Shop Direct’s year of progress as Myleene adds Klass

NORTH West retailer Shop Direct Group has reported a “strong performance” as financial figures revealed a slight increase in sales, a 27% fall in bottom-line losses and 66% ebitda growth.

The Liverpool-based group, which owns the very, isme and Littlewoods brands said its partnership with TV personality Myleene Klass had scored a bih hit with consumers.

In the 12 months to June 30 the home shopping and online retailer grew sales by 0.4% to £1.67bn.  Ebitda  surged 66% to £108.9m, while pre-tax losses were £57.7m, down from £26.9m last year,

During the year the group incurred exceptional costs of £46.2m incurred,up from £27m in 2011 as the group restructured a number of processes and functions.

Finance and product director Mark McMenemy said: “Despite the economic challenges, Shop Direct delivered a strong performance in 2011/12.

“We grew sales slightly despite increased pressures on customers, which demonstrates clearly the broad appeal of our brand, product and financial services offerings.

“By maintaining a clear focus on stock control, cash management and efficiency, we also ensured that we were able to mitigate the impact of increased promotional activity and significantly improve ebitda performance during the year.”

The group, which is owned by the Barclay Brothers, the Channel Island-based businessmen whose portfolio also includes the Daily Telegraph newspaper, said its Myleene Klass fashion collection had become its fastest-ever selling celebrity range.

It said it was seeing continued online and mobile sales growth.