Friday and Christmas?
Very’s peak season runs from Black Friday on 27 November through to Boxing Day, and its credit offer is at its most prominent during those weeks. The results suggest several practical steps for anyone planning to shop there.
- Check for the £75 free delivery trial at checkout before paying for a delivery pass. If the offer does not appear, you are probably not in the test group.
- Use an InPost locker if you are often out, and use the same locker network for returns where the order allows it.
- Treat Very Pay as credit. Note the exact end date of any buy now, pay later period, set a reminder, and clear the balance before interest is applied.
- Compare 6 and 12-month options carefully. A longer period lowers the pressure on your monthly budget but leaves the balance outstanding for longer.
- Compare prices across retailers, particularly for electricals, where Very competes directly with Currys, Argos and Amazon UK.
Shoppers who run into trouble repaying any credit account can contact the lender directly and seek free advice from services such as MoneyHelper or StepChange. Under FCA rules, lenders must offer forbearance to customers in financial difficulty.
The Budget backdrop
The Chancellor’s Budget on 28 October could also shape the season. Reports ahead of the statement suggest the Treasury may require online marketplaces to collect VAT on behalf of UK business sellers, as covered in our report on Amazon and eBay potentially collecting seller VAT. Very is mainly a direct retailer rather than an open marketplace, so it is less exposed than Amazon or eBay, but any change to the online tax balance will affect prices across the sector.
What does Very’s result tell us about UK online retail in 2026?
Three patterns stand out. First, established UK online retailers are finding profit in mix and margin rather than volume. Very, like the former Boohoo business now called Debenhams Group, is earning more from the same or lower sales. Our coverage of Debenhams Group’s first profit since 2021 shows a similar approach built on cost cuts and a marketplace model.
Second, home is outperforming fashion online. Home accessories are discounted less heavily, carry better margins, and are less exposed to direct competition from ultra-low-price fashion marketplaces. Very’s 21.5% rise in home accessories is one of the strongest category figures reported by a major UK online retailer this year.
Third, credit remains central to how many UK households buy larger items online. Very Finance’s growing book and the move towards 12-month deferral periods point to families stretching the cost of purchases. That trend has been tracked by debt charities and by the FCA, and it is the main reason regulators extended oversight to interest-free BNPL in July.
Questions the results leave open
The company has not yet shown that the free delivery trial or the new instalment products will bring sales growth back. Littlewoods continues to shrink at double-digit rates, and Very UK retail sales, excluding finance income, slipped 0.2% to £1,392.2m. Peak trading, which falls in the first half of FY27, will be the first real test of the refreshed strategy.
The ownership question is also unresolved. With the sale on hold, Carlyle may look to grow earnings further before trying again, or explore other options such as a refinancing. The company’s disclaimer notes that it may from time to time discuss liability management transactions with creditors and investors.
FAQ
What were The Very Group’s results for 2025/26?
For the 52 weeks to 27 June 2026, The Very Group reported adjusted EBITDA before securitisation interest of £317.5m, up 3.4% and a record. Group revenue was broadly flat at £2.09bn, Very UK revenue rose 1.3% to £1.86bn, and Very Finance revenue rose 7.1% to £464.5m.
Is Very doing free delivery?
The company says it is trialling free home delivery on orders over £75 as part of its new strategy. It is a trial, so not every customer will see it. Check the delivery options at checkout before buying a delivery pass.
Can I use InPost lockers for Very orders and returns?
Yes. According to the company statement, a partnership with InPost UK gives Very customers access to around 15,000 lockers for deliveries and returns. Availability depends on the item and the locker location you choose.
Is Very Pay regulated?
Very Pay is a revolving consumer credit account and was regulated by the FCA before the July 2026 changes. The new rules that started on 15 July 2026 mainly bring interest-free third-party BNPL, such as Klarna and Clearpay, under FCA regulation.
Why are more Very customers choosing 12-month buy now, pay later?
The company says more customers are choosing to spread the cost of purchases over 12 months rather than 6. That spreads the repayment over a longer period, but interest is normally charged from purchase if the balance is not cleared by the end of the deferral period, so check your account terms.
Who owns The Very Group?
US private equity firm Carlyle took control of The Very Group in November 2025 following a financial restructuring. The group operates the Very and Littlewoods websites and Very Ireland.
Is The Very Group being sold?
Not for now, according to reports. Sky News and Retail Gazette reported in September 2026 that an auction stalled after bidders, including JD.com, would not meet a £2bn asking price. Neither Carlyle nor Very has publicly confirmed this, and Carlyle remains the owner.
Which categories grew at Very?
At Very UK, home grew 6.4% (home accessories up 21.5% and bedroom furniture up 6.6%), toys and beauty grew 3.2%, electricals fell 0.4%, and fashion and sports fell 4.6%. Within fashion and sports, sports grew 9.7% after Nike returned in spring 2026.
The Very Group’s full statement is available on its corporate news page.